Agricultural businesses must account for many risks and exposures amid daily operations. This industry is consistently ranked as one of the most dangerous in the United States, and the various perils and incidents that may occur can be particularly devastating for your crops. Fortunately, you can financially protect your harvest and business with suitable crop insurance.

How Does Crop Insurance Work?

Crop insurance is integral to many agricultural businesses’ loss control measures. These policies can provide financial protection from common risks and perils that might otherwise inflict catastrophic losses on your harvest and projected revenue. While exact details may vary, crop insurance can typically come in the following forms:

• Multiple peril crop insurance—This multifaceted coverage can financially protect policyholders from many common perils, including fires, frost, wind, disease, drought, floods and insect damage. In the wake of such incidents, your business can submit a claim against your policy, potentially leading to a payout that can minimize out-of-pocket losses.

• Crop-hail insurance—Specialized crop insurance may also be available for hail, as these localized incidents may often only affect a small portion of a farm or other agricultural business’s property. With this in mind, crop-hail insurance frequently includes a low or nonexistent deductible, allowing policyholders to access aid for even relatively marginal losses.

• Crop revenue insurance—Crop insurance can also help agricultural professionals recoup losses arising from market fluctuations or low crop yields. This can ensure businesses do not lack the means to maintain operations and survive until the next growing season.

How Much Does Crop Insurance Cover?

The capabilities and limitations of crop insurance may vary significantly depending on your coverage selections and risk tolerance. When purchasing a policy, it’s advisable to ensure your limits are sufficient to absorb potentially catastrophic losses. Without adequate coverage limits, outstanding losses would not be covered and your business may face dire financial circumstances.

How to Get Crop Insurance Near Me

As an independent agency with over 50 years of experience serving businesses and families, Franklin Insurance Agency is here to help you understand and address your crop-related coverage needs. Contact us today to get started.