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Cost Effective 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 control costs and risk.

Minimizing 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 are not covered by insurance. But they all affect your bottom line.

Minimizing claims not only saves insurance costs, it can save significant dollars for your farm or ranch overall. How can you can 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.

Reducing your number of claims can help lower premiums. Some ideas:

• Make safety and loss reduction an every day part of your job.
• Find ways to routinely communicate safety messages to everyone who comes onto your farm or ranch.
• Review each accident or mishap, and use it as a learning tool. 
• Use personal protective equipment (safety glasses, face shields, hand protection, hearing protection).
• Screen your drivers.
• Require seat belts be worn at all times.
• Display your farm or ranch phone number on your vehicles, and invite people to call if they see unsafe driving practices.
• Make sure everyone on your farm or ranch understands that they are responsible for their own safety and the safety of others every day.
• Make sure all equipment safety guards and other safety devices are in place at all times, and keep your buildings and equipment clean and debris-free.

^{This information was obtained from sources believed to be reliable. Nationwide Agribusiness/Farmland Mutual Insurance Company, 1100 Locust Street, Des Moines, IA 50391-3000, and its employees make no guarantee of results and assume no liability in connection with any suggestions or information contained herein. Furthermore, it cannot be assumed that every acceptable safety method is included in this article or that specific circumstances may not require additional methods or alternative safety suggestions. Also, nothing contained herein is meant to represent or indicate compliance with applicable standards or requirements mandated by federal, state or local jurisdictions. ©2010 All rights reserved.}