When was the last time you sat down and read the lengthy, confusing, and if we’re being honest, quite boring, pages of your farm insurance policy?
Thought so.
You don’t have time to devote to poring over insurance language pages. Yet those sheets contain invaluable information you may want to know – for example, who your policy actually protects.
Today I’ll save you the headache of perusing your policy and give you a quick rundown of who your farm insurance covers.
As your farm is both your home and business, your farm insurance combines aspects of both a homeowner’s policy and a commercial liability plan. But who exactly does your policy apply to and in what instances are they covered?
You are always considered an “insured,” but others may vary based on your farm’s operating structure. We’ll assume “you” are included in each of the following categories.
Operating your farm as an individual:
Other members of your household are included in the definition.
- Your relatives
- Any person under age 21 in your care, or the care of a household relative
- A full-time college student if:
- Under age 24 and your relative
- Under age 24 and in your care or the care of a household relative
Operating your farm as a partnership or joint venture:
Your members, partners, and spouses
- Insured only with respect to “farming” operations
Operating your farm as a Limited Liability Company:
Your family members, but only with respect to “farming” operations
Your managers, but only with respect to their duties as your managers
Operating your farm as an entity other than a partnership, joint venture, or LLC:
Your executive officers and directors, but only with respect to their duties as directors or officers
Your stockholders, but only with respect to their liability as stockholders
In many instances, more than one of these categories may apply to a farm operation. Whether you’re just getting started on a small family operation or you’ve worked thousands of acres for the past 40 years, we’ll go the extra mile to learn as much about your needs as possible to provide you with the most advanced, customized risk management plan. Rest assured, Richey-Barrett Insurance leaves no stone unturned to ensure your risk is covered.
Before your next insurance renewal, schedule an audit of your current coverage to discuss what options are available to you. Have questions? Contact Richey-Barrett Insurance today to ensure your farm is fully protected!
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