Farms and Ranches often function in the capacity of both a home and a business, which is a unique insurance situation. This means coverage must extend to cover risks that affect both personal and business belongings and assets. Risks and perils facing farm and ranches are widespread and can affect both the owners' property and annual income. The best way to protect all aspects of a family-owned farm or ranch is to obtain both liability and property coverage in one comprehensive policy, specifically designed to cover these unique properties and the risks they face.
Components of a Farm and Ranch Policy Similar to a Business Owners Policy (BOP) coverage for farms and ranches are best obtained in one comprehensive package: Home and contents: Covers the owners personal dwelling and its contents. Personal Property: Provides protection for livestock, supplies, equipment, machinery. Farm or Ranch Structures and Buildings: Physical damage protection for other structures on the property like barns, sheds, workhouses, outbuildings, and more. Liability: Protection against lawsuits and for medical expenses related to injuries on the property. Other Coverage to consider: Crop or Livestock Insurance, Equine Insurance, Business Interruption, Transportation Floater (for coverage of product in transit), Worker's Compensation, Business Vehicle.