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By Lila Thompson

Spring is just around the corner, which means farmers will be faced with new weather-related challenges and triumphs.

However, there are multiple forms of insurance that farmers can use to protect their business when impacted by natural forces, and lenders often require such coverage to approve loans or financing for farmers.

• Property damage: Farms and ranches have valuable assets such as buildings, equipment, livestock and crops that are susceptible to damage from natural disasters like storms, floods, fires and earthquakes. Insurance coverage can help mitigate the financial losses incurred due to such damages.
• Crop failure: Crop insurance protects farmers when weather, pests, diseases or other factors beyond their control cause crops to not grow at all or come in at a much smaller amount than expected, which impacts the farmer’s ability to make money. This coverage can protect against unexpected financial losses.
• Livestock: Livestock insurance protects against losses due to theft, diseases, accidents, or other unforeseen events affecting animals.
• Liability: Farming can be dangerous work, especially when large equipment is involved. Liability insurance protects farmers and ranchers from legal liabilities arising from such incidents, covering medical expenses, legal fees and potential settlements.
• Income: Farming is a business and factors such as fluctuating market prices and inclement weather can negatively impact a farmer’s income. Insurance policies for revenue protection or farm income can compensate for income losses.

The team at Oswald can help you determine which coverage is needed to protect your farm.

To learn more, visit our Personal Risk page or contact me below: