According to a 2016 survey by the Insurance Information Institute, 79% of homeowners insurance policyholders understand that their insurance provides coverage for possessions stolen during a home burglary. Similarly, agribusiness insurance is another type of coverage that many homeowners and farm owners have some confusion about. But knowing some of the most common claims can help you determine whether or not this type of coverage is right for you. Here are just a few of the most common types of claims when it comes to agribusiness insurance and liability coverage.
Motor Vehicle Accidents
There are approximately 6 million car accidents in the U.S. each year, and studies have shown time and time again that motor vehicle accidents are one of the most common types of agribusiness insurance claims. The types of accidents that cause the most damage are those that result in overturned vehicles as well as head-on collisions and intersection accidents. Experts say agribusiness professionals can reduce motor vehicle accidents by implementing smart technology on equipment as well as telematics monitoring systems. It’s also a good idea to take extra precautions when hiring competent drivers.
As is the case with many types of homeowners insurance, fires are one of the most common claims. The fact is, fires are usually incredibly destructive. And anything that doesn’t get destroyed in a fire will likely sustain serious smoke damage, which requires long term work to remediate. Keep your farm and your assets protected by investing in an agribusiness insurance policy that includes fire protection.
Similarly, flash flooding and water damage often come on with little warning, giving farm owners minimal time to prepare. Flood damages can delay productivity during every stage of the operation and sales cycle, from growth to transportation, maintenance, and more. Again, it’s essential to keep your farm protected with the help of an affordable and flexible agribusiness insurance policy.
Ultimately, it’s essential for every farmer in need of ranch insurance or other types of insurance involving agribusinesses to be aware of the most common claims to choose their coverage carefully. For more information about agribusiness insurance, contact Farmers Union Insurance.