Farm Insurance in Vermont
What is Farm Insurance?
Operating a farm requires substantial investment, and that investment ought to be protected whenever possible. Farm insurance offers Vermont farmers one way to protect their businesses and themselves from a variety of potential risks.
Farm insurance is specialized commercial insurance for farmers. Because these policies are highly specialized, farmers should work with a knowledgeable insurance agent when shopping for a policy. An agent who knows these policies well will be able to explain coverage options, recommend the right ones, and suggest appropriate deductibles and limits.
What Businesses in Vermont Should Carry Insurance for Farmers?
Most farms located within Vermont should probably have farm policies. This encompasses both small and large farms, and it covers farms across a wide array of agricultural industries. Farms in all of the following industries might want this insurance:
- Organic farms
- Dairy farms
- Animal farms
- Mennonite and Amish farms
- Homestead and hobby farms
- Community-supported agriculture (CSA) farms
- Urban farms
Hemp farms have many coverage needs in common with other farms, but growing hemp also presents some particular insurance considerations. Farmers in this industry should consult with an experienced insurance agent to find a policy that’s well-suited for hemp growers.
What Coverages Can Farms Get Through Farm Policies?
Farms need multiple coverages, and most farm policies come with several coverages packaged together. These coverages can broadly be categorized into property, liability and personal insurance for farmers.
Property insurance generally insures farm-owned assets, which usually don’t include personal housing or possessions. Some commonly available property coverages include:
- Barn and Outbuilding Coverage, which might cover barns, sheds, silos and other non-residential buildings
- Farm Contents Coverage, which might cover equipment, machinery, tools, livestock, animal feed and other non-personal possessions
- Commercial Vehicle Coverage, which might cover farm-owned flatbeds, box trucks, pickups and trailers
- Livestock Coverage, which might cover individual animals or groups of animals in the event of catastrophic death
- Equipment Breakdown Coverage, which might cover unexpected breakdowns of tractors or other essential equipment
- Loss of Business Income Coverage, which might cover sustained loss of income following a disaster
Liability insurance for farmers is normally used to protect against situations where a farmer could be held financially responsible. A few liability coverages commonly found in these policies are:
- General Liability Coverage, which might cover commonplace accidents occurring on farm property
- Product Liability Coverage, which might cover consumer goods produced on-site at a farm
- Commercial Umbrella Liability Coverage, which might cover large lawsuits by providing secondary protection
Personal insurance for farmers usually protects family-owned items, rather than farm-owned ones. Two commonly purchased personal insurance coverages include:
- Household Dwelling Coverage, which might cover a farmhouse or other primary residence located on a farm’s property
- Household Personal Property Coverage, which might cover household belongings, possibly including clothing, furniture, kitchenware and other items
How Much Does Insurance for Farmers Cost?
Premiums for farm policies vary greatly, for they’re based on many different criteria. A farm’s location, size, equipment, crops, animals and produced goods are just some of the factors that can influence cost.
The easiest way to find out how much a particular farm will cost to insure is to talk with an independent insurance agent. Independent agents aren’t connected to any one insurance company, so they can compare suitable quotes from multiple companies.
How Can Farmers in Vermont Get Farm Insurance?
For help insuring a Vermont farm, contact the independent insurance agents at T.S. Peck Insurance. Our agents will help you determine what coverages your farm needs. We’ll then go over several farm insurance policies with you, and assist in selecting the best one based on coverages and costs.