Periodically check your coverage limits for farm liability insurance, urges Whitney Wiegel, an ag business specialist with University of Missouri Extension.

“While many farmers’ asset values have increased, fewer farmers have taken the time to review their liability coverages to ensure that they are adequately protected,” he says. The insurance protects farm owners from claims made after unintentional injuries or damages to property have occurred.


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Many commercial farms have umbrella insurance policies that provide liability coverage up to certain thresholds. But farmers should review those thresholds, Wiegel says. “While a $500,000 or $1 million policy may have been adequate for many farms 10 years ago, changes in farm profitability and asset values have altered many farmers’ insurance needs.”

He advises farmers to regularly examine balance sheets and coverage limits. At the same time, they should ask themselves how those coverage limits compare to the total value of their farms and if the policies would protect them from exorbitant losses if accidents were to occur. If unsure of the answer to either question, it’s probably time to contact an insurance agent, Wiegel says.

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