No matter what kind of farm you operate or what your regular level of production is, you already know a lot about events outside of your control. While you do everything you can to ensure a good season and a satisfying yield, extreme weather, livestock disease, unexpected temperature changes, and other uncontrollable, “unlucky” events can quickly create major devastation for a year’s production. This is part of the reason why farm insurance is so important—and so complicated for the policyholder.
Unfortunately, although the future success of farm businesses often depends on weathering a few bad seasons, finding the right combination of coverage to ensure that your business is protected against loss can be prohibitively confusing because:
- You may need to carry several policies. The insurance coverage needed can vary dramatically from farm to farm and business to business. Because loss may affect crops, buildings, equipment, animals, planting seasons, and a number of other highly specific facets of farm operation, it is worth having a legal team review your coverage regularly and help you most effectively adjust your needed coverage.
- Coverage includes the complications of both business and homeowner’s insurance. In order to maintain the coverage you need to operate your farm, you may need to go through multiple interviews, inspections, assessments, and inventories.
- Damage isn’t always immediately apparent. The damage from last year’s early frost may not be clear until next year, but your organized and early documentation and assessment of potential damage can make or break your later agricultural insurance claim—so it’s important to have an official plan in place.
For more information about protecting your business and planning for the unexpected, consult directly with our experienced legal team today, or browse through our informative videos.