If you run agribusiness in the Buckeye State, you know there’s no way to completely avoid risk in the world of agriculture. Employee errors, natural disasters, and equipment problems can all do damage to your farm’s bottom line, but that’s what insurance is for, right? The coverages you have — and exclusions you might not know about — dictate the financial threats from which you and your farm will be protected. Read on to learn how to understand your risks and choose the right policies.
Who Should Have Farm Insurance in Ohio?
Anyone who has a farm that generates income needs a farm policy. Even if you’re just selling eggs from your backyard, your chickens, coop, and other equipment aren’t covered under homeowner’s insurance. That’s because those policies exclude any claims that occur during the operation of a business. OH agriculture insurance generally covers buildings and structures on your farm and any farm property, from gardening equipment to livestock. You may also have some liability coverage.
How Does Your Business Affect Your Risk Profile?
Most people who aren’t farmers don’t realize how many different types of farms there are. If you own a winery, your risk profile isn’t the same as it would be if you owned a dairy farm or a backyard coop. Most standard farm policies are designed for flexibility. They cover the basics and let you choose the right types of agricultural insurance for your business, like crop insurance, commercial umbrella insurance, or automobile fleet insurance. This prevents you from paying for coverage you don’t need. As you review your policy, begin with some of these questions:
- Do you have any other business ventures?
- Are there provisions for environmental liability and pollution incidents?
- Which employees and representatives, if any, are covered?
- Will you need to offer workers’ compensation insurance?
A good insurance agent can help you find coverage gaps you might not have noticed, so it can be illuminating to examine your policy with an expert at Haughn & Associates who specializes in OH agriculture insurance.
What Types of Agricultural Insurance Are Right for You?
Farm insurance policies can protect you from many issues, but they won’t cover everything. For instance, with unusual weather patterns on the rise that interfere with planting and harvesting, many farmers are thinking about crop insurance for the first time. Basic farm policies don’t include crop loss coverage, so you’ll need to buy it separately.
Coverage for other specific circumstances, such as employee injury, automobile use, product liability, and livestock riding are also typically excluded from general policies and should be purchased as add-ons. Including specific policy extensions will allow you to tailor your insurance coverage to the risks you are most likely to incur. These policies can help protect you and your family from financial losses. Meeting basic OH agriculture insurance standards protects you from liability claims, but not business interruption or similar issues.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.