As a farmer in Minnesota, farm insurance is one of your most important expenses. To protect your home, your family, your assets and your business, you need to make sure you have the best possible coverage with a reliable insurance company. To protect your cash flow and your bottom line, you need to make sure you have the best possible rates. Here’s a basic overview of the items you need to consider when purchasing insurance for your farm.
Take an accurate inventory of your farm insurance needs
Evaluating farm insurance needs is more complex than most other types of insurance because, at least for small to medium-sized family operations, the owners are insuring both their homes and their businesses on the same premises. That means that a combination of personal assets and business assets must be included and considered, as well as the need for liability coverage.
Farm assets that need adequate insurance coverage may include farm equipment (tractors, combines, milking machines, etc), real property (barns, outbuildings, indoor arenas, fencing and other improvements), the farming business operation, crops, livestock, the family home, family vehicles (autos, RVs, motorcycles, snowmobiles, etc).
Find out what your current policies cover
Because farm insurance must cover both business and personal assets, your current coverage may be designed several different ways. It may include a commercial lines policy for the business coverage and a personal lines policy for your family’s coverage. Or you may have coverage that includes both your farming business and your personal family needs in one policy.
Evaluate your options for the best rates and coverage
Each farming operation has its unique insurance coverage needs. Besides crops and livestock, some owners need coverage for additional businesses like repair shops, retail gift shops and farm stores, daycare services, bookkeeping services, bed and breakfast operations, art studios, blacksmithing, hayrides, riding lessons…the possible combinations are almost endless. Yet each one must be properly addressed for effective insurance coverage. That’s why it’s especially important to consult with an experienced local farm insurance professional to find the best policies that cover all assets at the best rates.
Rely on a local Minnesota farm insurance expert
For expert answers to your farm insurance questions, Faribo Insurance is at your service in three locations: Faribault, MN…Hastings, MN…and Lakeville, MN. Call us at 888-923-0430, email us or use the Quick Quote Insurance form. We’ll be happy to prepare a customized quote for your farm insurance.