Insurance can be a complex topic, terms that are commonly used in the insurance industry can be confusing. For instance, what is property and casualty insurance? In the simplest terms, property and casualty insurance (or P&C) helps protect the stuff you own. Farms and agribusinesses have some unique coverage needs, below are a few of the more common coverages. Don’t hesitate to contact Agri-Services Agency to discuss how to make sure your farm or business is covered correctly.
Property insurance is pretty straight forward, in the event of an unexpected loss it provides coverage for things you own. Here are some examples of farm “property” that would be covered:
- Dwellings – house or other place of residence
- Farm Buildings – barn, storage sheds, garage
- Structures – fences, gates, silos
- Farm personal property – livestock, machinery, equipment
- Farm products – hay, silage, fertilizer
- Supplies – uniforms, consumables
Casualty insurance is a little bit more confusing. Casualty insurance is basically liability insurance, it’s there to protect you if you become legally liable for an injury to another person or damage to someone else’s property. Casualty insurance can include monetary payouts to injured parties and your legal defense costs. There are many types of casualty or liability coverage for your farm including:
- Farm Premises – if someone is hurt on your farm
- Accidental Damage – damage to others property while on your farm
- Pollution – contamination caused by your operation
- Milk Contamination – coverage in the event your milk contaminates a larger batch of milk
This is a very broad overview of property and casualty insurance. For more information or to discuss if you are covered correctly, please don’t hesitate to contact the Agri-Services Agency service center any time at 877-466-9089.