Understanding the types of farm insurance policies suitable for different farm businesses
If you want to reduce the risks and ensure that your farm is protected from potential threats, you need to choose the right insurance policies that meet your needs. Decreasing your chances of risks can help you focus on maximizing your profits and come up with ways to enhance your business. Also, every farm property is unique, which is why you should devise a plan that fits your individual requirements. This is why you should know about different Canadian farm insurance policies so you can make an informed choice. Read on to learn about farm coverage so you can protect your farm while keeping the overall insurance cost reasonable.
Different Types of Farm Businesses & Insurance Policies
Insuring the structures on your property is crucial to protect the buildings on your farm. In addition to this, you need to consider other potential risks such as the barn collapsing due to high winds, your cattle falling sick, equipment breakdown, and more. It helps to put together a plan that can protect your farm as well as cover your specific farming requirements.
Here are a few common types of farm businesses along with suitable policies you should consider in each case:
- Grain and Cattle
As a grain and cattle farmer, you will need to use machinery and equipment regularly, increasing the chances of break down and repairs. This is why it helps to protect your machinery and ensure your investment is secure by opting for farm produce insurance and equipment insurance.
- Vegetable and Horse
Understanding the risks associated with your crops and livestock will help you choose a comprehensive policy accordingly. Obtaining general liability insurance, as well as livestock insurance, is necessary to protect your assets. You may also consider buying a farmer’s market liability to protect yourself against liability lawsuits.
- Hog Farm
A hog farm requires you to have many assets in the form of a finishing barn, feeding equipment, a weaning barn, a place to store manure, and hogs. In addition to the general liability insurance, you need to have machinery insurance and livestock insurance to protect your hog farm.
- Dairy Farm
Although dairy farming is rewarding, there are many risks involved in it. Since you’re dealing with cattle, you need to have reliable livestock insurance. Also, to protect your dairy farm, you may opt for dairy enhance insurance. You may also obtain limited pollution liability insurance to safeguard yourself from a neighbour’s complaints.
Get Accurate & Reliable Farm Insurance Quotes
Orr and Associates is a leading insurance brokerage in Canada. We have qualified brokers who can help you protect your farm business with the best policies. The type of insurance you need depends on the type of your farm. This is why we will work to understand your needs and offer comprehensive, tailor-made farm insurance quotes that offer adequate coverage and meet your demands.
If you are looking to purchase a Canadian farm insurance policy, feel free to give us a call at 905-833-6691 or toll-free 1-866-521-5926. You could also fill out our online form to obtain a quick farm insurance quote from us.