Not all farmers run large commercial farms that consist of hundreds or thousands of acres. There are many small farmers who operate hobby farms; if you own a hobby farm, you may sell your crops and other products from your farm to the public, but it may not be your main source of income. However, just because you don't have a commercial farm, it doesn't mean that owning a hobby farm doesn't come with expenses. Thus, if you operate a hobby farm on your property, it is in your best interest to purchase farm insurance. There are many reasons to purchase farm insurance for a hobby farm, such as:
Protect Yourself from Liability
As a hobby farm owner, the last thing that you want is to leave yourself open to liability. A liability lawsuit could cost you a substantial amount of money if you are not protected by having farm insurance. For example, if you sell products produced on your farm and someone falls ill after consuming them, you could be found liable. Likewise, if anyone is injured while on your farm property, you could be found financially responsible for damages. Purchasing a farm insurance policy that provides liability protection is one of the best ways to protect yourself financially.
Get Further Protection in Case You Can't Count on Your Homeowners Insurance
Your home may be on the same land as your hobby farm, but that does not mean that your homeowners insurance will provide any type of coverage for you crops, livestock, buildings, or farming equipment. The vast majority of homeowners insurance policies specifically exclude coverage for any farming activity that may occur on your property. Thus, it is essential to purchase a separate farm insurance policy to ensure that your farm and all of your equipment is properly protected in the event of damage or loss.
No Need to Worry About Loss of Income
Many people who own hobby farms supplement their income by selling products from their farm. This can include selling produce or eggs at a farmers market or butchering their animals seasonally to sell to customers. Thus, if anything were to go wrong on the farm, the loss of income could be hard to deal with financially. Luckily, most farm insurance policies include a clause that will cover loss of income; for example, if a severe storm damages all of the crops that you usually sell at local farmers markets before they are harvested, you can file a loss of income claim with you farm insurance company.
For more information, contact local professionals or visit sites like http://www.wrg-ins.com/.
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