WEDNESDAY, JULY 27, 2022
Agricultural operations need insurance as much as any other business, but of course those benefits must be tailored to the specific needs of farmers and other producers. Those within the livestock industry need even more specific benefits, given the unique risks and liabilities associated with handling animals.
Livestock has significant value, and it is a hard asset to replace if something happens to it. However, farmers are wise to invest in livestock insurance, which will specifically protect animals in their care. 
Understanding Livestock’s Insurance Needs
When you raise livestock, you have an incentive to keep that livestock alive, either for eventual slaughter or for use on the farm. Livestock insurance may extend to the following animals:
- Buffalo
- Cattle
- Bison
- Horses
- Goats
- Sheep
- Alpacas
- Llamas
- Deer
- Elk
- Ostriches
- Emus
- Pigs
- Chickens
Though some of these are common livestock, others are more exotic. Regardless of your need or intended use for your livestock, however, benefits known as livestock & cattle insurance will generally assist you.
What Does Livestock Insurance Cover?
In case of an unexpected but unfortunate accident on your farm, your livestock insurance can come to your aid. Livestock can be very expensive, so anything that harms them can financially harm you.
This insurance may cover loss or death of your livestock due to:
- Weather such as lightning, hail, flooding, wind, etc.
- Accidents such as fire, smoke, explosions and more
- Natural disasters
- Theft and vandalism
- Collision in transit
There is also often a liability insurance component, which may protect you against claims of third-party injury or property damage caused by your livestock. For example, if your horse kicks a neighbor who is visiting you, then this coverage may help cover their medical expenses. It can also assist you if that party sues you.
What Does Livestock Insurance Not Cover?
Though livestock insurance is expansive, it is not all-encompassing. For example, certain exotic animals will not be covered. Additionally, death of livestock due to old age or disease may not be covered. You may also have to add additional insurance to cover animals who are accidentally shot, attacked by wild animals or drown.
What Does Livestock Insurance Cost?
The cost of livestock insurance varies widely depending on many factors, including:
- Location and size of the farm
- Type of coverage you carry
- Coverage limits
There are three general livestock insurance benefits available on the market:
- Individual coverage insures animals individually. Usually, these are expensive animals that you want specifically listed on the policy. This is generally more expensive than other policies.
- Blanket coverage bundles coverage for your livestock with coverage for your other property, such as structures and equipment.
- Herd coverage is arguably the most common type of livestock insurance and allows you to cover animals separated by species.
Be sure to speak with your insurance agent about your livestock insurance needs. They will guide you through the process of optimizing your benefits.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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