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Farm Supply Business Insurance

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Insurance Protection For Your Farm Supply Business

As a farm supply business owner, you supply farmers and ranchers with a wide variety of products to meet their own business needs. You provide everything your customers require, from feed to fertilizer, to fencing, equipment, and hardware supplies. Farmers don’t have a lot of time to spend on finding the right supplies and equipment – they rely on you to have what they need when they need it and to advise them on what to use. Farming isn’t like other businesses, so you fill a unique need. But who worries about what you need, including the right insurance for your business?

Why Do You Need Farm Supply Business Insurance?

farm supply business insurance
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Although you cater to a specific sector of the agricultural economy and help it run, your insurance needs are similar to other retail businesses. You have to guard against possible risks associated with supplying the farming community with products. You also need to guard against potential risk at your physical store location. Your insurance needs might vary depending on what products and services you provide as part of your Farm Supply business. In addition to offering a variety of farming products, you might also sell or lease farm equipment to your customers. 

What Type of Insurance Do You Need? 

While nothing compares to speaking to an ALIGNED broker to determine your individual insurance needs, here are some of the types of coverage that you should consider for your Farm Supply businesses: 

  1. Commercial General Liability Insurance – this coverage protects you from claims of bodily injury or property damage that may arise out of your business’ operations or advertising.  Product liability coverage for all the products your farm supply business sells is also typically included in a commercial general liability policy.
  2. Commercial Property Insurance – if you own the property where your business is located, small business property insurance covers losses caused by fire, lightning, flood, and other perils, as well as vandalism or mischief. 
  3. Commercial Vehicle Insurance – this coverage takes into account the value of your commercial vehicles to ensure you are covered in the event of accidents or losses and for any third party liability associated with any accidents too.
  4. Cyber Insurance – this insurance covers you in the event of a breach of your business’ online content, including your website content as well as any stored customer data. 

You may wish to consider the following additional insurance coverages for your Farm Supply business:

  • Product Recall Insurance – this insurance helps to protect your business in the event of a potential liability exposure from products that turn out to be defective.  
  • Employee Theft – protect your business from employee theft or fraud with this coverage. 
  • Small Business Credit Insurance – this coverage helps to protect you if your creditors don’t pay their bills on time. 

Owners of Farm Supply companies may run into the following scenarios that put their business at risk: 

  • A farmer leasing equipment from you has a break in and the equipment being leased is stolen. 
  • A tractor you sold a customer catches fire and burns down a customers barn and all contents. 
  • When moving combines around your business’ property, one of your employees accidentally damages a customer’s vehicle. 

Speak to an ALIGNED agent today to match your Farm Supply business’ needs to the right insurance coverage. 

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