What Type of Business Insurance Do You Need

Restaurant and Bar Insurance

One of the most important insurance policies that you need for your business is business insurance. This insurance is designed to ensure that in the event of an unexpected event, your business is protected. Whether you have an office, a retail store, manufacturing equipment, or a service business, this insurance can help protect your business financially.

There are essentially four different types of business insurance that you should carry in your business:

  • General Liability
  • Property Insurance
  • Business Auto Insurance
  • Workers Compensation

Some of these policies may be offered by the company that you work for, or they can be purchased elsewhere. It is important to consult with an insurance agent who knows the type of business and understands the coverage required for your industry. So, what type of business insurance do you need?

Does your business operate motor vehicles? Business auto insurance is a must.

What Type of Business Insurance do You Need?

1. Depends on your industry

2. Depends on your business

3. Do your research independently

4. Avoid being underinsured by seeking out a local insurance broker to help you make final purchasing decisions

It is important to note that insurance agents who work for companies have a vested interest in the company! They are trying to sell you the highest dollar amount of insurance that they possibly can. If there is no profit for them, they lose their commission dollars and therefore will not be so interested in helping you make well-informed purchasing decisions. Every business deserves the proper coverage to be prepared for any obstacles ahead.

Finding a Policy for You

The best way to find affordable insurance coverage for your corporation is to shop around and ask the hard questions. You can begin by asking friends or trusted professional business resources that review a range of businesses in their industry. It is crucial you find an inexpensive, reliable, and trustworthy company that will protect you against any challenges the future may bring.

Contact Prince Insurance today for a quote.

When Farm Auto Insurance is Essential

Farms require a lot of specialty equipment. This means that you might need special coverage to protect your assets in case of damage. Farm auto insurance is the best way to protect equipment like tractors, farm trucks, and personal vehicles used on the farm. Farms are extra vulnerable to disruption because crops and animals need consistency. To get the most out of your business, get insurance that protects your assets so that you can keep showing up at work for the people and things that need you.

Understanding the Plans and Options

Similar to auto insurance, farm auto insurance offers several types of coverage options. You can get coverage for collisions and defense against uninsured motorists. You can get personal injury protection and a layer of coverage for specific farm vehicles. There’s even something called gap insurance, which can help you cover the amount you might owe on a new car if you get in an accident. From medical payments to liability coverage, farm auto insurance is the solution for protecting your wheeled assets and yourself on the farm. The right package for you will depend upon your specific risks and needs. An agent can help you evaluate your options.

Farm insurance
Protect your farm with coverage for all your assets.

Types of Vehicles That Will Need Coverage

It’s important to understand the difference between plain old auto insurance and farm auto insurance. The latter is all about protecting vehicles that primarily live and work on a farm. This could include a truck, a mower, a tractor, or even a consumer automobile that’s used around the property for farm-related tasks. Farm auto insurance also protects you from liability and outside drivers who enter your farm property with their vehicles. Speak with an agent who can help you take stock of the machinery and equipment that would qualify. Together, you can assess your needs as a working farm and select coverage to defend your most important assets.

Contact Prince Insurance to learn more or get a quote. Our friendly associates are ready to help you craft a coverage plan that makes you feel great.

Understanding Farm Umbrella Insurance

Farm insurance

A working farm is full of excitement. It takes hard work and dedication to keep a farm running, after all. But there are also situations that you just can’t prepare for. In these circumstances, your regular farm coverage may not cover you. That would be an unpleasant surprise! Farm umbrella insurance is a smart way to cover yourself in the event that a regular policy doesn’t cover something. In other words, it stacks on top of your existing policies and can fill gaps over a specific deductible. Even if you already have some types of farm insurance, you could still benefit from farm umbrella insurance.

What is Umbrella Insurance?

Umbrella insurance is broad protection that covers you for events that existing policies do not. It fills the gaps and keeps you and your assets protected. It’s worth pointing out that umbrella insurance is a great way to protect against things outside your control. For instance, it can protect you against external claims which could garnish future income. Could your farm survive this type of situation? Another major benefit of farm umbrella insurance is that it can increase your financial coverage level. If you run a growing farm, or business is booming, then this type of insurance could be perfect for you.

livestock insurance
Farm umbrella insurance can protect the life you’ve built—and the lives that rely on you.

Why Do Farms Need It?

Ultimately, farms are unpredictable. Even if you’ve been a farmer for decades, you understand that things happen, and you just have to deal with it. If you’re lucky, and your farm has been steadily growing, then you might have reached new heights in your business. This can bring additional stress and anxiety into your life. After all, you worked hard to get here. Now you need to protect what you’ve built with the right insurance policies.

Not sure? Contact the Prince Insurance team for friendly, honest advice. We respect farmers and know how hard you’ve worked to get here. Let us help you find the right level of protection for your business with farm umbrella insurance.

Protect Your Farm Structures Before Winter Strikes

Home in Leadville Colorado

ithout farmers, this country would not be what it is today. Farms play a vital role in society, providing food for communities and looking after the quality of the land. But hard work is not enough to protect your farm from the perils that can occur come wintertime. If you’re ready to protect your farm structure before winter strikes, here’s what you need to know. From hailstorms and floods, to broken equipment and losing animals, your farm needs comprehensive coverage.

Farm Insurance and Best Alternatives

There are several types of farmers’ insurance. Some policies offer coverage for your personal dwelling and your machinery. Others over protection for employees and even crop failure. But the most important thing on a farmer’s mind in the wintertime is the farm structure itself. If buildings go down in cold weather, you could lose your stock and your most important assets. It’s incredibly difficult to raise a new barn in the snow, for instance, even if you did have farm structures insurance. These are alternative options for coverage. Make sure you select a policy that protects what you need to be protected.

Farm insurance
Protect your farm with coverage for all your assets, including structures.

Coverage for Farm Structures

If you want to protect your personal farm dwelling as well as working structures on your property, then you’ll need farm structures insurance. You can cover your personal home (and everything inside it) along with the barns and buildings that house your equipment, stock, and animals. Once you’ve taken care of this essential coverage, then you can get liability coverage and employee protection, too.

Looking for an agent? The Prince Insurance team can help you review your options and select a farm structures insurance policy that meets your needs. We understand farmers and the risks you face in your business. Reach out for a quote, and we’ll get you started with a comprehensive policy that protects what is most important to you.

Farm Livestock Popular Plans

livestock insurance

Your farm shouldn’t keep you up all night in fear of losing your investments. We need farmers more than ever right now, and you deserve coverage to protect your farm. Many people remember to cover their machinery and property but forget to insure their livestock. But what would your farm be without your livestock? Animals are investments, and they contribute to the success of your business. Without your livestock, your family could suffer financial losses. That’s why many farmers choose to get farm livestock insurance.

You and your family can rest easy knowing that your livestock are covered by insurance.

Best coverage for livestock

When it comes to protecting your animals, you’ve got some great options. This type of insurance is all about protecting your investment in livestock. If they are injured or killed in an accident, you’ll be covered. This could include fire, hurricane, or other types of natural disasters. Farm livestock insurance can even cover your animals while they’re in transit. Cover yourself and your investments from all angles to ensure your farm is protected.

Avoid risks with these tips

It’s critical to avoid risk by ensuring the right assets at the right amounts. The insurance value of your livestock is usually the price you paid for them, but this amount can increase if your animal performs incredibly well or has highly valuable offspring. You wouldn’t insure a dollhouse for the same amount as a mansion, would you? Make sure you avoid risking any losses or liability related to your farm by getting farm livestock insurance. You should rest easy knowing that you’re protected from loss both on your farm and while your assets are in transit. 

To discuss the right coverage for your farm, contact us for more information. We’d be happy to customize a package that fits the size and assets of your farm. You deserve to be protected, and we’d love to help.