With a fatality rate of more than 20 deaths per 100,000 workers, agriculture is one of the most dangerous occupations in the U.S. For instance, in 2017, the U.S. agriculture industry recorded 416 work-related fatalities. The most common cause of fatalities in this sector is overturning tractors. However, farmers and farm workers also face a variety of other occupational hazards, including, among others, exposure to harmful chemicals, animal injuries, falls, entanglements, and overexertion. These hazards can lead to huge losses, both in terms of personnel and property. For this reason, farm insurance coverage is vital. Here is more information about farm insurance.
Facts about Farm Insurance for Land-Leasing Farmers
Depending on the potential risks at hand, some American landowners require their renters to have farm insurance during the lease period. Some of the important facts to know about farm insurance for land-leasing farmers include:
- It may cover stolen items – Farm theft is a common crime in rural America. This means that your farming equipment and machinery could be in jeopardy. The good news is that the right farm insurance can cover the costs resulting from theft, enabling you to acquire new equipment. This saves you the out-of-pocket expenses that may harm your finances.
- It works like the renters insurance coverage – Farm insurance does not cover damage on the leased land. Instead, it protects your belongings as well as every piece of equipment you use in farming.
- It covers medical expenses – If a volunteer or a third party gets injured on your leased farm, the farm liability insurance will cover the resulting medical costs and claims. Take note that this policy will not pay for your injured employees.
Advantages of Farm Liability Umbrella Insurance for Farmers Renting Land
Considering the many accidents that may occur on a farm, it is prudent to have enough farm liability insurance to cover bodily injuries. In case you do not have enough insurance, a farm umbrella liability policy can come in handy. The upsides of farm liability umbrella insurance include:
- You can choose your coverage limit – Umbrella insurance coverages are generally available in increments of $1 million. As such, you can purchase farm liability umbrella insurance from $1 million up to over $10 million, depending on your coverage needs.
- Your landlord’s property will be protected – In case you accidentally damage your landlord’s property on the farm, this policy will pay for the resulting expenses. For instance, if a fire starts on the farm due to your negligence, the insurance company will cover the damage.
- It provides extra coverage above your liability insurance limit – Like any other insurance policy, farm insurance coverage has exclusions that may result in underinsurance. The good news is that farm liability umbrella insurance fills the gaps left in your farm insurance policy.
- Allows you to specify the parties to be covered – In case your employees get injured on the farm, the standard farm insurance does not cover their medical expenses. Luckily, umbrella insurance lets you specify the parties you want to be covered in case of an accident. This includes your employees.
- It also covers damages that occur outside the farm – If you are renting farm equipment and using it elsewhere other than your rented land, this insurance policy will still cover resulting expenses in case of an accident.
These are some of the important facts to know about farm insurance coverage for land-leasing farmers. To get started on your farm insurance policy, contact Kneller Insurance Agency directly! We supply farms with reliable and all-encompassing protection in Copake, NY.
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