Mitchell, SD, is a small city surrounded by acres and acres of farmland. These farms and ranches play a key role in sustaining the local economy and they supply the nation with an abundance of goods and agricultural products. If you are among the many farm or ranch owners in the Mitchell area, you can protect your investment by purchasing a comprehensive farm insurance policy. Local independent insurance agents can help you compare policies and rates from a variety of reliable insurers. That way, you can be sure you are getting great coverage at an affordable price. Find an insurance agent near you to learn more about farm and ranch insurance.
What Is Mitchell Farm Insurance?
Farm insurance was created to meet the unique coverage needs of farm and ranch owners. It combines coverage for your home with coverage for your farming business in one policy package that you can easily customize to meet your specific needs. A local independent insurance agent can help you understand your various coverage options. That way, you can obtain a competitively priced policy that covers you against all of the potential hazards you are likely to face as a farm or ranch owner in the Mitchell area.
Mitchell Farm Insurance Covers against Liability Risks
As the proprietor of a farm or ranch, you face a number of liability risks. Farm liability insurance is designed to protect you from financial losses by covering expenses such as court costs, legal fees, and damages if you are sued for a covered event. An independent insurance agent can help you determine what kinds of liability coverage are right for you. Your farm insurance policy can include the following types of liability coverage:
- Premises liability insurance: This is designed to cover third-party damages and injuries if guests, visitors, or customers are involved in an accident while on your farm property.
- Product liability insurance: This is designed to cover third-party illnesses, injuries, or other damages if a product that is produced or sold by your farm is defective in some way.
- Operations liability insurance: This is designed to provide coverage against third-party injuries or property damage caused in the course of running your farm. For example, if a public roadway runs through your farm property and a tractor causes damages while crossing to the other side, you would be covered.
- Farmworkers medical payments: South Dakota does not require farm and agricultural workers to be covered by workers’ compensation insurance. However, not having this coverage opens you up to liability risks if a worker is injured on the job. Farmworkers medical payments coverage can pay for these workers to obtain medical treatments for injuries, thus reducing your risk of a liability lawsuit.
Talk to your local insurance agent to learn more about these and other liability coverage options you may have.
Mitchell Farm Insurance Covers Your Property
Farm insurance also provides you with property insurance. This gives you coverage for a wide range of assets including both your personal and your farm-related property. With this insurance, you can receive compensation for lost or damaged property if it is damaged by a covered hazard such as a severe storm, heavy winds, hail, fire, or a tornado. This is particularly important given that the tornado risk in the Mitchell area is 55% higher than the national average. For example, in 1998 an EF4 twister touched down just 17 miles outside of Mitchell causing $15 million in property damage. Some of the property that your policy can cover includes:
- Your home: If you live on your farm or ranch property, your farm insurance policy can provide you with coverage for the structure of your home as well as for the property (contents) inside it. If a covered event causes your home uninhabitable, your farm insurance policy can also cover your temporary living expenses while repairs are made.
- Outbuildings: Your farm or ranch is likely to include a number of buildings besides your home. This insurance covers the other buildings and structures on your property including such things as barns, fences, silos, sheds, garages, and stables.
- Farm equipment and machinery: This covers loss or damage to the equipment and machinery you use on your farm or ranch including tractors, plows, cultivators, balers, sprayers, and sprinkler systems.
- Other property: Most farm insurance policies also enable you to purchase coverage endorsements for other property that is essential for your farm or ranch such as irrigation systems, livestock, and feed.
A local independent insurance agent can help you find a reasonably priced policy that will provide you with suitable coverage for all of your valuable farm or ranch property.
What Else Can Mitchell Farm Insurance Cover?
Farm insurance companies typically offer a variety of additional coverage options. This optional coverage lets you customize your policy to meet the needs of your particular farm or ranch. Options include, but are not limited to:
- Equipment breakdown insurance: This can pay for repairing or replacing malfunctioning farm equipment. That way, you can quickly return to the normal day-to-day operations on your farm.
- Farm income insurance: If a disaster like a wildfire, early frost, or hailstorm damages your crops, kills or sickens your livestock, or makes farm operations unmanageable, you are like to see lower than expected profits. In this case, farm income coverage can help to make up the difference in income.
- Debris cleanup and removal insurance: Severe storms, heavy winds, and wildfires can cause trees to topple, fencing to break down, and sometimes even causes outbuildings like barns and sheds to collapse. Debris removal coverage is designed to cover the costs associated with a timely cleanup so that you can quickly return to normal farming operations.
Talk to an insurance agent near you to learn about these and other coverage options that are available to you. Your agent can help you decide which ones are a good fit for your Mitchell-area farm.
Why Talk to an Independent Insurance Agent in Mitchell?
A local independent agent can provide you with trustworthy advice and guidance when you are shopping for farm insurance. Because they live and work in the Mitchell area, these insurance professionals are familiar with the risks faced by farm and ranch owners like you. An independent agent can help you obtain and compare customized quotes from a variety of insurance companies so that you can be sure you are getting a comprehensive policy at a competitive price.
Contact an insurance agent near you to learn more about your options when it comes to farm and ranch insurance.