5 Signs You Need to Review Your Farm's Insurance Policy

May 3, 2024 2 min read

If there’s anything life teaches us, it’s that nothing stays the same — and that’s true whether we’re talking about our families, our hometowns or our business. That goes for farm insurance policies, too: As your agribusiness evolves, updating your farm 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 five ways to know that it’s time to recheck your coverage and get a policy review so you can be prepared for your future.

1. You’ve Hired New Employees

Maybe you’ve hired new employees at your farm or ranch. Congratulations on your growing operation! This is the moment to reach out to your agent and review your farm insurance policy. You’ll want to check for a few things. For instance, make sure your new employees are added to your Workers’ Compensation Coverage if you have it, to protect both you and them. And 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. Your insurance agent can help you make sure the bases are covered.

2. You’ve Made a Major Purchase

Are you buying a new combine or other large equipment? Make sure you add any new equipment or major purchases to your insurance policy as soon as you can to ensure you’re covered if something goes wrong. And don’t forget expensive items that live inside your home: fine jewelry, artwork or similar items. Cars and RVs need coverage, too. Don’t wait until something goes wrong to protect your purchases. 

3. You’ve Made Improvements

Improving your farm or ranch is a huge undertaking, and your farm insurance policy is part of the process. Whether you’re adding a new section to an existing building or putting up a new outbuilding, make sure these changes are reflected on your policy. Be prepared: your agent may need to know the details of the improvement, and they may ask for receipts to pass along to the insurance company.

4. You’ve Made Your Operation Safer

When you install new fire alarms, sprinklers or security systems, you’re not just being smart about safety: you might be earning a discount on your farm insurance. If you’ve upgraded your heating, plumbing or electrical system, make sure you get those updated on your policy as well, so the value of your operation can reflect the upgraded systems. Getting a new roof could also qualify you for discounts and can affect the value of your buildings 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 be renewed. 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 at the time, this is the moment to adjust. Should the unexpected happen, you’ll be thankful you let your agent know.

Consult Your Agent

When you’re ready to review your farm insurance policy, we’re ready to help. 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, when you need it.

Want to learn more?

Contact a local FBFS agent or advisor for answers personalized to you.