Business Insurance for
Farms and Ranches
Running a commercial farm or ranch is a big investment. You may work hard alongside of your employees each day while also taking care of all the minute details involved with keeping your business successful. Don’t risk losing everything you’ve invested by skimping on commercial insurance.
General liability is a broad commercial insurance coverage designed to help protected you from unexpected hazards. It provides liability coverage if customers are injured while visiting your business premises. It protects you from product and advertising liability. It protects you from losses caused by storms, fire and other natural disasters.
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.
When you use vehicles for business purposes, you can protect them with commercial auto insurance. This coverage can pay for damages or replacement if there is an auto accident, regardless of whether the accident involved a company, personal or rented vehicle.
Commercial ranches and farms cannot be operated successfully by individuals. As an employer, you are required by law to provide protection for your employees. Workers comp insurance is that protection. It takes care of your workers if they are ever injured or made sick from the work they do.