Farming isn't just a business; it's a way of life. It's challenging yet rewarding work. Unfortunately, it’s also awash with uncertainties – everything from the weather to fluctuating prices to fire risks to equipment failures to – well, you get the idea. Helping farmers manage their agricultural business risks and mitigate financial damage if losses occur is the purpose of farm insurance.
To get proper farm insurance protection, your best bet is to contact a farm insurance expert to arrange a customized insurance solution that meets your farm's specific needs. Farm insurance specialists know every farm has unique protection needs. We prepare specialized farm insurance packages to protect your home, farm buildings, machinery, equipment, livestock, produce, farm liability and more.
Whether you farm in the Golden Horseshoe, Norfolk, Oxford, Brant, Niagara, or any areas between or beyond, our Morison Insurance farm experts can arrange an Ontario farm insurance policy that is right for you.
Farm insurance is an insurance product with specialized coverage for farm owners or individuals who are farming. It protects a farm's assets, including farm buildings, farm machinery and equipment, livestock, produce, liability and more.
You need farm insurance if you own a farm, have acreage that you rent to other farms, or have farm operations such as renting land from others and growing crops.
A standard homeowner's insurance policy does not provide proper coverage for a farm operation. A farm insurance policy includes coverage for your home and personal liability, as well as your farm and farm liability needs. A farm insurance expert will help you determine the coverages needed for your commercial farming operation.
If you own a farm, having farm insurance is essential. Having the proper farm insurance coverage in place will give you peace of mind knowing your farm is properly protected in the event of a loss. If you didn't have farm insurance and experienced a loss, you could be left without the buildings or necessary equipment to operate your farm, you could be left to defend yourself against a lawsuit, or you could be left having to pay out-of-pocket expenses to get your farm back up and running. With the proper farm insurance policy, you could get back to operating as soon as possible after a loss to help minimize financial losses. It is also important to note that if you attend farmers markets to sell your farm products, the market may require proof of insurance.
A farm insurance policy covers farm buildings, bunkhouses, farm machinery, tools, equipment, livestock, produce, home or primary residence including personal contents and detached private structures, personal liability, and farm liability. Because each farm situation is different, it is essential to work closely with a farm insurance expert who will get you the best insurance solutions with customized coverage to ensure your commercial operation is protected.
There are many unique coverages that are available for farm insurance depending on the type of farming you do and the size of your operation. Coverages available for farm insurance include primary farm residence coverage, farm liability coverage, replacement cost coverage, waiver of depreciation coverage, and limited farm pollution liability coverage.
An insurance broker will provide you with a competitive insurance package that is tailored to your specific farming needs.
Depending on the type of farm you operate, you may want to add additional coverage to ensure your farm is properly protected. Some additional insurance coverages to consider may include:
An insurance broker will walk you through what additional coverages should be considered based on your specific farm insurance needs.
Below are some common farm liability exposures farmers may want to discuss with a farm insurance expert.
When you speak with an agriculture insurance specialist, they will ask for details about your farm to ensure you have the right farm liability coverage.
Morison Insurance specializes in a wide range of agriculture insurance, including:
Our experts at Morison Insurance want the best coverage for farmers. We will work with you to ensure you receive a customized farm insurance policy to ensure your agricultural operation is properly protected.
Did you know? According the the 2016 Census of Agriculture, Ontario accounted for 25.6% of all Canada's farms with oilseed and grain type operations accounting for the largest number of farms in the province with 34.0% of farms reporting.
There is no minimum or maximum number of acres required for farm insurance. If you have farm operations – large or small – you need farm insurance. If you have multiple farm locations, each location needs to be listed on your farm insurance policy and liability extended to each.
Hobby farms are generally 10 acres or smaller and earn less than $10,000 in farming revenue annually.
The cost of your farm insurance policy depends on several factors. Annual insurance for small farm operations can range from $1,000 to $5,000, medium size farms can range from $5,000 to $20,000, and larger farm operations could cost $20,000 or more. Other factors that will determine the cost of your farm insurance policy include the type of farm you operate, the number of farming locations, the coverages and coverage limits you choose, your claims history, details of the primary dwelling and the farm buildings, and much more. When you work with an insurance broker, they will get you multiple farm insurance quotes to ensure your farming operation is properly protected with the best coverage at a competitive price.
You can get farm insurance from Morison Insurance. Our farm specialists proudly serve farmers and the farming community across Ontario. We work with many Ontario farm insurance companies and farm insurance mutuals. When you contact us, we will get to know your farm, and your insurance needs, and we will provide you with competitive farm insurance quotes. Complete the form on our website or call 1-800-463-8074 to speak with a farm insurance specialist today.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.