For many of us, shopping for insurance ranks right up there with going to the dentist. It can be intimidating and confusing, so many people either ignore it or choose the easiest option. Unfortunately, accidents happen.
Having the right insurance coverage can protect you from risk in today’s litigious climate.
In the current economy, many small farm owners are looking at different ways to bring in extra income. Maybe you’re considering boarding a couple horses in that empty pasture, offering U-pick during the season, selling produce or farm products, leasing your barn for weddings and events or renting out RV space on your farm.
Tapping into a new income stream is exciting and may provide economic relief, but it can also have unexpected risk exposure. To learn common insurance mistakes and how to avoid them, we turned to Chris Moore, president of the farm and ranch division of EPIC Insurance Brokers & Consultants, which has offices across the country.
Common mistakes include: • not having coverage for your specific risks • not informing your insurance agent about what you’re doing with your property/business venture
• not updating coverage when risk exposure changes
FARM & RANCH COVERAGE
When starting a small or hobby farm business, many people rely on their personal homeowner’s insurance.
“While that may cover your home and personal property, it could leave you exposed and it doesn’t properly address the farming and business activities taking place on your premises or away from it,” Moore says.
The right choice is a Farm and Ranch policy, which covers the residence and contents, structures on the property as well as liability coverage. A farm policy can be tailored to your specific operation, whether you’re raising a few goats on 5 acres or growing crops on hundreds of acres.
Esta historia es de la edición January - February 2025 de Hobby Farms.
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Esta historia es de la edición January - February 2025 de Hobby Farms.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
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Prepare yourself for how to spot symptoms of illness in your farm animals so that you can get them help before it's too late.
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WINTER Survival
Keep your land, animals and yourself in good shape this winter with this helpful advice.
COVERAGE CONCERNS
Avoid common insurance mistakes for rural and hobby farm businesses.
FARMER'S GUIDE Berries
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Preconditioning CALVES
Follow our step-by-step guide to get more money for your calves.
Soil Conservation
Often, outside of having a specific problem that needs to be addressed, soil conservation isn't something every farmer readily thinks about. Yet conserving the soil should be at or near the top of every farmer owner or manager's list of concerns because absent the prevention of soil erosion, we have the opportunity for another dust bowl.
Year-Round Lettuce & Salad Mixes
It's easy to think of salad greens as just a spring- or fall-garden crop, but it's possible to enjoy freshly harvested lettuces, mustards and more from your own garden year-round.
Barn Improvements
Days are never long enough for a farmer. From dawn to well into the night, tasks arise that often require immediate action. Having to search for tools or equipment is an enormous time waster and incredibly frustrating when you can't find what you need, especially when you know you have it.
