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What You Should Know About Farm Insurance

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Farm and Farmers Insurance Canada

Despite the 2016 Census of Agriculture showing a 5.9% decrease in the number of farms from the previous census in 2011 the average area per farm has increased, growing from 779 acres in 2011 to an average of 820 acres in 2016 and farmers are increasingly incorporating and it’s estimated that 1 in 4 is now incorporated.  Farming has always been a business and it’s always been an important part of the Canadian identity, society and our economy.  Commercial Farming is also becoming increasingly complex with new risks and opportunities emerging regularly through science and technology which is why our farm insurance brokers have prepared a Canadian farm insurance overview.

Farm Insurance
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Information on Water Filtration for Canadian Farmers

Water is the lifeblood of every farm in Canada so it’s no wonder that one of the most requested resources on the Government of Canada’s “Agricultural Practices” page is their information on “Filtration: How does it work?”. The following information is from that page:

“Filtration removes particles from water. All filtration systems are designed for specific water uses (for example household, drinking, agri-food sector, industrial, etc.). Two common types of filter media are: Sand / Gravel and Carbon. These filter media can be used in both conventional and biological filters.

Conventional rapid filters

  • the filter media traps particles
  • the flow of water is relatively fast

Biological filters

  • the filter media traps particles
  • the flow of water is much slower
  • in addition, natural living organisms purify the water

Many other types of filter media are available (for example anthracite, birm) depending on the type of water treatment desired. Water processed by any filter requires further purification or disinfection before it can be considered to be safe drinking water.”

For more in-depth information, you can click here to visit the page.

What Types Of Canadian Farm Insurance Coverage Is Available?

Farm Vehicle Insurance, Farm Machinery Breakdown Insurance, Livestock Farming Insurance, and Hobby Farms Insurance to name a few. Other examples of Canadian farm insurance coverage include:

  • Farm General Liability Insurance, Product Liability Insurance & Farmers Market Insurance
  • Farm Machinery Insurance Including Tractor & Field Cultivator
  • Farm Equipment Insurance Including Plows, Spreaders, etc.
  • Farm ATV Insurance and UTV Insurance Including, Farm Gator Insurance, Insurance For Side By Sides etc.
  • Barn insurance, Farm Buildings Insurance & Silo Insurance
  • Loss of Farming Income Insurance Due To A Variety Of Covered Event
  • Farming Drone Insurance

ALIGNED Insurance Brokers Offer All Types Of Farm Product Liability Insurance Including:

Livestock Farm Insurance Coverage

  • Beef Cattle Farm Insurance Coverage
  • Dairy and Milk Farm Insurance Coverage
  • Hog and Pig Farm Insurance Coverage
  • Poultry and Egg Farm Insurance Coverage

Field Crop Farm Insurance Coverage

  • Canola Farm Insurance Coverage
  • Wheat Farm Insurance Coverage
  • Industrial Hemp Insurance Coverage
  • Other Field Crop Farm Insurance Including: Corn, Lentil Hay, Barley, Drum Wheat, Potatoes Soybeans etc.

Farm insurance plans brokered by ALIGNED provide customized coverage and packages designed for Canadian farmers. Some further information on the  coverages that are typically included in a farm insurance plan:

Property Insurance

Protect your farm’s outbuildings such as sheds, barns, silos, feed tanks and grain bins and the valuable stock and equipment inside them from fires, flooding, hail and other bad weather events. Your farm insurance may also include:

  • Business Interruption coverage that can provide income support in the event of a named peril and can help you stay current on your farm’s operating expenses. 
  • Extra Expense protection which can cover your costs to set up temporary farming operations while your farm recovers from an insured peril. Agribusiness is time-sensitive and most farming operations in Canada need to get up and running as quickly as possible after a disaster. 

Commercial General Liability Insurance 

Commercial general liability insurance is a standard insurance policy for all businesses and provides coverage for legal expenses incurred by lawsuits alleging personal injury, property damage, false advertising or libel/slander. Farming operations need CGL insurance as protection from injuries that may happen to non-employees on their farms and from property damage that could result from their farming operations. We also recommend that your farm insurance include:

Boiler & Machinery Insurance / Equipment Breakdown Insurance 

This coverage not only protects you from the costs resulting from equipment and/or machinery failure from the farming machinery and equipment mentioned above, but it can also cover your costs, including repair or replacement costs and product losses, stemming from breakdowns in heating and cooling systems and other equipment needed in your farming operations.

Commercial Vehicle Insurance 

All vehicles using public roads in Canada are required to have insurance and only a commercial vehicle insurance policy will cover accidents involving trucks, transportation and recreational vehicles used for your farm’s business operations. 

ALIGNED, Full Farm Insurance Coverage Brokered by Commercial Insurance Experts

Having your farm insurance coverage brokered by the commercial insurance experts at ALIGNED means having an advocate who specializes in risk management for businesses working with Canada’s top insurers to get your farm all the protection it needs at competitive rates without you having to find various programs and coverages from different sources. Contact an advocate or use our online tool to get a free quote on farm insurance coverage in minutes.

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FAQs

How much does farm insurance cost?

How much farm insurance costs will depend on a number of factors including:

  • Location of your farm in Canada and the financial, legal and environmental risks that come with farming in your area.
  • Type of farming you do and the farm equipment used for your farming.
  • Number of employees and residents on your farm
  • Years of experience
  • Safety policies and procedures in place at your farm
  • Revenues and profits of your farming activities
  • Value of farm buildings, structures, tools, equipment, farming vehicles, livestock, crops, etc.
  • Insurance history and past claims

There are other factors that are taken into consideration that can impact the cost of your farm business insurance premiums as well that aren’t listed here.

What insurance do farmers need?

Farmers who want to protect themselves from financial losses due to legal liability, diseases, contamination, natural disasters, bad weather incidents and more, will need insurance that covers them for things like:

  • Personal injuries to visitors to their farms
  • Property damage to third-party property due to their farming operations
  • Injuries and illnesses that are caused by their products
  • The costs of recalling any contaminated products like disposal and replacement costs, testing costs and PR and brand rehabilitation expenses
  • Costs to clean up pollution and spills of hazardous waste
  • Legal expenses like lawyer’s fees, the costs to defend a lawsuit, out-of-court settlements and awards for damages for lawsuits based on the above situations and other scenarios that can lead to a lawsuit
  • Loss of crops, livestock, eggs and poultry resulting in loss of income
  • The buildings, structures, tools, equipment, farming vehicles and other property on their farmlands
  • Repair or replacement costs to heating and cooling equipment due to power outages, surges, electrical arcing and more and the losses that result from a breakdown
  • Farming and other vehicles that are used on public roads

Of course, depending on their type of farming operations, farmers may need more or less insurance coverage than what’s mentioned above. 

With a specialist in farming and business operations at ALIGNED, you get an advocate on your side who knows what canadian farm insurance coverages you need, which ones you don’t and how to get you the best rates on your farm insurance coverage.

Do I need insurance on farmland?

Considering the scenarios mentioned above, having insurance on your farmland is basically a necessity as it can protect you from legal liability, natural disasters and many other situations that have the potential to cost you everything you own – including your farmland.

It’s also important to remember that even if you’ve done nothing wrong, a frivolous lawsuit will still cost a lot of money to defend. Which is why farm liability coverage is a must.

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