A farm’s success depends on many things, including livestock, fertilizer, credit to buy seeds and equipment. Because equipment is a critical component of running a successful farm, if anything should happen to any of it, a farmer could face significant challenges to his farming operations.
Equipment improves efficiencies, helps farmers manage their supply chain, and is used for countless property jobs. If something happens to the equipment, farmers need to repair or replace their equipment. Farm equipment insurance can help them do that.
Why Do I Need Farm Equipment Insurance?
An insurance policy for farm equipment can help protect a farmer’s investments and financial assets. Insurance serves as a financial safeguard if the equipment is damaged, causes property damage, or if the equipment injures someone.
One of the most essential equipment investments for many farmers is their tractors. Farm equipment insurance for these essential pieces can ensure that if there was an accident like a collision or fire, natural disaster, or theft, the farmer could quickly recover and continue his farming operations without his wallet taking a hit.
What Can I Insure?
Equipment commonly covered with farm equipment insurance includes:
· Borrowed equipment and rented/leased equipment
· Farm office equipment
· Forage harvesters
· GPS devices
· Hay rakes and wagons
· Irrigation equipment
· Portable buildings and fences
· Tools and field equipment
There are many ways to protect your assets, so you can continue farming if a covered incident happens involving your equipment. Whether it’s covering replacement costs, equipment breakdowns or equipment that you rented or borrowed from others that got damaged, we can protect you financially from having to cover these costs with an insurance policy that offers adequate protection.
What Type of Policies Are Available?
When we put together your farm equipment policy, your equipment might be insured on an individual or blanket level. If insured under blanket coverage, all damage to all items is insured up to a certain dollar amount. If insured on an individual level, each piece is covered under a separate value. The best equipment insurance protects against both liability and property damage.
Standard farm equipment coverage usually only insures items for their cash value, which is their used value at the time of the loss. If you want more compensation, you may be able to increase your benefits to replacement cost coverage. Deductibles apply to both types of benefits, and any claim that falls below the deductible value doesn’t have coverage.
Farm equipment insurance can help protect the hard-earned investment you’ve made in your farming operations. Kingsley Blasco Insurance can help you build a customized policy that fits your farm’s unique needs.