Ranchers Insurance – What You Need To Know
When it comes to insurance needs, there is probably no single group more at risk than the California Rancher. When a ranch owner selects coverage, he is literally securing his livelihood, business, home and future. Being covered in the state of California carries certain legal responsibilities, that the insurance company can assist with. But it is more than that. The ranch provides food, shelter, income and stability. An unexpected event for the rancher can mean becoming homeless and put him out of business. It is absolutely necessary to make sure he has adequate coverage to allow him to survive and to put his ranch back in order.
It is important to consider where your ranch is located. Are you in a flood zone or an area prone to wildfire? Of course, as with all insurance, you want to make sure your home, external structures and contents are covered. It is important to review your policy annually with your agent. People tend to buy insurance and forget it. Ranchers are busy and accumulate as they go, sometimes forgetting to call their agent about new equipment. It is critical that your coverage is ample to cover all your losses.
Livestock coverage could be the single point where ranchers are most under covered. Livestock are living breathing creatures and as such they will wander. If your livestock wanders off the ranch and causes an accident, are you covered? What if the person in the automobile dies? The additional premium for livestock accidental death is minimal and the protection is extremely important.
There are additional policies available for your protection against the death of livestock. This can mean your own or livestock that you do not own, but are allowed to be on your property (and under your care). If there is a death due to malfunction, causing suffocation or temperature related issues, you should have coverage that pays for the replacement of your livestock.
Crop insurance is also an important consideration. The types of coverage available vary depending on the crops planted. This is another area where a good relationship with your agent is important. Making sure you have proper coverage in place before you have a crop issue will make your life much easier.
Ranchers have many types of vehicles that may be used on the ranch. Your truck or car as well as another vehicle used for your business needs to be insured. This is not the place to cut corners. Your ranch is only producing if you can work.
If you employ people to work on your ranch, whether they are farm hands or relatives, you should have workers’ compensation insurance. A law suit from an employee being hurt on the job could cost thousands of dollars.
Protecting your family, home, business and investments are the very reason you purchase insurance. Making sure you are properly covered is the reason you have an agent.
Author: Colbie McRae
In February of 2015, I started insureCAL Insurance Agency from scratch. Now in our 2nd year, we will have 5 licensed agents and an awesome partnership with a number of great insurance carriers. insureCAL’s main focus is the agriculture industry, it’s what all of us grew up knowing and loving.