Plenty of options can be both a curse and a blessing. On the one hand, you have a myriad of options for your farm insurance plan. On the other hand, there are so many to choose from that after a while, it starts to all blur together! Protecting your farm, your equipment, your employees, and your livelihood is a task that requires careful attention, which is why it can help to have a defined strategy in place before you even begin looking for insurance coverage.
Farm insurance plans come with a bunch of different coverage amounts, inclusions, and other small details, but there are a few core elements that are the same for every good policy. Today, we’re going to help you define your insurance-hunting strategy so you can find the coverage that’s best suited to you and your farm.
Consider Your Coverage Carefully
If a farm insurance plan doesn’t provide coverage for the most essential items to your daily operations, then pass on it. Even if it’s the cheapest option, if it doesn’t provide the coverage that you actually need, you’ll just end up wasting your money. Instead, keep searching for a farm insurance policy that does provide the coverage you want, without any extras that you won’t actually use.
Business interruption is one of the most important coverage features for these operations, as a client can buy 12, 18 or 24 months indemnity while they wait for their barn to be rebuilt. Without business interruption, many businesses fail due to the income stoppage.
A challenging product line now is confined livestock, which is dairy and poultry insurance. Rates have increased, but your insurance broker at Will Marshall will still be able to recommend many options and competitive premiums on these items.
Keep Things Simple
You want a farm insurance policy that’s detailed, but not so obscure that it’s hard to parse out what it’ll actually do for you and your business. When in doubt, go with a policy that’s clear and straightforward. If there are any conditions or phrases that you don’t understand, ask your insurance broker for clarification.
Ask About Liability Coverage
Whether it’s Employer’s Liability that protects you and your employees or liability that covers injuries to members of the public who may be visiting your property, you’re likely going to want liability coverage of some shape or form in your farm insurance policy.
When evaluating the merits of a specific policy, consider the following:
- How many employees work on your farm?
- Does your farm regularly receive or expect to receive any outside visitors?
- Do you set up seasonal activities for members of the public, such as a pumpkin patch or corn maze?
- Do your employees ever leave your property while still under your employ (i.e. delivering produce)?
Farm Insurance From Will Marshall Insurance Brokers
For thousands of folks across Canada, their farm is how they put food on the table. It’s what allows their kids to go to school, and it’s what allows them to finally pay off their mortgage. When something’s that important, it’s worth taking the time to protect it correctly, and it’s worth finding the insurance agency that will do precisely that.
At Will Marshall Insurance Brokers, Will Marshall himself spent eleven years at the Simcoe District Co-Op. That means that when you contact us for help finding the right farm insurance, you’re getting advice from people who actually know the industry. We’ll be right there with you every step of the way, and we’ll make sure that you get the best coverage possible for the best possible price.
If you’d like more information about farm insurance from Will Marshall Insurance Brokers, give us a call at (705) 726-2551. You can also send us a message online, and we’ll get back in touch with you as soon as we’re able.