If you've recently bought a farm, you need to make sure you have the right insurance. If you've never owned a farm before, you might not know anything about farm insurance. If that's the case, you need to do your homework. Farm insurance is different from other types of insurance you might be familiar with. This is especially true with regard to coverage. If you're not familiar with farm insurance, read the list provided below. Here are four things you need to know before you buy your first policy.
It Covers More Than one Farm Property
If your new farm comes with more than one property, you might think you need two separate policies. That's not the case though. Your farm insurance covers all the locations where you farm. This also includes any farm property you might buy in the future. That means you can expand your farm, without adding a new insurance policy.
It Covers Personal and Commercial Risks
If you bought a farm, you need to worry about commercial liability. But, if you're going to live on your farm, you also need to worry about personal liability. Luckily, you don't need to buy two different policies to give you the liability protection you need. Your farm insurance will cover your personal and commercial liability. That means you'll have liability coverage whether someone falls inside your home. Or, when someone gets injured on the farm equipment.
It Covers Personal and Commercial Assets
Now that you own a farm, you'll need to protect the assets. And, if you plan to live on the property, you need to protect your personal assets as well. This includes protection against theft, vandalism, or damage caused by natural disasters. That's where your farm insurance comes into the picture. Your farm insurance won't only protect your farm assets. Your farm insurance will also protect your personal assets. That means you get the protection you need with one farm insurance policy.
It Covers Other Businesses Under the Name
If you bought a farm, you might have seasonal income. This is especially true with regard to crop production. If you want to make money all year long, you might want to venture out into other business opportunities. That doesn't mean you'll need to buy another insurance policy. As long as you do business using the name of your farm, your side businesses have the same amount of insurance protection.
For more information on farm insurance, contact a professional near you.