At Oegema Nicholson and Associates, we value the dedication of Canadian farmers. We also understand the complexities involved in running such an operation, and the challenges that come with it. Our brokerage has the expertise to connect clients with high-quality insurance products designed to meet the unique needs of the farming sector.
Barn and outbuildings insurance is an important component of any farm insurance policy. These structures must be listed on your policy to be protected, which is why it’s crucial to acquire additional coverage to safeguard these assets. If you’re interested in obtaining coverage for your farm structures, Oegema Nicholson can help you better understand the benefits of barn and outbuildings insurance.
What is barn insurance?
Barn insurance is specifically designed to cover damages to your barn and ranch structures. Much like other types of insurance, you can choose how broad or slim you’d like coverage to be. A basic policy will usually include protection for the fundamentals of the structure, such as its roof and walls. Should the building become damaged by a covered peril, such as fire or vandalism, your insurance policy would cover the cost of repairs. Additional coverage must be purchased if you’d like to protect the actual contents inside.
How does barn insurance differ from farm house insurance?
These two coverages differ in that farm house insurance blends both home and commercial policies into one — whereas barn insurance does not. This is because many farmers live where they work, so it makes sense to combine these two important coverages into one comprehensive package. If you’re adding a new barn to your property, be sure to speak with Oegema Nicholson to determine the right coverage for your needs.
What additional coverages can be purchased under barn insurance?
A certain level of commercial insurance should be implemented to protect the farmer’s business activities. Because barns often contain valuable assets, it’s a good idea to purchase contents coverage. Below are two categories that should be addressed when setting up a barn insurance policy.
If you’re like most farmers, chances are you have a significant supply of farm-related inventory stored in your barn. This supply can include bags of soil, grain seed and animal feed. Should any of these products become lost or damaged, your contents insurance will cover replacement costs. It’s important to note, however, that farming supplies are only protected when they’re in storage. Once the goods have been opened and used, that product is no longer under insurance protection.
Tractors, milking equipment and dairy tanks are just some of the items you can protect under a barn insurance policy. Damage to equipment due to theft and vandalism are typically covered. But let’s say your tractor was damaged by falling ice. Your policy may not cover you for such risk. An adviser at Oegema Nicholson can help you understand which perils are addressed under your current insurance plan.
Is liability coverage included?
Liability protection is not usually included in a barn insurance policy. But if you’re a farmer in Ontario or Quebec, liability coverage is mandatory. Because farming involves the presence of livestock and heavy machinery, there is a high amount of risk involved. Dangerous incidents can happen, no matter how cautious you may be.
Liability protection will cover you if someone is injured on your property, whether it’s in the barn or elsewhere. Let’s say a visiting relative suffers a concussion after he’s kicked by a horse in your stable. Even if you weren’t present at the time of incident, you could be held liable as the farm’s owner. This is the case even if you didn’t actually cause the accident instead. Liability insurance will cover medical expenses, property damage and even legal fees should the injured party decide to sue.
Why trust Oegema Nicholson?
At Oegema Nicholson, we’re proud of the exceptional customer service we offer our clients. Our mission is to ensure you have barn coverage that addresses the unique needs and challenges of your farming property. You can count on our expert insurance brokers to connect you with some of the best coverages on the market — at a price you can afford. If you’re looking for an honest adviser that will protect your best interests, choose Oegema Nicholson for all your barn insurance needs.
For more information on barn insurance, call us at 613-224-1455 or contact us here.