3 Tips for Saving Money on Insurance for Farms & Ranches
We all understand the importance of protecting our farms and ranches with the right insurance. However, while safeguarding your assets is paramount, managing your expenses is equally vital for ensuring profitability and success. In this blog, we offer valuable insights on how to save money on farm and ranch insurance.
1) Adjust Your Coverage Seasonally
No two farms or ranches are alike, and farming operations undergo changes throughout the year. That’s why one of the most effective ways to reduce costs is by adjusting your insurance coverage seasonally. For instance, livestock farmers might consider increasing coverage during birthing seasons and reducing it when selling stock. This way, you only pay for the protection you need. Our Farm & Ranch insurance includes a convenient feature – the peak season endorsement – that automatically adapts your coverage to your seasonal requirements.
2) Report All Losses Within 24 Hours
Farming is hard work, and farmers invest a significant amount of time in their operations. However, regardless of how busy you are, timely reporting of losses is essential. Studies indicate that the longer a claim goes unreported, the more it ends up costing you in the long run. It may even be advisable to report a loss even if it appears to be below your deductible. Reporting early can make it easier to handle issues if they escalate.
3) Prioritize Safety
When it comes to farm and ranch insurance, one of the most effective money-saving strategies is to minimize the number of claims. For farmers and ranchers, this translates into prioritizing safety. Safety and loss reduction should be a daily focus. It involves using protective equipment, screening your workers, and ensuring that all equipment safety guards are in place at all times. Additionally, maintaining clean and debris-free buildings and equipment is crucial. Regularly reviewing accidents or mishaps on your farm or ranch can turn them into valuable learning experiences for your team.
Blog Credit to Our Partners: Grange Insurance Association