Sheep and goat farming can be a rewarding business, but it also comes with its own set of risks. From injuries to livestock, natural disasters, and liability claims, there are many potential pitfalls that can impact your farm’s bottom line. That’s where sheep and goat farm insurance comes in.
Who Needs Sheep and Goat Farm Insurance?
Sheep and goat farm insurance is designed for anyone who raises sheep or goats for profit. This includes small-scale hobby farmers as well as large commercial operations. Regardless of the size of your farm, there are certain risks that you face as a sheep or goat farmer. For example, your animals could become ill or injured, your property could be damaged by natural disasters or other events, or you could be sued by someone who is injured on your property.
For these reasons, it’s important for all sheep and goat farmers to consider purchasing insurance. Not only can it provide financial protection in the event of a loss, but it can also give you peace of mind knowing that you’re covered if something goes wrong.
Types of Sheep and Goat Farm Insurance
There are several types of sheep and goat farm insurance policies available, each with its own set of coverage options. Some of the most common types of policies include:
Property insurance is designed to protect your farm property, such as your barns, sheds, and other structures, as well as your equipment and supplies. This type of insurance can cover damage caused by natural disasters, fire, theft, and other events.
Livestock insurance protects your sheep and goats in the event of illness, injury, or death. This policy can cover the cost of veterinary care, as well as the value of the animal if it needs to be euthanized.
Liability insurance offers protection in the event that you’re sued by someone who is injured on your farm. This type of insurance can cover legal fees, medical expenses, and other costs associated with a lawsuit.
Business Interruption Insurance
Business interruption insurance is your financial protection in case your farm is unable to operate due to a covered loss. This type of insurance can cover lost income, as well as expenses associated with relocating or rebuilding your farm.
How Much Does Sheep and Goat Farm Insurance Cost?
The cost of sheep and goat farm insurance can vary depending on several factors, including the size of your farm, the types of coverage you need, and your location.
Generally speaking, you can expect to pay anywhere from a few hundred to several thousand dollars per year for coverage.
Sheep and Goat Farm Insurance Requirements
While sheep and goat farm insurance isn’t required by law, some lenders may require it if you’re taking out a loan to purchase or expand your farm. Additionally, if you sell your products to the public, you may be required to carry liability insurance in order to protect yourself from legal claims.
Even if you’re not required to carry insurance, it’s still a good idea to do so. Without insurance, you could be left with significant financial losses if something goes wrong on your farm.
Commercial Insurance And Business Industry Classification
- SIC CODE: 0214 Sheep and Goats
- NAICS CODE: 112410 Sheep Farming, 112420 Goat Farming
- Suggested ISO Farm and Commercial General Liability Code(s): 01518, 01519, 01618, 01619, 01718, 01719, 01818, 01819
- Suggested Workers Compensation Code(s): 0083 Farm – Cattle or Livestock Raising NOC & Drivers
Sheep and Goat Farm Insurance – Bottom Line
Sheep and goat farming can be a rewarding business, but it’s not without its risks. By investing in sheep and goat farm insurance, you can protect your farm from a wide range of potential losses, including property damage, livestock illness or injury, and legal claims.
To find the right coverage for your farm, work with an experienced farm insurance agent who can help you assess your risks and determine the types of coverage you need. Contact us and get insurance quotes today.