If you’ve ever spent any amount of time on a farm or ranch you know how much work goes into running them. Ranches are a non-stop shop of animal care, feeding, watering, cleaning, facility maintenance, grooming and much more. Running a ranch is much more than just a business, it’s a lifestyle. This is especially true because most people also live on the ranches that they manage. This means that your ranch insurance policy will need to not only cover your business, but your home as well.
Basic Insurance Coverage
There are two primary types of insurance coverage that every ranch owner should possess.
- Liability Coverage: This is generalized coverage that protects you from significant liability and loss. These policies typically include coverage for property damage, bodily injury, medical expenses and legal fees.
- Dwelling Coverage: This coverage will protect your home from serious damage due to catastrophic weather-related damages, theft and vandalism.
Ranch Specific Coverage Options
There are several other policy options that you might also want to consider that are specific to owning and managing a ranch.
- Livestock Coverage: This coverage will cover expenses for catastrophic livestock deaths resulting from extreme weather, such as wildfires and tornadoes. Some policies will cover animal deaths that occur from accidents, injuries or diseases.
- Equipment Coverage: Running a ranch requires several different pieces of large machinery. These are most often tractors, riding lawn mowers, animal trailers and industrial fans. These items can be incredibly costly on their own, but if you add the cost of any lost work resulting from not having necessary equipment the costs can be much greater.
- Barn or Outbuilding Coverage: If there are facilities on your property that you use for your business you may want to consider adding extra coverage for them. A standard home owners insurance policy will not cover barns, hen houses or storage warehouses.