Preparing for Your Farm and Ranch Annual Insurance Review
A lot can change in a year. Things like major life events and expanding your operation can create more need for additional insurance coverage. An annual review of your farm and ranch insurance will give you peace of mind that you have the proper coverage in place. Below are some steps you can take to prepare for an annual policy review.
Why Your Annual Insurance Policy Review Is Important
It’s easy to lose track of time in the shuffle of life. An annual review of your insurance coverage sets a regular schedule to review and update your needs, avoiding a gap in coverage. If you set your coverage and never look back, you put yourself at risk for uncovered claims in the future.
How to Prepare for Your Annual Policy Review
Your insurance provider will be able to help you assess the needs of your family and your operation. But there is some inventory that will be helpful in giving a full picture of your current standing. Making information available about your equipment, number of employees, crop information, etc. will better ensure you have coverage that meets your needs.
- Know What’s Covered
As you prepare for a policy review on your farm or ranch, a good place to start is knowing what you currently have covered. Make note of all farm buildings and farm equipment currently on your policy as well as any new buildings or machinery that may have been added on your property in the last year. This is also a good time to evaluate your livestock coverage to make sure there are no gaps.
- Note Changes to Your Business
It’s exciting when your operation meets goals resulting in growth for your business. It also likely means you have an increased need for insurance coverage. Maybe you’ve entered the space of agritourism, welcoming locals to come enjoy your property. Or maybe you’ve expanded so much that you needed more help, hiring new employees. There are commercial farm and ranch coverages that may be a good fit for you where you are now.
- Ask Questions
An annual meeting with your insurance agent is a great time to not only check-in on your coverage but to make sure you understand your policy and ask any questions you may have.
- Consider the “What-ifs
Accidents and damaging events are never scheduled. The best way to make sure you have the proper protection in place is to think ahead about scenarios that would be costly to you and your operation. This will help outline the insurance coverages you need.
- Ask About Discounts
Another benefit to sitting down with your agent is to explore any discounts you may be eligible for with your insurance provider. Ask your agent to run you through different scenarios on how your coverages and enrollment in certain programs can save you money on premium.
Take Advantage of Your Annual Review
The best way to make sure your coverage is up to date is to review it regularly to make sure it’s keeping up with your life. An insurance agent can help you assess your needs and make sure that you’re better protected. Contact your local Farm Bureau agent to go over your coverage today!
This post was originally published on 12/15/22 by Farm Bureau Financial Services. Reposted here with permission.
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