How Agribusiness Insurance Can Protect Your Farm
Agribusiness insurance protects not only your company but it also provides peace of mind for your shareholders and other individuals or entities that may hold interest in your company.
Sudden disruptions from unexpected weather to mechanical breakdown can seriously reduce profits and put your company in jeopardy. Providing comprehensive Mississippi agribusiness insurance for your farm reduces concern that surround circumstances beyond your control.
Some areas of agribusiness insurance in Alabama and Mississippi include:
- Product liability: in the event of foodborne illness or other possible problems, a general farm liability policy may not cover the products you sell from your farm
- Income loss: revenue recovery due to manmade or natural causes where property has suffered significant damage
- Workers’ compensation: should your employee or hired hand become injured while on the job, you need insurance to cover that
- Equipment floater: covers tractors or custom equipment
- Mechanical breakdown: recovery for full or partial equipment breakdown or damage
- Gas storage tanks: gas or diesel storage maintenance can pose a fire or pollutant hazard
- Agritainment liability: because many farms supplement their income with farm tours, working farm days or hay rides, farmers need coverage should a guest become injured while on their property
How Does Agribusiness Insurance Differ from Farm Insurance?
Agribusiness insurance addresses the vulnerabilities of a larger, corporate approach to farming, whereas farming insurance protects a smaller entity.
Several factors can help you distinguish between farm and agribusiness insurance:
- Size: typically a family farm is considerably smaller than an agribusiness which may require more coverage
- Structure: family farms are connected to local markets, whereas agribusinesses operate on both a local, national and possibly global scale
- Planting: an agribusiness will normally grow one single crop or crop type, whereas the family farmer tends to be more diverse
- Financial: agribusinesses are run more like corporations and may have shareholders. Family farmers try to minimize losses and rely on profit that the family can share and invest in farm maintenance and upkeep
Both farm and agribusiness insurance needs are important to maintaining a healthy company? rely upon an experienced underwriter to explain the policy differences and find one that works best for your farm.
Contact the Nowell Agency to prepare a customized agribusiness insurance quote for you or call us at 601-992-4444 today.