What You Should Know About Tractor and Farm Equipment Insurance

Tailor Your Farm Equipment Insurance Coverage to Your Particular Operation

When people drive, cycle, or jog by a farm, one of their first internalizations might be to identify the specific type of operation; this is typically influenced by what they see in the fields and/or in the barnyard: hens, cattle, pigs, sheep, wheat, corn, and so forth. Any secondary thoughts might then focus on the amount of time and effort, and dedication, required to maintain that tract of land; but for a significant majority of people, that could be the extent of their musings on the subject.

For the farmer and their family however, there are considerably more aspects to running their business than just the first impressions of a passersby. In addition to similar types of home and property matters that apply to non-agricultural landowners, farmers must also concern themselves with such circumstances as the profits generated by their efforts in proportion to their financial investment in the farming operation.

And one of their most substantial investments, perhaps that which is least evident to any casual observer, is the equipment that they need and use on a consistent if not everyday basis; this machinery can include but is not limited to:

• Balers
• Loaders
• Tractors
• Sprayers
• Combines
• Skid Steers

The importance of having such equipment available, in proper working condition, cannot be overstated, as it can often go hand-in-hand with the successful operation of the farm.  Therefore, farmers need to have suitable farm equipment insurance coverage to protect themselves, and their livelihood, against damage or loss from external causes such as:

• Fire
• Wind
• Theft
• Vandalism
• Fuel Explosions
• Storms/Lightning
• Contact with Foreign Objects
• Road Hazards (licensed equipment)

However, just like home and auto insurance, farm insurance should be customized to the needs of the respective operation. There is a high probability that few farms in Durham Region or anywhere across Canada for that matter will be identical in every aspect; their size, the nature of their business, and even their farm equipment requirements can vary considerably, and as such, one insurance policy common to all is simply impractical, not to mention highly inadequate.

To help wade through all the possible permutations and combinations pertaining to their explicit tractor and farm equipment insurance needs, farmers can rely on the knowledge and expertise of Petley-Hare Limited, one of the leading insurance brokerage companies within Durham Region that has been supporting the various farm insurance needs of the agricultural sector in Southern Ontario for almost a century.

Let Our Experts Streamline Your Search for the Best Farm Equipment Insurance

When considering their tractor and other farm equipment insurance, farmers in Durham Region and Southern Ontario may want to obtain and compare quotes/prices that take different factors into account in order to find the best coverage and rates for their needs.

For example, these quotes might contrast:

• All-inclusive coverage to a specified dollar amount, vs
• Listing each piece of equipment with a respective value

as well as provide information and pricing on varying levels of coverage with respect to:

• Loss of Use coverage – as a result of any insured accidents
• Tool replacements costs at current prices vs depreciated values
• Differences in deductible limits and their effect on premiums/rates

To help streamline this process for their clients, a Petley-Hare Limited representative can prepare the framework of the ideal tractor and farm equipment insurance needs for their particular operation then search for the best solution from the companies in Canada that offer farm insurance packages. Subsequently, based on their thorough knowledge of the client’s overall needs, the Petley-Hare representative can recommend the most practical option in terms of both coverage and price.

To learn more about Petley-Hare Limited’s services to support farmers with their tractor and farm equipment insurance, call us today at 1-800-216-5324 or contact us to request a no-obligation consultation with one of our farm insurance experts.