As a farmer or rancher, you know that things don’t always go as planned. Even the best-run operations can be hit by the unexpected. If your livestock is your livelihood, ensuring you are adequately protected with livestock insurance is the best way to limit your financial risk.
Livestock Insurance: Know The Facts
#1) Livestock Insurance Coverage Is More Than Just Cattle
In addition to cattle, livestock insurance covers:
- Domestic Sheep
- Swine
- Goats
- Horses
- Mules
- Donkeys
- Alpacas and Llamas.
#2) Standard Farm Insurance Policies Usually Do Not Include Livestock Collision Coverage
Most standard Farm insurance policies give farm owners the option to add a livestock collision endorsement to their farm policy, but it is not typically included. Livestock collision insurance covers animals hit by a vehicle on a public road. That means that if your cow is hit by a car, your insurance will cover the animal that’s hit and any damage to the car that hit them, excluding your own insured vehicles.
#3) Livestock Insurance Doesn’t Cover All Perils
Livestock insurance can be endorsed onto a standard Farm insurance policy to cover a broad range of perils, including theft and fire. Your insurance agent will go over the named perils with you to make sure you have the right level of coverage for your risk tolerance.
Livestock Insurance Can Cover Livestock Individually or the Total Herd Value
The most common way to cover livestock is to insure them as a herd. When choosing this option, the limit of insurance protection should be for the entire herd value. For farmers or ranchers with animals that are a higher value per head than the rest of the herd, listing these individually is the best way to ensure adequate coverage. Our FarmPak Program allows for flexibility in deciding which kind of livestock insurance coverage is right for you and your animals.
Coverage On Livestock Can Be Adjusted Seasonally
Does the size of your herd fluctuate throughout the year? No problem, your insurance agent can adjust your coverage and your premium rate accordingly. Increasing livestock insurance coverage during the birthing season and lowering coverage when selling stock can be automatically adjusted with the peak season endorsement. Your insurance agent can assist you with determining the coverage protection based on changes in herd values during the year.
By securing adequate insurance coverage for your farm or ranch, you’ll greatly reduce your financial risk. Contact your local independent insurance agenttoday to discuss your livestock insurance needs. In the meantime, check out our blog where we answer your burning questions, including everything from what is hobby farming insurance to how to save money on Farm insurance.
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