Understanding Farm Insurance in Edmonton

The dynamic nature of today’s farming business means farmers face major opportunities and risks. Farms keep growing larger and more profitable. Better farming techniques and technology enable farmers to produce more with less land and less effort. This gives farmers even more ability to expand their business.

Farm insurance in Edmonton protects your existing business and keeps you afloat if disaster strikes. Understanding the types of farm insurance coverage allows you can purchase a package that enhances your opportunities for growth.

Below is a list of brief coverage explanations. Consult your broker for a full explanation..

Property Coverage

Personal insurance doesn’t cover your farm’s business operations. To have full protection, you should purchase coverage that shields the business side of your farm, including the following options:

• With Farm vehicle insurance you can protect your goods, drivers, and passengers who engage in farm business activities otherwise not covered by personal insurance.
• Farm package insurance covers not only your primary dwelling, but also barns, sheds, storage buildings and many other farm business-related structures.
• You can also cover personal property with farm insurance. Tools, vehicles (like ATVs), and farm implements also receive protection up to certain limits.

Livestock Coverage

Livestock coverage can protect your farm if you produce poultry, beef, hogs or dairy.

Coverage includes:

• Livestock can receive protection for a certain number of perils, such as fire, theft or entrapment. You can extend that coverage to include other important types of mortality losses.
• Some companies add additional coverage for your particular specialty. For example, you can cover spoilage of milk or eggs.
• You can add on transportation coverage, so livestock or products stay protected as you ship them. The larger your farm, the more you should consider this coverage.
• Livestock can receive both consequential and business interruption coverage.

Machinery Coverage

Machinery makes up an important part of your operations and requires protection. Some examples are:

• Some machinery and equipment will qualify for replacement cost as well as equipment rental reimbursement converge.
• Perils unique to machines and equipment can include ingestion of foreign objects.

Liability and Accident Coverage

Farms present unique liability exposures, your farm success depends on your ability to keep it growing and adapting to the demands of the industry. Insurance in Edmonton acts as a life raft for your farm, it protects you from crippling events and accidents. However, you need to know what kind of insurance best fits your farm. Contact your broker to evaluate the needs of your farm and start looking for the right coverage today.