Insurance Basics
Insurance is designed to protect individuals in the event of an emergency or crisis situation. Policies that can fall into this category include homeowners, medical, dental, automobile, rental, liability, life and even disability insurance. Insurance coverage policies are typically readily available to consumers.
Overview about Insurance Basics
Every business owner faces risks. A typical risk is that a business becomes unprofitable and must close. Other risks include the danger of a visitor or customer becoming injured on your property, an employee getting hurt on the job or crops failing because of adverse weather.
Insurance is a tool that helps farmers reduce their exposure to risk. The purpose of insurance is to reduce the impact that an adverse event will have on your bottom line. Therefore, in order to offer the best possible coverage, it is important for you, the producer and business owner, to talk with your insurance agent and review how you might be exposed to ahigh-risk situation.
Review your exposure
Your goal is to make sure that you are covered by the right kinds of policies and at a coverage level that provides you with sound protection. The types of risks vary by operation, so do not assume a one-size-fits-all approach to insurance coverage will work best for you.
A good starting point is to conduct an insurance review with your agent. The purpose of the review is to help your agent understand the type of operation you have and to make certain that you understand all of the areas where you could potentially be at risk (have exposure) for a lawsuit or loss.
Types of Coverage
Three basic kinds of coverage are generally necessary for farm operations: premises liability, crop insurance and products liability.
A premises liability policy protects the property owner from injuries that are incurred by a visitor on the property. Property owners are expected to take all necessary steps to reduce the likelihood that an accident may occur. A policy may not cover a policyholder if the injury is shown to be the result of the policyholder/ property owner’s negligence, so it is important that a property owner show that efforts have been made to reduce the risk of injury.
Crop insurance is available to protect the producer from the loss of revenue due to the loss of a crop as a result of an adverse event. USDA’s Risk Management Agency is encouraging producers to move toward the purchase of revenue insurance, which protects the producer’s income, as
opposed to only insuring against the loss of a crop.
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