Farm Insurance
Operating a farm equipment and implement dealership comes with its own set of unique and complex risks, and having the right insurance coverages is crucial to protect your business. You need an agent with experience & expertise to make sure you have the right coverage to protect what’s important to you. Here are some important insurance coverages for a farm equipment and implement dealer:
Commercial Property Insurance
- Protects your dealership premises, office, inventory, and equipment from perils such as fire, theft, vandalism, and natural disasters.
General Liability Insurance
- Covers third-party bodily injury and property damage claims that may occur on your premises or as a result of your business operations.
Product Liability Insurance
- Provides coverage in case a piece of farm equipment or implement you sold causes injury or damage. Given the nature of the equipment, this coverage is crucial.
Commercial Auto Insurance
- Covers bodily injury and property damage liability as well as physical damage to vehicles used for business purposes, such as delivery trucks or service vehicles.
Workers’ Compensation Insurance
- Mandatory in many places, workers’ comp provides coverage for medical expenses and lost wages for employees who are injured or become ill while on the job.
Business Interruption Insurance
- Helps cover the loss of income and operating expenses if your business is forced to temporarily close due to a covered peril (e.g., fire, natural disaster).
Equipment Breakdown Insurance
- Covers the repair or replacement of malfunctioning equipment, including farm machinery, due to mechanical breakdowns.
Cyber Liability Insurance
- Protects against financial losses associated with a data breach or cyberattack, which is essential given the increasing reliance on digital systems in business operations.
Employment Practices Liability Insurance (EPLI)
- Protects against claims related to employment issues, such as wrongful termination, discrimination, or harassment.
Commercial Umbrella Insurance
- Provides additional liability coverage beyond the limits of your primary liability policies, which can be crucial in the case of a large lawsuit.
Inland Marine Insurance
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- Covers the vehicles / equipment that are held for sale or being serviced on your premises and in transit.
- Covers damage to customers product while it’s in your care, custody & control.
- Tools: Covers your owned tools and employees’ tools when away from your premises.
Pollution Liability Insurance
- Farms and dealerships may handle materials that could lead to environmental contamination. Pollution liability insurance helps cover the costs associated with pollution cleanup and related liabilities.
It’s essential to work closely with an experienced insurance professional who understands the specific risks associated with farm equipment and implement dealerships. Regularly review and update your insurance coverage to ensure it aligns with the evolving needs of your business.
Contact Us
Contact the insurance experts at ISE Insurance today to see how we can protect what’s important to you.