A family farm is a wonderful legacy to pass down to future family members. In order to keep that legacy safe, all farm owners need to make certain they carry the right level of insurance to protect themselves. This does not mean just purchasing commercial insurance for the crops, the staff and the equipment, but also protecting the owner as well. Most owner/operators of farming businesses are determined to work every day and are an integral part of the operations. However, they are not immune to illness or injury and must make certain the business can continue even if they are not able to be there every day.
Protecting the Home
Many owners have their home on the farm property. It is important to be certain that this house and its surroundings are protected as much as the farm itself. Understand what the insurance policy will cover for the home and furnishing, as well as liability costs. Farms houses often have many more people on their property than the average home. This could include customers, work staff or salespeople. Make certain the liability amounts will cover this amount of daily traffic.
Injury or Illness
Worker's compensation and disability insurance is as necessary for the owner as it is for their employees. If an employer who works 10-12 hours a day becomes injured or ill for a period of time, someone would have to be hired to do their work. A good policy is one that will help to recover some of the costs of that additional payroll.
Long Term Care
Long term care is an insurance that many people neglect. It is designed to be a safety net after other disability coverages have been exhausted. It can pay for at-home care or the expense of a nursing facility. When an illness requires months or years of care, it can easily wipe out a savings account. For business owners this could also be the end of everything they have worked so hard to build. This is why long term care insurance is important.
Purchasing Life Insurance
Consider life insurance a necessity, because no matter how strong or healthy someone is, there is no way to avoid the end. Sadly, it can happen at any time. Life insurance can make it possible for a widow or widower to continue running a business as they raise their children. It can be used to pay off end of life costs or pay for the college education of the children left behind. It is important for every family, but even more so for those who are determined to leave their children with some kind of legacy.
There are so many insurance policies available it can seem overwhelming. A good agent can help anyone to find the types they need to ensure they have the necessary protection. Purchasing insurance eliminates a lot of worry and risk. Most people will never have to use certain policies, but it is reassuring to know they are there if the worst happens.
For more information and options, talk with an insurance company, such as Bennett Agency.