A farm can be a dangerous place, even for those accustomed to its challenges. Farm liability insurance protects the property owner and their assets from financial losses and lawsuits in the event another party is injured or their property is damaged. Here are some essential things to know about this type of farmowner's insurance.

Coverages

There are a variety of coverage options available, and a farmowner's insurance provider can help you design a comprehensive policy that factors in the unique needs of your property and farming or ranching operations. Premises liability is one of the most common components, covering costs associated with accidental injuries on the property and damages to another party's property. For instance, if someone slipped and fell or got into a car accident because of an unsafe condition on your farm, premises liability would protect you against significant financial loss.

Operations liability is another option, especially if you frequently take farm vehicles off the property. This covers injury and property damage losses resulting from your farming operations. For instance, if you are taking cattle to market and cause a car accident, operations liability would offer some financial protection.

Pollution liability is a good safeguard to have in place for farmowners who routinely utilize fertilizers, herbicides, or other chemicals in their daily work. If a chemical accidentally spilled into a nearby waterway, or you were involved in a car accident while transporting such a chemical, the resulting environmental pollution would be a major liability. This coverage reduces your risk and helps pay for related costs.

Benefits

You need this type of coverage to protect both your farm and finances. Accidents can come with substantial costs, from medical bills and lost wages to property damage and repair or replacement expenses. And if you are sued, legal fees can easily become unmanageable, not to mention the costs of a settlement or a judgement against you. Ultimately, you are protecting the farm as a whole and your investment in it.

Have the peace of mind that comes with farm liability coverage. Farm Bureau Insurance of North Davidson in Winston Salem, NC, is a full-service insurance agency that has been serving clients throughout the state since 1920. In addition to farmowner's insurance options, they offer home, business, vehicle, health, and life insurance policies. Call (336) 764-5990 to request a quote or visit them online to explore their products.