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Smart Ways to Manage the Cost of Farm Insurance

Your farm’s or ranch's long-term success is ultimately about profitability. While controlling expenses is one critical component of profitability, so is protecting your farm’s or ranch's assets with the right insurance and risk management tools. How can you strike a balance between savings and security? Here are a few ways to help control costs and risk.

Minimize Claims

The cost of an accident is like an iceberg. What’s covered by insurance can be just the tip you see above the water line. What’s below the surface – lost business, legal disputes, fines, stress, disgruntled customers – often is not covered by insurance. But it all affects your bottom line.

Minimizing claims not only saves insurance costs; it can also help save significant dollars for your farm or ranch overall. How can you minimize losses?

Report all losses within 24 hours 

Studies show that the longer a claim goes unreported, the more it costs. Even if a loss looks like it may be below your deductible, report it in case it escalates in the future.

Reduce your number of claims

This can help lower your premiums. Some ideas:

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