6 Essential Farm and Ranch Insurance Terms You Should Know April 4, 2023 Farm and ranch insurance is crucial for your agricultural operations. It protects not just your business, but also its many assets–from the buildings and tools to the animals and crops it depends on. To help you better understand farm and ranch insurance, let’s take a closer look at some of the jargon associated with it. Farm Implement Farm Implement includes equipment such as harvesters, planters, tractors and trailers. These machines provide a great deal of assistance to farmers in completing tasks like harvesting crops, planting seeds and transporting goods. They can be expensive items, so insuring them is the best way to protect your investment. Dwelling vs. Structure You might notice there’s a difference between the coverage for a dwelling versus a structure. This is because a dwelling is a place where someone lives, like a house or mobile home. A farm structure is a building that isn’t used for residence, like barns, corrals and silos. These structures typically have different coverage than dwellings. There’s also “other structures,” which are non farm-use structures on the same lot as your dwelling, like a detached garage. New Farm Under Construction This refers to a special policy that covers a farmer or rancher’s primary residence and other structures. These kinds of investments can be costly, so it’s important that they have adequate protection from any potential loss due to damage or destruction by things like fire, theft or weather events. Animal Mortality This is a term used for the coverage option that provides compensation if any of your show animals die unexpectedly while under your care. This type of policy will pay out a certain amount based on the value of the animal as determined by appraisers. It’s important to understand what kind of animals your policy covers—and possibly excludes—so you can make sure you’re getting proper protection for all your livestock investments. Animal Collision No, this doesn’t mean your animals are colliding with each other. Animal Collision is a common component of farm and ranch insurance policies which pays out if one of your animals is killed after being struck by a vehicle on the road. This ensures that you don’t have to bear full financial responsibility for any unfortunate incidents involving your livestock and vehicles. However, this does not apply if your livestock are struck by you or a vehicle you own. Comprehensive Coverage Comprehensive Coverage isn’t just a term used to describe your current policy. It’s actually a coverage option that provides additional protection for things like hail damage, theft, fire or vandalism that are not related to collisions with other vehicles on the road. Additionally, this helps cover costs associated with repairing damages caused by external forces outside those covered by traditional farm auto policies. Understanding these terms helps ensure you understand your policy, your benefits and when you need to file a claim. We’re Here to Help Whether you’re a long-time policyholder or just starting to look for insurance options, we have team members who can help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs. Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
What You Should Know Before Buying Farm Property and Liability Insurance March 2, 2023 Want to make sure you have the perfect policy to protect your farm or ranch? No matter what type of farming or ranching operation you manage, it’s important to have coverage that meets your individual needs. Here are some must-know factors to consider when picking property and liability coverage for your farm or ranch! Personal Property Protect your property with the right coverage. OKFB’s Farm Personal Property coverage options are here to make sure your farm and ranch basics – like livestock, hay, grain and equipment – are covered in case of damage. However, farm machinery and equipment are only protected by incidents listed in your policy, so make sure to review your policy carefully and know what’s covered and what’s not. Personal property typically doesn’t cover general wear and tear, so it’s important to ensure your equipment is up-to-date and regularly maintained. Additionally, those with complex machinery – think high-tech harvesters or tractors – consider adding extra protection for peace of mind! Does Farm Personal Property Cover My Home? Personal property insurance isn’t the same as home insurance. If you’re looking for a home insurance policy, finding the right coverage can be much easier than you think! Talk to your local OKFB agent about finding the right home insurance policy to meet your needs. Liability Insurance Think your small business doesn’t need liability insurance? Generally, every employee in Oklahoma is covered by the workers’ compensation laws of the state. Oklahoma statutes require employers to purchase workers’ compensation insurance for all employees, full-time or part-time, though there are a few exceptions. How Much Liability Coverage Do I Need? As a responsible farm or ranch owner, you’ll want to make sure all of your bases are covered. Farm and ranch liability insurance is the key! We offer many different types of policies to fit your needs. A liability insurance policy can keep you covered in case you become legally liable for property damage or bodily injury. For example, Farm Employee Liability coverage can provide compensation to employees you are legally obligated to cover. With additional coverage options like Medical Payments to Others, Farm Employees Medical Payments and more, there are plenty of ways you can protect yourself, your employees and your livestock. With the right policy, you can trust that your farm or ranch is safe if disaster strikes. From farm property to liability insurance, it’s important to understand the different policies available and choose one that fits your needs. With a comprehensive understanding of what type of coverage will work best for your business, you can rest assured knowing that your farm or ranch has the protection it deserves. We’re Here to Help Whether you’re a long-time policyholder or just starting to look for insurance options, we have team members who can help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs. Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
Celebrating National Farmer’s Day October 3, 2022 Did you know that October 12 is National Farmer’s Day? Every year, National Farmer’s Day reminds us to stop and honor the hardworking farmers who keep this country running. Here in Oklahoma, agriculture is not just part of our past: farmers and their families play a huge role in our daily lives, from producing the food we eat to keeping Oklahomans employed. These are just a few of the reasons why we’re thanking Oklahoma farmers on National Farmer’s Day! Farmers Build Community First, farmers and ranchers are a core part of our communities in Oklahoma. According to the United States Department of Agriculture, more than 97% of farms are family-owned or family-operated. Our agents have gotten to know a lot of Oklahoma’s farmers over the years, from helping set up new policies to being there when life throws you unexpected challenges, for example. We’re your neighbors, so whether it’s a 3 a.m. phone call after severe weather strikes or keeping the cattle ranch afloat after a family illness, our agents are by farmers’ side through it all. Farmers Help Our Economy Oklahoma has a rich history of farmers and ranchers that continues on today! Did you know 78% of Oklahoma’s land is used for farming and ranching? It goes to show just how much agriculture is the backbone of Oklahoma’s economy! These businesses not only account for tens of millions of dollars in agricultural production, but also represent more than 400 agritourism venues and over 321,000 jobs for Oklahomans. The tireless work of farmers and ranchers does not go unnoticed. Our agents are always here to help you protect the investments you’ve made in your business, with policies specifically tailored to cover farmers’ and ranchers’ commercial ventures and assets. We’re Here for Farmers Happy National Farmer’s Day! At OKFB Insurance, our agents understand farmers’ and ranchers’ needs. We know the land, the job and the equipment, and will work with you to protect your hard work. Additionally, if you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your farm and ranch, home, auto, commercial and life insurance needs. Also, don’t forget to follow us on social media! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
5 Takeaways from a Farm & Ranch Agent September 8, 2021 Hey, y’all! I’m Annelise Carpenter, an OKFB Insurance agent in Comanche County. My journey to OKFB started when I traveled from my hometown in Decatur, Texas to the great plains of Oklahoma for volleyball. As a student-athlete visiting Oklahoma, I was fascinated with the landscape and all things agriculture. It’s what led me to get my degree in Agriculture Business and make my home in beautiful Southwest Oklahoma. Now, I have the pleasure of farming and ranching barley and wheat, as well as running commercial cow/calf, stockers, and purebred registered Beefmasters. I take immense pride in working with other local farmers and ranchers to make sure they’re covered and protected. I have learned a lot from my experience as a farmer and as an insurance agent. Here are five of my main takeaways on Farm & Ranch Insurance now that I’ve been in the business for more than six years! 1. Work With a Local Insurance Agent You are the expert! I know that a large number of the customers I work with are generational farmers and they’ve been doing this for a while. Also, farming and ranching is different in every part of the country, and even in the great state of Oklahoma. As a result, non-local insurance companies could have a hard time understanding your specific needs, and may not understand the landscape quite as well. That’s why working with a local agent can be very beneficial. 2. Be Sure to Get Enough Insurance One thing I’ve noticed is that many farmers and ranchers are underinsured and don’t have everything covered. It’s important to get insurance for your working vehicles, like ATVs, tractors, trucks, etc. If a tornado rolls through and destroys your crops, livestock or machinery, you want to make sure you can recoup your losses and be ready to go for the next farming or ranching season. 3. Meet With Your Agent Often As an agent myself, thankfully I don’t have to worry about this. But it’s important to take time to meet with your agent to talk through your policy, discuss any updates needed to your farm or ranch, and any future plans you might have. For instance, if you’re expanding, buying land, or adding vehicles, you’ll want to make sure those get added to your policy. 4. Create a Farm Inventory and Share it With Your Agent Similar to a home inventory, a farm inventory is a detailed list of everything you own on your farm, including tools, equipment, vehicles, machinery, and livestock. Use this list to cross-check that everything is covered in your policy. The list should include a description of each item, serial number, date of purchase, and estimated value. I’ve personally done this and can tell you it will take some time. However, it is so good to have on hand and has helped me and my policyholders multiple times. 5. Prepare for Emergencies Although we hate to see it, emergencies on a farm can happen. It’s important for you to prepare an emergency response plan and to share it with any ranch hands, employees and family members. Your farm is your livelihood, but ultimately it’s important for you to find safety in the event of an emergency. Don’t worry, OKFB Insurance can help cover your assets. All in all, these are just a handful of key takeaways from my past six years of experience with insuring farms and ranches, just like yours. At OKFB, we dedicate ourselves to ensuring the protection of you and your livelihood. Reach out to me or another local agent if you have any questions or need to review your Farm and Ranch Insurance policy. Thanks for reading! -Annelise
