While almost every large insurance company provides farm insurance, you want to make sure that your equipment also receives the protection the farmhouse has in case of damage or disaster. The top 3 farm equipment insurance providers across the nation are American National, Liberty Mutual, Chubb Agribusiness. Each company focuses on excellent customer service and are properly funded, ready to cover your largest losses during those lean years. However, not every farm is the same and you will want to hire the provider that can work with your hobby farm, third-generation farm, or a large corporate farm. If you work with the wrong provider you could be paying for coverage your small tractor doesn't need or be left short when the combine breaks down.
Do you need a separate policy for my harvesters and combines?
Your farm equipment insurance will be added to your farm policy. Just like your car has personal injury, liability, and collision coverage, a farm policy has different sections that cover buildings, livestock, liability, and equipment. Work with your agent to build the right policy for your business.
Which carrier will work best for a hobby farm?
Insurance for your hobby farm will tie-in with your home insurance policy. American National and Liberty Mutual also cater to the needs to your typical family and will be able to build insurance coverage that takes care of your personal property and then add a special section to cover the tractor you purchased to make farming chores easier.
Does one carrier cater to corporate farms?
Chubb Agribusiness works with large landowners and farms that are managed by large companies. Equipment insurance will be handled by the corporate entity, but it remains the responsibility of the local farm managers to keep the policies updated and file claims as needed.
Do you use your pickup for groceries and hauling feed--what type of insurance do you need?
For smaller farms, you may often use personal vehicles to run errands around town and handle daily tasks on the farm. Not only will the pickup need to be listed on your auto insurance, it must also be included on your equipment section. This is why using a single insurer for all your policies is best to guarantee total coverage and protection.
Will equipment insurance help with expensive repairs?
All three carriers offer additional riders that can help defray costs of major repairs to large farm equipment. Work with your agent to discuss whether large repairs due to age will be included. In general, repair coverage is tied into your damage from natural disasters or vandalism.
If you lose my crop due to broken equipment, will that be covered?
You will need to talk to your agent a Liberty Mutual or American National to discuss this circumstance. In general, you would also purchase crop insurance that protects against severe weather changes. However, if you work with your provider, you may be able to have a broken equipment clause added to ensure you are able to pay your bills.
Can you buy equipment insurance online?
It is never wise to purchase any kind of farm insurance off a website. Chubb, Liberty Mutual, and American National all insist that their assessor visit the farm before a policy is written. You need to make sure that the land, livestock, and equipment is properly valued and your specific circumstances are discussed to ensure the proper coverage. If you purchase equipment insurance online you will likely be overcharged and have holes in your protection.
Will equipment insurance protect farm workers in case of an accident?
If you have family members or employees operating heavy machinery, you will need to purchase liability coverage as part of your farm insurance. Your equipment insurance only covers the tractor.