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Insurance for farmers market

Insurance for farmers market

If your farm has been in business for more than five years and sells at least $10,000 worth of products each year, then it may qualify as a small agricultural operation. This means that the insurance company can offer better rates on their policies because they know that you have less risk associated with insuring your property. The downside is that SBOs do not get any discounts when buying commercial general liability or workers compensation insurance.

If your farm does not meet these requirements, there are still ways to save money by purchasing coverage through an agent instead of directly from the insurer. For example, if you want crop hail insurance but don’t need flood insurance, you could purchase both types of insurance together through one agency rather than paying two separate premiums. You would also be able to take advantage of other services offered by agents such as tax preparation, bookkeeping, etc., which will help reduce costs further. Insuranks will help you further:

https://www.insuranks.com/farmers-market-insurance

COMMON SITUATIONS THAT GENERAL LIABILITY INSURANCE WOULD COVER FOR A FARMERS MARKET

1) Losses due to natural disasters.

If your farm was damaged during a storm, tornado, earthquake, wildfire, or similar event. Your policy should cover losses caused by those events. However, most farms only carry enough insurance to protect against catastrophic loss. Therefore, if your farm suffered damage from something like a fire or theft, you might find yourself having to pay out-of-pocket expenses before receiving reimbursement under your policy.

2) Damage to crops.

Your policy covers physical damages to your own land, but what about things like windstorms? Or hail storms that destroy your cornfield? These kinds of incidents usually fall into the category of “acts of God” and aren’t covered by standard homeowner’s insurance. But if you’re farming, the chances are good that you’ll end up dealing with some weather-related incident every season.

3) Product recalls.

In addition to covering physical damage to your land, your policy should include provisions for product recalls. If your customers discover that a certain product isn’t safe to eat, you’d probably prefer to avoid losing sales over a recall issue.

4) Personal injury claims.

While personal injuries resulting from accidents involving vehicles, machinery, animals, or people are generally excluded. From homeowners’ policies, many states require all businesses to carry worker’s comp insurance.

 

Farmers Market Insurance as a Risk Management Tool

The ideal way to manage risks is to prevent them altogether. That’s why we recommend that farmers consider adding a Farmers Market Coverage endorsement to their current General Liability Policy. It protects vendors who sell food items at farmer markets, community-supported agriculture programs, roadside stands, and other locations where consumers gather to buy fresh fruits and vegetables.

This type of coverage helps ensure that your vendor clients receive adequate financial assistance after a disaster strikes. In fact, it can even provide additional compensation in cases when they suffer more severe property damage than expected.

For instance, suppose a customer buys $100 worth of strawberries from a vendor at a local farmers market. The vendor sells his berries on consignment, meaning he doesn’t have ownership rights to the fruit until someone actually purchases it. However after a major hailstorm hits the area, the vendor discovers that several of his strawberry plants were destroyed. He may be able to recover the cost of replacing these lost plants through this new endorsement.

But don’t just take our word for it! Here is a quote from actual farmers:

“I had no idea how much my business could benefit from an endorsement such as this one. I now know exactly how valuable it would be to my family and me.” – John P., California Farmer

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