Do you assume that farm insurance is only for farmers that have hundreds of acres of crops and cowherds? Reconsider your position. You shouldn’t rely on your home’s insurance coverage to protect you if you have a small hobby farm, or a ranch or even own hobby farm tractors. Here are some ways that hobby farm insurance might help your business.
What Is a Hobby Farm and How Does It Work?
Hobby farms exist in a wide range of sizes and types, but they all have one thing in common: they aren’t intended to be a primary source of income. So, if your farm doesn’t provide enough cash to support your home and family, it’s most likely a hobby farm.
What Is Hobby Farm Insurance and What Does It Cover?
Hobby farm insurance is simply farmed insurance tailored to your hobby farm’s needs, such as insurance for hobby farm tractors. Farm insurance typically covers one’s property and liability but depending on your farming activities; it may also provide additional protection. If you have guests to your hobby farm, for example, you may require additional liability coverage.
Keep in mind that hobby farm insurance does not include supplementary auto coverage. You may want supplementary machinery insurance such as tractor insurance coverage if you use your vehicle for hobby farm business, even if very infrequently. Consult your agent to see whether you need to make any changes to your policy.
4 Reasons Why Hobby Farm Insurance Is Necessary
- Your Hobby Farm Isn’t Covered by Homeowners Insurance
Most homeowners insurance policies exclude commercial and farming activities, so if a storm damages farm instruments or things get stolen, your hobby farm may not be protected. It may also fail to protect important agricultural infrastructure like barns and grain silos, putting you in danger of having to pay for costly repairs out of pocket. Ask your Truck Insurance HQ agent about adding coverage for farming activities, or buy a separate farm insurance policy with machinery insurance, to protect your hobby farm.
- You’ll Need Liability Insurance.
What if someone gets sick from the eggs you sold, or if a rambunctious goat bites a visitor? If you own an agritourism farm, you’ll undoubtedly require visitor coverage. You’ll also require agriculture insurance to protect yourself against farm-related risks. The liability protection provided by a farm business insurance policy may be sufficient depending on your hobby farm activities. However, other insurance, such as product liability, may be necessary to provide enough coverage for your hobby farm.
- You Require Coverage that is Tailored to Your Specific Needs.
Farm insurance isn’t all created equal. If you live on a farm, or own farmland, or even just rent farmland, your insurance needs may differ in each scenario. As you browse for hobby farm tractor insurance, talk to your agent about which policy is ideal. Whether you have a large or small farm, he or she will inquire about your hobby farm activities and revenue in order to offer the best insurance. In addition, your agent will conduct an annual check to ensure that everything is up to date.
- Your Insurance May be able to Protect You from Losing income.
Even if your hobby farm does not provide a full-time income, it can be costly to lose farm sales if, for instance, a storm and thunder damages one of your farm structures. Many small farm and ranch insurance companies give income loss coverage.
Various Levels of Coverage for Various Hobby Farms
Your hobby farm is more than just a hobby, whether you conduct goat yoga sessions or raise heirloom crops. Contact a Truck Insurance HQ agent immediately to make sure your hobby farm is protected.