Farms and Ranches

Business Owners Policy (Bop)

A business owners insurance policy (BOP) expands on the general liability coverage to provide you with specific types of protection that are tailored to your business needs. Examples of the protection you can add to your business owners policy include:

• Equipment Breakdown – Some types of equipment malfunction can cause serious problems for your company. Example: If the air conditioning system fails it can cause your stored grains or animal antibiotics to go bad. If you’re not covered for equipment failure, you would need to pay for the repair or replacement costs when equipment fails as well.
• Buildings and Contents – The buildings and structures on your farm and ranch are critical for day-to-day operations. A BOP can protect you from losses of buildings, such as roof damage in a storm. It can also protect the physical assets you have inside and outside your buildings, such as fencing outside or milking machines inside.
• Business Income and Extra Expense – When buildings receive severe enough damage you may be forced to temporarily suspend your business operations until repairs can be made. A BOP can help with income losses and extra expenses that may arise during that time.
• Products and Completed Operations (Included In General Liability) – Whether you sell agricultural products or animal products, there is always the risk that your products will cause harm to customers at some point in the future.
• Electronic Data – Keeping planting schedules and breeding records for your farm or ranch is simplified by using computers. If problems arise that damage or destroy your electronic data, a BOP can help with recovery and replacement.
• Newly Acquired or Constructed Buildings – As your farm or ranch expands your business owners policy can automatically protect your new structures.
• Valuable Papers Protection – Do you keep valuable paperwork in your ranch office? Regulatory paperwork, certifications and other important documents are necessities of ranch and farm businesses, but if they’re damaged or destroyed in a fire or other event they can be extremely difficult and expensive to replace.