Insurance Coverage Options
Finding farm insurance in Ontario is easy when you partner with our super Insurance Hero team. As your local insurance experts, we make sure to ask the right questions to understand your requirements and ensure that you get the best coverage for your business. We know we can find you the right coverage at the right price.
What is farm insurance?
Farming is a unique business in that it’s not like other businesses, and as such, it requires a comprehensive insurance plan designed to meet farmers’ needs. Farm insurance is designed specifically for farmers or people who own farmland to protect their assets, such as their legal liability, buildings, machinery, livestock, produce and more. It protects you against the many various risks that come with farming, both big and small, such as a wild animal attack, a destructive storm or an unforeseen legal claim from an injured guest. As such, it is essential for farmers to invest in farm insurance.
What is covered under farm insurance?
Standard farm insurance starts with general liability insurance and farm property insurance. After that, there are many additional insurance coverages farmers can add to their policy depending on the type of farm they have. Here’s what’s generally covered by farm insurance:
1. Liability Insurance
In the event you are found legally responsible for a bodily injury or property damage, liability coverage protects you and your business from financial ruin. It covers any associated legal fees and medical expenses. There are three types of liability coverage that protect farmers:
- General Liability – protects you against claims of bodily injury or property damage that occurs while on your property to farmers, employees, guests or customers.
- Commercial Business Liability – adding this to general liability protects you, your business and your employees if they are found legally liable for causing bodily injury or property damage.
- Product Liability Insurance – protects you against claims of injury due to a defective or hazardous product (e.g. contaminated produce).
Another worthwhile but optional liability policy is a farmer’s market or vendor market liability insurance policy if you plan to sell your products at your local farmer’s market.
2. Commercial Property Insurance
Property insurance protects your homes and other buildings or structures on your farm and the contents inside from such perils as:
- Severe weather
Commercial property insurance also includes business interruption should you have to temporarily shut down your business or be unable to work due to an illness or injury. Business interruption coverage will help offset any ongoing costs, such as bills, employee wages, etc.
In addition, it covers farming equipment, tools and vehicles. If you have cars that are used by yourself or employees for work-related purposes, keep in mind that you may need commercial auto insurance.
3. Farm Produce & Livestock Insurance
Produce coverage will protect your harvested grain, hay, fertilizer and seed against loss or damage.
In the event of death or injury to domesticated farm animals, such as cattle, horses, sheep and pigs, livestock coverage pays to replace livestock that was stolen, died or had to be put down due to an illness or contamination.