As with other industries, the pandemic presents health and safety implications for agriculture.
New on-farm ventures like marketing meat directly to consumers or creating an agritourism attraction can create new revenue streams, but they can also open up new risk exposure.
An important part of a farm or ranch policy is the protection it offers for damage to farm or ranch buildings and structures. These buildings must be listed on a policy to be covered.
Unlike estate plans, which concentrate on tax liabilities and the various ways to lessen the tax burden, succession plans focus on the future of the farm. They’re an integral part of an estate farm plan.
Nationwide has compiled a list of the Top 10 things farm and ranch operators should consider when talking about expanding their business. The bottom line: It’s important to do your homework and contact your insurance agent.