Running a farm is a full-time job, and it can be easy to let things like insurance fall to the back of your mind after you’ve purchased your coverage. That said, having an annual meeting with your agent to discuss your Farm & Ranch insurance policy is a great way to make sure you’re fully covered for whatever happens in the coming year. Here are some questions to ask your agent during your Farm insurance policy review.
Because there’s no one-size-fits-all Farm Insurance policy, it’s especially important that you know what is and isn’t covered by your specific policy. This is also a good opportunity for you to discuss any changes you’ve made to your farm business in the past year, so that you can make sure you’re fully protected.
Your annual check-in is also a great time to reconsider your Farm insurance deductible amount. The amount you’re comfortable paying out of pocket for a claim may have gone up or down over the previous year, so it’s good to consider if you’re able to raise your deductible and lower your premium or if you need to lower your deductible to protect yourself in the event of a claim.
Depending on your assets, an Umbrella Insurance policy could be a smart addition to your Farm insurance policy. Not only does it add another layer of liability protection, but it also tends to be more affordable than other types of insurance and can give you more peace of mind.
Many farmers don’t realize that they could face a liability risk if their livestock gets onto public roadways and causes an accident. Not only that, but many Farm insurance policies do not automatically include livestock collision insurance. If you have livestock, especially large animals like cattle, it may pay to add this coverage to your Farm insurance policy.
Because your farm likely looks much different in the winter than the summer, you can often save money by adjusting your Farm insurance seasonally. You might, for example, increase your livestock coverage during birthing season and lower it when selling stock. At Grange Insurance Association, you can do this automatically with a peak season endorsement.
When equipment breaks down, operations can stall or completely come to a halt. That’s why covering your equipment with Equipment Breakdown Coverage is so important. At your annual check-in, be sure to ask your agent what equipment is and isn’t covered and be sure to consider adding any new equipment you obtained throughout the year to your policy.
Now that you know what to ask in your annual policy review, you’ll want to contact your independent insurance agent today to get your meeting scheduled. In the meantime, check out our helpful insurance blog where we cover everything from the importance of farm fencing for livestock to five Farm insurance coverage considerations.
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