Finding and Filling Gaps in Your Farm's Insurance Coverage


Has your farm had its annual insurance check-up?

The insurance policy for a farm should be reviewed at least once a year and whenever there are major changes to the operation, whether it’s the construction of a new building or the purchase of new machinery, says Bart Robinson, director for farm insurance with Western Financial Group.

Bart Robinson
Bart Robinson

This review process helps identify potential gaps in a farm’s coverage, he notes in the audio interview below.

“Every farm has its unique needs. There is no one-size-fits-all policy,” says Robinson.

Equipment breakdown coverage, business interruption insurance, umbrella liability insurance, as well as life, disability and health benefits for employees are some examples where coverage is available but sometimes missed, he says.

Farms that rely on a critical piece of equipment can also purchase what’s known as “boiler and machinery” coverage. This can apply to electrical panels, pumps, motors or any other essential equipment, often in specialized farm buildings like dairy, hog or poultry barns, as well as potato storage buildings and seed plants (the products and coverage available can vary between insurance companies.)

Because risk and risk tolerances differ between farms, Robinson emphasizes the value of face-to-face meetings with your insurance provider.

“It’s really important that the farmer meet on a regular basis with their broker, emphasizing again the importance of the broker actually going out to visit the farm to look around, to perhaps look at machinery that isn’t on the policy or identify gaps in coverages or liability concerns that might not have been addressed initially.”

Click here or click the “Farm Management” tab on the main menu bar for other articles on managing risk in a farm business.

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