Farm Insurance in Ontario
For many people living in Ontario, owning a farm is their dream, yet it is a risky business. Farming requires hours and hours of hard work, in addition to major financial commitments. It is a job, not just a way of life.
Natural disasters and many other risks threaten the livelihood of farmers every day. The key to success is to plan for the worst with the best insurance coverage.
In April of 2013, two fires broke out on a farm, causing extensive damage to barns and a large poultry loss. A heat lamp was the cause of the fire that was quickly spread by high winds. It took at least twenty firefighters to tackle the blaze and only one bird could be saved. The resulting damages added up to more than $50,000.
The second fire caused more than $300,000 worth of damage. When firefighters arrived on the scene, the barn was engulfed completely in flames. They could not effectively contain the fire due to the presence of a fallen power line. Tools, tractors and several other pieces of expensive equipment were lost in the fire.
In early August of 2015, firefighters decided to give up on battling a barn fire in favour of letting it burn itself out in a few days. The barn was packed with a ton of straw, making it impossible for fire crews to extinguish the flames. All they could do was watch the fire to make sure it did not spread.
Later that month, a fire at another farm destroyed three operational tractors and another one that was being repaired. Most everything useful in the farm building was completely destroyed in the fire. The cause of the fire was not determined.
One farm worker was able to escape with minor injuries after being trapped under heavy farm equipment that tipped over on its side. While the worker suffered only a broken ankle, the equipment was sustained costly damage in the incident.
With the right agribusiness insurance coverage, you will be able to focus on running your farm with the peace of mind that hazards like this will be manageable when they occur. While no two farms are exactly the same, they can all benefit from farm insurance with the right risk protections and coverage limits.
In addition to home and dwelling coverage, your insurance policy will also include coverage for your separate outbuildings, such as garages, sheds, barns and other structures where you store livestock, equipment and supplies.
In addition to obtaining coverage for your crops and livestock, a good agribusiness insurance policy will also provide protection for your supplies, farming equipment and machinery, such as irrigation systems, feed and combines. You can choose a blanket policy to cover all of your equipment for a specified limit or choose to protect your high priced equipment with a scheduled policy. A combination of both is also an options you may want to choose.
Livestock and Produce
Livestock and produce are a vital part of a farm. In fact, in most cases, livestock and produce are a farmer's primary revenue source.
Most insurance policies provide coverage for your livestock. It may also be possible to purchase blanket coverage for a specific amount of coverage or make a schedule of your individual high value animals that you want covered in case of death. You may also choose a combination of specific and blanket coverage.
We offer premium packages for operations including:
- Cash Crop
Farm liability insurance will protects you from the loss of your farm because of liability issues. This type of coverage provides you with protection against claims of bodily injury to a third party, medical expenses associated with the party's injury as well as damage to property that belongs to someone else.
In addition, farm liability coverage will also provide you with financial support for your legal defense as well as any claim payments that you are legally obligated to pay.
Pollution liability claims can stem from fuel leaks in your storage tanks or discharges from your manure pits as well as other hazards. A typically insurance policy will not include these claims. Therefore, you will need pollution liability insurance to protect you against the high cost of cleanup, damages and court costs.
Running a farm is a volatile business, as many different factors that can threaten a farmer's livelihood. The good news is that with the right farm insurance your will have peace of mind and be able to keep your operation up and running for many generations.
At Stewart Morrison Insurance, we are farm specialists. We understand that farmers require specialized coverage. Our farm packages are designed to offer the right coverage to protect your best interests. Agribusiness is our business.