Insurance brokers in Calgary offer a comprehensive range of vital protections to Alberta’s farmers. If you own or operate a farm, you have a lot at stake. Not only do you have to look after your property and your buildings, but also your farm equipment and machinery, your livestock, and yourself. To meet the unique needs of Alberta’s farmers, insurance brokers in Calgary can connect you with industry-specific coverage that delivers genuine peace of mind.
Insurance Brokers Calgary: Coverage for Farm Buildings
Farm buildings are defined differently depending on their use by insurance companies, and the types of insured perils differ between the two.
Examples of farm buildings include:
- Barns
- Stables
- Silos
- Greenhouses
- Haylofts
- Chicken coops
- Mills
For insurance purposes, the building’s physical structure and its heating and ventilation systems are covered by basic protections. Any specialized equipment contained within those buildings must generally be protected separately.
An insurance policy will typically protect a farm building from:
- Fire
- Smoke
- Lightning
- Falling objects
- Wind damage
- Hail damage
- Vehicle impact
- Vandalism or intentional acts of property destruction by third parties
- Theft (within certain limits)
- Personal property (within certain limits)
- Building collapse (within certain limits)
Insurance Brokers Calgary: Machinery and Equipment
Specialized machinery and equipment used in day-to-day farming activities will not be protected by your farm building insurance, even if that equipment is stored or permanently housed inside an insured building. Such items must be covered separately, and you should always be sure to protect any and every last piece of equipment you need for your work.
Examples of farm machinery and equipment that need to be separately insured include:
- Tractors
- Combines
- Milking equipment
- Loaders and unloaders
- Storage equipment
- Harvesting equipment
Insurance brokers in Calgary recommend that you add “loss of use” protection to your machinery and equipment coverage. This type of coverage ensures that you will be able to continue working without interruption in the event that you need to file a claim to replace a damaged or stolen piece of machinery or equipment.
Insurance Brokers Calgary: Livestock Coverage
If you maintain livestock, it will also have to be protected separately. Basic coverage will compensate you for losses and damages resulting from perils like fire or explosions, but you can upgrade your coverage to include other perils like stranding, attacks by wild animals, and disease outbreaks. Be sure to maintain an accurate inventory of your livestock, and upgrade or downgrade your livestock coverage on an as-needed basis if your inventory increases or decreases.
Insurance Brokers Calgary: Loss of Earnings Protection
Finally, you need to protect yourself and your workers from potential earnings losses resulting from personal injuries or damage to vital inventories or equipment. Imagine what could happen if you suffer an injury that leaves you unable to complete your day-to-day tasks, or if an unforeseen calamity wiped out some or all of your livestock. You don’t want to risk being left to cover the shortfall out of pocket, as these types of losses can easily total into the tens of thousands of dollars.
Deductibles, General Exclusions, and Limitations
As with all other forms of coverage, insurance brokers in Calgary can offer you a range of deductibles for each type of protection you purchase. Generally speaking, deductibles range from $0 to $5,000, and the deductible you choose will affect the total cost of your coverage. No-deductible protection is more expensive but provides more thorough protection, while coverage with deductibles costs less up front but could leave you to foot a portion of the bill if you need to make a claim.
Also, be aware that general exclusions and limitations in standard insurance generally do not account for events such as:
- Floods
- Earthquakes
- Building collapses caused by snow and/or ice buildups
In light of the recent floods in southern Alberta, and considering the severity of our winters, it is recommended that you add clauses, which cover these exclusions and limitations.
Lane’s Insurance Protects You
Lane’s Insurance is a leading Alberta-based insurance brokerage, providing all the vital farm insurance coverage you need to protect your business and your livelihood. In addition to comprehensive informational resources, Lane’s offers excellent rates, value-added service and fast, free, no-obligation insurance quotes. If you’d like to learn more about how Lane’s Insurance can protect your farming assets, please don’t hesitate to contact us.
