Farming Insurance: Farm Equipment Coverage

Your farm likely relies on essential tools and equipment for daily functions. If these items are damaged, broken, lost or stolen, it could have significant ramifications beyond the direct loss of the equipment itself. Subsequent delays and even safety issues could arise if you cannot replace these items and resume normal operations promptly. Considering these stakes, your farm should prioritize understanding and retaining the right farm equipment insurance.

What Is Farm Equipment Insurance?

As its name suggests, this type of insurance can cover many of your farm’s valuable tangible assets against various incidents and perils. Specifically, your farm equipment coverage may help financially protect the following:

• Combines
• Plows
• Seeders
• Irrigation equipment
• Tractors
• Harvesters
• Hay rakes
• Wagons
• Sprayers
• Hand tools
• Portable fences
• Farm office equipment (e.g., computers and electronics)

Your farm may be eligible for financial aid if you submit a claim for damage caused by the following perils:

• Fire
• Lightning
• Vehicle collisions
• Smoke damage
• Hail
• Theft
• Vandalism
• Windstorms

Do I Need More Than One Type of Insurance?

In some cases, insurance carriers may not offer farm equipment coverage as a single, named product. Instead, you may need to purchase and retain several types of policies that can cover your equipment in specific situations, creating a network of financial protection for versatile security. Familiarize yourself with the following:

• Commercial property insurance typically covers tools and equipment while on-site at your farm.
• Inland marine insurance can help pay for damage occurring while your equipment is elsewhere, such as at a trade show or farmers market.
• Equipment breakdown insurance can cover losses and expenses if your farm’s equipment requires repairs or replacement due to electrical shorts, mechanical burnouts and other breakdowns.

We’re Here to Help

Contact Pacelli Insurance in Saint Marys, PA, today to learn more about farm equipment coverage or compare quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.