Mississippi Soybean Farm Insurance

Your Complete Guide to Mississippi Soybean Farm Insurance

Local independent agents can help you find the best insurance products to cover your agribusiness.

Mississippi Soybean Farm Insurance

Soybeans are grown on more than 2 million acres of land in Mississippi. In fact, this state produces more than $1.1 billion worth of soybeans a year, making it Mississippi’s largest commodity. If you are among the many soybean farmers in the Magnolia State, you can benefit from having good soybean farm insurance.

A local independent insurance agent can answer your insurance-related questions and can help you review policies and quotes from some of the area’s most highly rated insurance providers. This lets you be certain that you are getting the coverage you need at the most competitive price.

There are more than 200 independent agents in Mississippi. Find an insurance agent near you to get more information about coverage for your soybean farm.

What Is Soybean Farm Insurance?

Soybean farm insurance is a combination of homeowners insurance and business insurance that is designed to meet the specific coverage needs of farm owners.

This insurance combines coverage for your farmhouse with coverage for your agribusiness in one convenience policy package.

How Much Does Soybean Farm Insurance Cost in Mississippi?

Premiums for farm insurance can vary from one soybean farm to the next. Some of the factors that go into calculating farm insurance costs include the following.

  • The size and value of your farm and your farmhouse
  • The number and types of outbuildings on your farm property
  • The average annual revenues generated by your soybean farm
  • The value of your farm machinery and equipment
  • Whether your farm is open to the public for sales or events

You can find how much coverage will cost for your particular soybean farm by contacting a few insurance providers and requesting customized quotes. Independent insurance agents can save you time and money by doing this on your behalf.

What Liability Risks Does Mississippi Soybean Farm Insurance Cover Against?

Soybean farm insurance offers liability coverage that can protect your personal interests as well as your farming business. It is designed to pay for court costs, legal fees, settlements, judgements, and other damages if you or your farming business are sued for a covered event. 

The following are some of the many types of liability coverage products you may want to include in your farm insurance policy package.

  • Personal liability insurance: This is homeowners liability insurance. It can cover you and members of your household if you are unintentionally responsible for injuries or property damage to others.
  • Premises liability insurance: This can cover third-party injuries sustained in accidents that occur on your farm property. This is particularly important if your farm is open to the public for events or direct sales.
  • Product liability insurance: This can cover third-party illnesses caused by contaminated soybean products produced or sold by your farm.
  • Commercial vehicle liability insurance: This can cover third-party damage or injuries if you or one of your employees causes an accident while driving a farm-owned vehicle.
  • Workers’ compensation insurance: This can shield your farming business from potential liability lawsuits related to worker injuries by covering your employees’ medical expenses and time off work if they are injured on the job. Farmers in Mississippi are not required by law to carry this coverage.

You will want to be certain that you have the right liability insurance products to cover against all liability risks your soybean farm is exposed to.

What Kinds of Property Can Mississippi Soybean Farm Insurance Cover?

Your soybean farm insurance can cover against property loss or damage caused by many of the risks you are likely to face as a farmer in Mississippi. Covered hazards include the following.

  • Property crimes, such as theft, burglary, vandalism, and arson
  • Falling objects, such as hail and uprooted trees
  • Severe weather events, such as tornadoes, hurricanes, and tropical storms
  • Fires, such as accidental fires, electrical fires, and wildfires

Your soybean farm insurance policy is designed to cover against damage to the following types of property.

  • Your farmhouse: If you live on your farm property, your farm insurance can provide you with the same kind of coverage for your home as you would expect from a traditional homeowners insurance policy.
  • Outbuildings: Farm insurance can cover the structure and certain contents of the other buildings on your property including such things as silos, sheds, garages, and bunkhouses.
  • Equipment and machinery: Farm equipment and machinery can be very expensive. Your insurance policy can cover the cost to repair the damage to farm equipment such as tractors, plows, cultivators, and sprayers.

You will want to be certain that all of your soybean farm’s most valuable assets are suitably covered and that your policy’s coverage limits are high enough to enable you to replace all your property if your farm experiences a total loss.

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What Else Can Mississippi Soybean Farm Insurance Cover?

Farm insurance providers also offer optional coverage that you may want to consider including in your farm insurance policy, such as the following.

  • Specialized property insurance: Certain farm property, such as fencing and irrigation systems, is specifically excluded from regular farm property insurance coverage. You may therefore need to purchase special endorsements for all property to be covered.
  • Debris removal insurance: This can cover the cost of a timely cleanup of debris on your farm property if it was caused by a covered event like a tropical storm or a tornado. That way, your farm can quickly return to normal operations.

Talk to an insurance agent near you to learn about these and any other coverage options that you may want to consider including in your soybean farm insurance policy package.

What Is Not Covered by Mississippi Soybean Farm Insurance?

Farm insurance covers a lot, but it does have some limitations. Specifically, farm insurance will not cover damage to your soybean crops or damage caused by floods. It may therefore be necessary to supplement your coverage with the following policies.

  • Crop insurance: This is federally backed coverage that is designed to cover loss or damage to your crops. It can also cover against unexpected drops in commodity prices.
  • Flood insurance: This is federally backed coverage is designed to cover against flood damage. With a commercial flood insurance policy through the National Flood Insurance Program (NFIP), you can buy up to $500,000 in structural coverage and $500,000 in contents coverage for your farm. 

Adding this supplementary coverage can help you be sure that your soybean farm’s assets are sufficiently covered against all potential risks.

What Should Mississippi Soybean Farmers Know about Crop Insurance?

Crop insurance is designed to cover against unavoidable damage to your crops caused by severe weather events as well as against significant drops in commodity values.

A crop insurance policy can be purchased from any insurance provider that has been approved by and is working in conjunction with the Federal Crop Insurance Corporation (FCIC).

There are three different types of crop insurance. You can choose to purchase just one type or any combination of the following policies.

  • Multiple peril crop insurance (MPCI): This can cover your soybean crops against a wide range of hazards including floods, droughts, severe storms, insect infestations, and plant diseases.
  • Crop-hail insurance: This can cover your crops only against loss or damage caused by hail. Although this insurance is much less expensive than MPCI, its coverage is very limited.
  • Crop revenue insurance: This can cover against lower-than-expected revenue due to a low crop yield or an extreme drop in the price of the soybeans as a commodity.

It is very beneficial for you, as a soybean farmer in Mississippi, to supplement your farm insurance with a suitable crop insurance policy.

What Is the Best Way to Get Soybean Farm Insurance in Mississippi?

When you are looking for the right insurance to cover your Mississippi soybean farm, you can turn to a local independent insurance agent for help. These experienced agents live in and work in your community, so they are familiar with the risks you face as a soybean farmer in this state.

Also, because they are independent, these agents are free to shop around to find you suitable coverage at the most competitive prices. Arrange an obligation-free consultation with an insurance agent near you, and you will soon discover how easy it can be to compare customized soybean farm insurance quotes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.nass.usda.gov/Quick_Stats/Ag_Overview/stateOverview.php?state=MISSISSIPPI
http://www.usa.com/mississippi-state-natural-disasters-extremes.htm
https://www.iii.org/publications/insuring-your-business-small-business-owners-guide-to-insurance/insurance-for-specific-businesses/farms-and-ranches