Farmers evaluating a farm

National Ag Day is a day to recognize the countless contributions of agriculture to the world. It’s also a great time to perform a farm risk management checkup, so your contributions may continue well into the future.

Start with a general farm assessment

Just like getting an annual physical is critical in boosting overall health, performing an annual general farm assessment from a risk management standpoint helps ensure you’re accounting for all components on your farm. It’s important to verify not only that everything is in good working order for the busy growing season ahead, but also make sure you’ve got the right insurance in place and are adequately accounting for everything of considerable monetary value on your farm.

With those goals in mind, make sure you assess the following:

  • Buildings and structures: Farm homes, shop buildings, livestock barns and grain, feed and crop input storage facilities like bins and silos
  • Machinery and equipment: Powered units like trucks, ATVs, tractors, combines and small and large implements
  • Computers and technology: Desktop and laptop computers, tablets, smartphones, sensors and other precision agriculture technology used in the daily operation of your farm
  • Tools: Hand and power tools used regularly on the farm
  • Other structures: Fencing, irrigation systems, livestock feeding/watering structures and infrastructure
  • Livestock: Working or production animals on your farm that contribute to revenue
  • Personal, home and recreational property: Anything in or around your home that doesn’t contribute to farm revenue, but has value, like personal vehicles, recreational vehicles and high-value personal property like jewelry.

Connect what’s on your farm to specific risk exposures

Once you’ve taken stock of everything – most notably any changes you’ve made to your farm in the last year – think about the specific risk exposures for those things. For example, a new fertilizer storage structure could leak anhydrous ammonia and cause pollution-type damage to the surroundings, so it may be a call for pollution liability coverage.

Consider the following coverage types to limit general liability exposure and connect with your agent to make sure you’re properly covered for all of your day-to-day farm operations.

  • Failure to supply
  • Employee benefit
  • Contractual liability
  • Seed liability
  • Non-owned autos and tractors
  • Agricultural consultant

Other types of exposures to consider relating to your farm property include business income, crime and auto.

As you celebrate National Ag Day, please take some time to make sure you’re staying ahead of potential risk exposures on your farm. That way, we can celebrate this day for years to come. As the #1 farm insurer in the U.S.1 and a trusted advisor for thousands of U.S. farmers and ranchers, Nationwide is committed to helping you make that happen.

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[1] A.M. Best Market Share Report 2019.