Finding Good Farmers Insurance

Farmers have always been vulnerable to things that other people take for granted. It only takes a bad year once to cause a farm to go bankrupt. With good farmers insurance, you can insure yourself against that bad year and prevent your family from losing everything. Farmers today have a tough job; not only are they growing the food that feeds us all, but they are also expected to be virtual CEOs of their own companies. They have to take into account profit and loss, employment and personnel issues, liability, workers compensation, and legal risk in addition to the traditional variables of flood, fire, drought, bugs, and crop disease. And they're doing it in a world where they are charging less than ever for the food they bring to our tables. There is no doubt that farmers need, and deserve, the best insurance coverage available. Finding the Best Farmers Insurance As with any insurance, shop around. Make a list of all the things you think you need coverage for in an insurance policy and take it around to different agents. Get recommendations from other farmers for their insurance carriers. If you have a mortgage or bank loan, ask your loan officer at the bank for a recommendation as to the best farmers insurance they know of. They've dealt with insurance companies at length - they know who's good and who's not, and since they have an interest in your farm, they'll tell you. Be certain you cover your farm with crop insurance and disaster insurance. List all your equipment on your policy; that way, everything will be covered, from your combine to your secondary pickup truck. Don't forget to purchase health insurance and motor vehicle insurance, and if you have employees, you'll want to cover them with worker's comp. Now, with all the different forms of insurance you need to carry, somewhere there is an agent rubbing his hands, ready to give you a good discount. Don't take no for an answer; make sure you press for a discount if you have all your insurance needs covered with one company. Paying for Your Farmers Insurance Now that you have your insurance, it's up to you to minimize liability. Fireproof all the structures you can; ask the fire marshal to come out and make recommendations for things you can do to make your barn and house reasonably fireproof. Try to ensure your workers have the most ergonomic conditions economically possible when they work. Make sure they understand what to do to keep safe. Have anyone who drives a vehicle on your property get some sort of accredited training. Go over your policy carefully; see if you can reduce your premium payments if you take a higher deductible. Do some price comparisons to see if that would save you money if you stored your deductible in a certificate of deposit or other interest-bearing financial construct; in some cases, your annual premium savings will make up the difference in the deductible, whether you have a catastrophic loss or not. Theft-proof your farm to the extent feasible: deadbolts on your house, lock up your vehicles and equipment, put movement-detecting lights on your outbuildings. Though crime is still lower in rural areas than urban, it's getting worse; and you don't need some drunken teenager to take your tractor for a joyride and overturn it in a ditch somewhere. When you've done all that, ask your agent for more suggestions on what you can do to minimize liability and get discounts on your coverage. Ask agents with other insurance companies, too; they frequently give discounts for different things. And check your coverage every year to make sure you can't get a better deal somewhere else.

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