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According to the latest Statistics Canada Census of Agriculture data, there are 49,431 farms in Alberta, each averaging 1,055 acres of land in 2006. In 2005, 43.6 percent of farmers worked more than 40 hours a week on their farm operations and 54.6 percent of all farm operators had an off-farm job or business. This profile of Alberta farmers suggests that farmers typically work extensive hours for their livelihood, including in off-farm activities. Much of the work that is put into a farm could be lost if the farm is not adequately insured.

An experienced commercial farm insurance broker in Edmonton can ensure that your farm has the coverage needed; recognizing that each farmer’s needs are unique and operations will vary from one location to another. The various features available for farm insurance are outlined here to help you uncover all aspects of your farm needing coverage.

Farm Insurance as a Form of Commercial Insurance

Farm insurance is a particular kind of commercial insurance. It protects a business property, which in this case is a farm, from such perils such as fire, theft, and natural disaster. Basic farm insurance in Edmonton provides property, contents and liability insurance for a working farm used in a business much like the way home property insurance protects a consumer.

Basic Farm Operation Insurance

A basic farm operation policy includes what is normally assumed to be part of a farming operation. It includes coverage for the dwelling on the farm property, its contents, personal and farm liability as well as typical farming activities such as the cultivation of soil, crop production, raising of livestock and the selling of farm products produced on the farm. Special schedules are typically added to insure barns and other infrastructure on the farm. It is also typically important to obtain general liability coverage for injuries, theft and damage done by way of natural disasters such as tornados, storms, snow and ice, and also potential damage caused by fire, lightning and explosion.

Customizing Your Farm Insurance Policy

Customized packages can provide farmers with peace of mind. A custom policy can provide coverage options for loss of use of farm machinery and replacement cost coverage, power interruption, sewer backup coverage, the loss of business income (such as where their business is interrupted due to unforeseen causes or there are unanticipated extra expenses).

Some farms may need extra liability protection if they have commercial activities on the farm, such as hay rides, tractor rides, petting zoos, fruit picking, cow milking, and others which can give rise to potential injury and open the farm up to the possibility of claims against them. These activities, even if they are just seasonal occurrences, ought to be covered in the policy to ensure that there is adequate coverage in the event that a dissatisfied customer or visitor decides to pursue a claim.

Insurance protection is also needed for liability for accidents which happen on the premises and to protect against employer liability. Other farm business considerations might be for damage done by the escape of fuel oil, accidental glass breakage and/or building collapse.

Another specialized type of available farm insurance is protection against livestock mortality. Accidents, illness or disease could otherwise wipe out a farmer’s entire business.

Specialized insurance is also available for custom farming, which is where the custom operator agrees to perform the machine operations on an owner’s land in exchange for a set fee or rate. An advantage to the custom operator is that little or no additional operating capital is needed to farm more acres without having to lease more land.

Along with the above considerations, there may be events which arise that are of a personal nature, but still can have debilitating effects on the farming operations. Some of these include unexpected illness and admittance to a short-term or long term health facility or death of a family member that would normally go about the daily life of the farm. Funeral costs can be incredibly expensive and put farm owners in a very difficult position financially. It is wise in farms where there are only a few key members of the family that operate the farm to seek out insurance that goes beyond life insurance packages and includes funeral benefits and assistance for the business of the farm.

Contact Our Commercial Insurance Brokers in Edmonton

Thinking about all the things that can go wrong may be daunting, but various insurance companies offer varied packages that work for any size farm or business operated out of the farming industry. Seeking out the services of an independent broker is the best way to find the right fit for your needs.

The insurance brokers at MBS Insurance are able to determine what you need and to ensure that you are not paying premiums for what you don’t need. Our insurance brokers in Edmonton can seek out the best packages from insurance companies without any unnecessary bias or allegiance to any particular company. To learn more about farm insurance or other commercial insurance products, contact us at MBS Insurance in Edmonton. Our team is committed to providing exceptional service and great value to our clients. We are also members of the Insurance Brokers Association of Alberta. Contact us today at 780-436-7880.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.