You’ve heard the old Heraclitus quote, “The only constant in life is change.” Life moves fast and can change even faster. As your agribusiness evolves, updating your insurance policy may get bumped to the bottom of the growing list of priorities. Don’t let your farm’s insurance coverage fall short of the needs of your business. Here are a few signs that it’s time to recheck your coverage and get a policy review.
1. You’ve Hired New Employees
If you have hired more help around your farm/ranch, it’s a good time to reach out to your agent and review your policy. Make sure they’re added to your Workers’ Compensation Coverage if you have it. While you’re getting everything set up for the new employee, revisit your coverage and see if there are any other changes you need to make.
2. You’ve Made a Major Purchase
If you’re getting a new combine or other large piece of equipment, you’re going to want to get that added to your insurance policy ASAP. Other expensive items that may be inside your home, like diamond rings, expensive artwork, cars or RVs, also need to get covered.
3. You’ve Made Improvements
Whether you’re adding a new section to an existing building or building a new outbuilding, make sure these changes are shown on your policy. Your agent will need to know the details of the improvement and may ask for receipts to pass along to the insurance company.
4. You’ve Made Your Operation Safer
Things like new fire alarms or sprinklers and security systems could earn you a discount. If you’ve upgraded your heating, plumbing or electrical system, make sure you get those updated so the value of your home can reflect the upgraded systems. Getting a new roof could also qualify you for discounts and can affect the value of your home on your policy.
5. Your Renewal Is Coming Up
Maybe the most obvious time to review your coverage is when your policy is about to renew. When you get your renewal packet, think back over the year and make sure you didn’t have any changes like the ones listed above. If you have and didn’t reach out to your agent, now is a good time to adjust. Your local Farm Bureau agent would be happy to sit down and do a SuperCheck to help make sure you have the coverage you need.