Insurance Options for Farm Livestock

If you have livestock on your farm or ranch, then you know that things beyond your control can happen to affect the health and life of your livestock. Things such as floods, lightning, fire, sinkholes and someone stealing, poisoning, killing or hurting your livestock could all have a big impact on your bottom line. These animals are commercial property that is worth protecting. a brown cow standing on top of a lush green field

a brown cow standing on top of a lush green field

Just as you have farm insurance to cover your house, equipment and crops, you also need to have insurance for your livestock. There are three primary livestock insurance options, and it's best to talk with an independent insurance agent before you decide which policy is best for you.

Within these three options, you will also need to know what the insurance covers. Talk with your agent about comprehensive coverage that can include benefits for livestock accidents, sickness, theft and other common hazards. You can also get coverage that can include natural disasters, animal attacks and heating system breakdowns.

Option 1: Individual Coverage

If you have animals that are considered high value, such as a stud bull or thoroughbred horse, then you might want this coverage option.

Just as the title suggests, you would list each animal separately and have coverage for each. This is similar to having coverage for several cars that your family owns. You can choose the benefits that are best for that animal in particular, just as you might choose a health insurance policy that will benefit one of your children, individually.

Option 2: Blanket Coverage

Blanket coverage is just what the name suggests. This coverage can be used to insure your livestock, equipment, structures etc. The key is to be sure that you have adequate coverage for everything. This is similar to home insurance that covers the house and the contents within your house, which in this case would be your livestock.

Option 3: Herd Coverage

Herd coverage is actually the easiest coverage for you to obtain, since it provides coverage for a herd of 200, or 600 or whatever number you and your insurer decide is best. It’s drawback is that it doesn’t allow a lot of tailoring, to enable you to more specifically target individual animals.

Is your livestock adequately protected? If you aren't sure, look at these three options and make an appointment to talk with an independent insurance agent today. Our job is to make farm and ranch insurance as optimized for your livestock as possible. We understand that every operation needs the perfect degree of specialized coverage, and we know how to appropriately apply our available coverage options to your unique liabilities.

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