Agribusiness insurance is a large family of insurance products targeted at people working in the agriculture business, including farmers, ranchers, people working with horses, and so forth. These insurance products are designed to be flexible so they can be tailored to specific applications ranging from chicken farms to organic orchards. A number of insurance companies offer some form of agribusiness insurance and some specialize in it, often using agents with extensive experience in the industry to ensure that people get the coverage they need.
There are a number of risks associated with agribusiness. People can experience losses due to weather, disease, and related problems, in addition to losing out when prices fall and people can no longer sell the proceeds of a farm. Equipment damage, worker injuries, and structural damage are also concerns, as are issues like pollution liability. Agriculture can be unpredictable, and rapidly changing conditions may leave a farmer behind. Agribusiness insurance includes a range of products intended to address these various concerns.
A typical agribusiness insurance plan will provide coverage for losses and thefts along with liability insurance. Costs for the coverage vary depending on the amount people wish to insure for and the potential loss exposure for the insurance company. Insuring small farms tends to be less expensive and people may receive rebates on their insurance as incentives for activities like implementing worker safety programs, using more automated equipment for dangerous tasks, or building structures that exceed building standards.
This insurance can be purchased by people who own, as well as lease, land and equipment for agriculture, and can also cover employees who are working on the farm. Specialized products are available for high value items, like race horses and animals such as bulls used at stud. These insurance products recognize that the loss of an extremely valuable animal can represent a significant blow to a business and handle such animals separately from general livestock.
When people seek out agribusiness insurance, they are usually encouraged to get quotes from multiple providers. It is helpful to get detailed rundowns on various types of coverage available along with disclosures about premiums and deductibles. This information can be used in a side by side comparison to pick a suitable insurance product. Insurance agents can also provide advice about coverage people may not have considered, making their clients aware of special issues to make sure they are thoroughly covered for as many conceivable events as possible.