Crop / Farm Insurance

corn stalks at tasseling stageFarm insurance is a must for all agricultural producers, including farmers, ranchers and livestock companies as a protection against possible losses. Without it, these agricultural producers will have difficulties in the resumption of their normal operations after losses brought by natural disasters, steep declines in market prices, and even manmade events.

Differentiation of Insurance

It must be emphasized that there are two types of farm insurance:

Crop Insurance

Crop insurance refers to insurance plans for plant crops including wheat, corn and oats as well as fruits and vegetables.

Livestock Insurance

Livestock insurance refers to insurance policies for animals including cattle, pigs and poultry.

The terms and conditions for each type of insurance will differ because of the distinct risks for plants and animals. Interested individuals should discuss the provisions of the insurance contract to ensure that, indeed, these are favorable for their operations. Insurance experts can offer valuable assistance in this matter.

Two Types of Insurance for Crops

Crop-Yield Insurance

Crop-yield insurance refers to the coverage for losses due to natural events like hail (crop-hail insurance) and floods or drought (multi-peril insurance).

Crop-Revenue Insurance

Crop-revenue insurance refers to the coverage for losses due to deviations in expected income. The insurance company usually provides for a single guarantee for a fixed amount although cases vary widely.

Factors for Possible Losses

Farmers, ranchers and other agricultural producers are exposed to the risks of losses via two main factors:

Natural Disasters

These events usually lead to partial or complete loss of crops from the adverse impact of natural disasters like floods, hail and drought.

Declines in Prices

The agricultural market can suffer from steep declines in market prices of its commodities, thus, resulting in the loss of revenues for its producers.

These factors are covered by livestock and crop insurance policies although the exact coverage (i.e., types and amounts) will differ between policies and companies. The best piece of advice for agricultural producers is to secure farm insurance policies with comprehensive coverage at reasonable premiums especially when their centers of operation are in high-risk areas. Keep in mind that natural disasters and declines in prices are unpredictable so the more comprehensive the insurance coverage, the better off the company and its operations.

When looking for the best farm insurance policies, choose a company with the endorsement of whatever industry you are a member of. Not only will you be able to rely on the insurance company's knowledge and dependability, but you can also enjoy member benefits like discounts.

We are endorsed by the IL Pork Producer Association and the Illinois National Farmers Union, allowing discounts to policies for their members. Are you a Member?

Testimonials

  • "I have been a customer of Farley Insurance since 1982. When I've had a claim they have been great to work with. They go to bat for me every year for the best rates which keeps me coming back. Very appreciative of Kent and his staff."

    — Penny

  • "My family has been with Farley Insurance Agency for 28 years. We enjoy their professional service they provide for our everyday needs as well as at claim time. Our claims have always been paid in a timely manner and their staff is very knowledgeable and helpful. They are truly 'only a call away'!"

    — Terri

  • "In November of 2015, we had a major fire which destroyed everything. We reopened in April of 2016 thanks to Farley Insurance. We could not have asked for better or more pleasant people to work with. They made everything run smoothly. We would recommend them to anyone. Thank you Farley Insurance!"

    — Nick

  • "We have used Farley Insurance Agency for a few years with a variety of business and personal coverage. Tim and his office has always been prompt and professional when dealing with any inquiries or issues that arise. We have found Tim to be competitive and has saved us money on insurance costs."

    — Mike

  • "Farley Insurance Agency has been Rex Vault's insurance provider for many years now. Both Tim and Chad have been excellent to work with. Their product knowledge is outstanding and their experience is always helpful."

    — Mark

  • "Tim Farley has been our agent for several years and we have been happy with his service and find him and his staff very helpful."

    "Insurance in the construction industry is competitive and we feel very comfortable with using the Farley agency."

    — Scott

  • "Farley Insurance Agency has been provides the business insurance for the City of Newton. Their product knowledge is outstanding and their experience is always helpful."

    — Mark