Raising livestock and poultry is a risky business. That is why farmers need adequate insurance to cover their animals from unexpected events. Farmers have a variety of options available to them when it comes to farm animal insurance. They can opt for customized coverage for the specific types of animals they raise or combine several different policies.
Fundamentals of Livestock Insurance
Farmers can often combine their livestock coverage into their overall farm package. This way, they can have adequate protection for their buildings, livestock, and poultry in the event of a death due to accident or injury. Some policies cover animal deaths due to illness as well, but this is specialized coverage.
Farmers can use the following methods to insure their animals:
- Herd Coverage: This is the most basic and common coverage. Farmers use this type of insurance to cover a precise number of animals.
- Blanket Coverage: This type of policy insures all farm property. It includes buildings, livestock, equipment, and so on.
- Individual Coverage: This policy covers animals with higher worth. The policy explicitly states which animals are covered. The corresponding animals often have an identifying feature such as an ear tag.
Farmers can also purchase insurance unique to their livestock. Some examples include:
- Cattle insurance
- Pig insurance
- Poultry insurance
Farm insurance packages often cover animals such as sheep and goats, so farmers do not need specific policies for these animals.
Farmers invest a lot of time and money into their animals. For many farmers, their livestock is their livelihood so they cannot afford to neglect insurance. To learn more about insuring livestock, contact the experts at Cline Wood.agribusiness insurance, agribusiness risk, livestock coverage, livestock insurance, livestock risk