Ranch and Farm Insurance
Ranch and Farm Insurance North Dakota and Minnesota Rely On
Along with protecting your crops and livestock, safeguarding your farm and ranch property is an essential aspect of managing your agribusiness. Whether your farming business is small or large scale, your operation is unique and requires a customized insurance policy to give you the kind of security that traditional coverage options may not provide.
Call Ihry Insurance for a free quote and to find out more about the benefits of farm and ranch insurance and how it can secure your assets and protect your financial investment, livelihood, and home
What is Ranch and Farm Insurance?
Farm and ranch insurance, or farm owners insurance, provides coverage for a farm or ranch’s property and physical structures used throughout the operation, such as:
The insurance policies provide coverage to protect you and your business from financial loss due to events such as natural disasters, extreme weather (like hailstorms or tornados), fire, flooding, theft, vandalism, and other types of damage.
Some farm and ranch policies also offer protection from the liability risks involved with running an agricultural business. This type of policy minimizes the chances of financial ruin due to potential legal issues. Policies for ranch and farm insurance in ND, MN, and our other service areas differ slightly in that ranch insurance policies specifically provide additional coverage for livestock, such as animal mortality insurance.
Having a professional appraisal done to determine the true value of your farm or ranch is important in order to develop a policy that provides enough coverage for the entire property.
Types of Ranch and Farm Insurance
in North Dakota and Minnesota
There are two main types of farm and ranch coverage options, which are blanket property coverage and scheduled property coverage.
Blanket coverage provides coverage for the entire farm and ranch property without the need for creating a schedule that lists individual items. Protection is included for the farmhouse, other structures, personal property, vehicles, tools, and equipment, as well as limited amounts of coverage for livestock.
Scheduled coverage provides coverage for specific items listed on the contract schedule and outlines the types of loss events covered by the policy. This type of coverage is suitable for high-value items, such as farming equipment and personal property, along with certain livestock.
In addition to these, your farm and ranch insurance policy can be customized to include a combination of coverage options based on the type of farming business you operate, the types of property you own, and the loss events you want to safeguard against.
Farm and Ranch Insurance Liability Coverage Options
One of the biggest risks to your farming business is being hit with a liability lawsuit. Depending on the nature of the incident, liability claims have the potential to devastate your business finances and, in extreme cases, can lead to the complete closure of your farm.
Many of the policies for ranch and farm insurance in ND, MN, and nearby states focus on securing the property aspect of the business but neglect to safeguard the farmer from financial loss due to liability claims which can be equally catastrophic. This makes it essential to include liability insurance options as a part of your ranch insurance policy.
The following are some of the most important liability coverage options that you can include in a customized farm and ranch insurance policy:
Bodily Injury
Injury insurance provides coverage that pays for expenses, such as legal claims and medical bills, as a result of any physical injuries that happen to members of the general public while they are doing business on your property.
Third-Party Property Damage
This coverage provides coverage for damages to property not owned by you that happens during the regular operation of your business.
Umbrella Liability
Umbrella policies provide coverage that extends above and beyond the limits of general liability policies. This type of coverage is important for filling in any gaps in your farm insurance in MN.
Loss of Business Income
This provides compensation for any income lost as a result of interrupted business activities, as well as the operational costs associated with covered events.
Commercial Auto Coverage
Commercial auto coverage provides protection for vehicles used during the daily operation of your business, such as vans, trucks, tractors, and other specialized farming vehicles. This type of policy also covers any liabilities that result from the operation of the vehicles covered.
Workers' Compensation
Workers' comp provides coverage and compensation in the event that an employee cannot continue to work due to an accident, illness, injury, or death that happens as a result of working on the farm.
Errors and Omissions Coverage
Also known as professional liability coverage, this option provides protection from claims brought against your business by individuals who suffer financial loss as a result of doing business with your organization. This type of coverage is particularly important if your farming business provides services that can lead to financial damages as a result of unintended mistakes.
Trust Ihry Insurance to Protect Your Ranch and Farm
Whether your farm or ranch operation is a new venture or it has been in your family for generations, your business is an investment and a source of income that provides a livelihood for you, your family, and your employees.
To safeguard your legacy and protect your estate for future generations, it is important to have the right and adequate coverage in order to minimize the risks you face as the owner of an unpredictable agribusiness.
At Ihry Insurance, we know that your farm is more than just your business; it’s your way of life. We understand and appreciate this fact because farming is where our roots also began.
Let us use our years of experience in the agricultural insurance industry to customize the best and most affordable policy for your needs. Call Ihry Insurance today to speak with one of our helpful agents and get a free quote on the ranch and farm insurance recommended for ND, MN, and nearby areas.
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