Reviewing General Liability Coverage After Harvest Season

As the farming season winds down, take some time to look at your existing business insurance coverage. How well does it match your needs? 

A key area of focus should be your general liability insurance. This type of coverage protects you from claims made against your company. By updating your coverage now, you may minimize some of the risks you face in the coming year. 

What should you think about with coverage? 

Why A Review Matters 

Reviewing your general liability insurance provides insight. It can provide you with key details about which steps you need to take to keep your business protected going forward. In other words, it can help you know how to better protect your customers in the future. 

Discuss Previous Claims 

Discuss with your agent what type of claims your business had this year. A look back is a good starting point. Sometimes you may recognize that one claim or the other is something you can prevent from happening in the coming year. For example, if someone walking on the property suffered an injury due to your equipment, you know to take steps to minimize this risk.  

Start your conversation with your agent about what already took place. Use this information to create action plans. What can you do to minimize these risks going forward? 

Discuss Ongoing Concerns And Risks 

Farmers today are increasingly faced with challenges. One area of key concern is third-party liability. Instances  when someone faces a loss due to the work you do, for example, can be costly.  

One example of this is herbicide applications. If you have crop insurance, recognize it generally does not cover the damage from your pesticides or herbicides hitting other people’s property. This is where general liability property insurance might become critical. 

If this is a growing concern in your area – or other risks exist – work with your agent. Be sure your policy represents these new risks. Update your general liability insurance. It should match not only the risks you have now, but also those new risks occurring. Your agent pays close attention to lawsuits and claims like this. They can help you spot increased risks within your industry. 

As a farmer, you do a job that involves hard work and good effort. Yet, even in the best operations, accidents happen. Having the right type of comprehensive general liability insurance is essential. It helps protect your business against ongoing and new risks.