All farm activities should be discussed with an agent to ensure proper insurance coverage is developed and written. “Writing a correct policy that provides the necessary coverage is imperative,” Harris says. “That’s not the time to hide the activities of the farm to keep the premium lower. Be open and honest with agents so they can write the correct policy.”

And once a policy is written, it is imperative that those policies are kept up to date. “Insurance policies are fluid,” Harris says. “Just as crop mixes change on the farm, the value and functions of every operation changes over time. Policies need to be updated to reflect those changes.”

One example is an umbrella insurance coverage for the farm. “One common value on an umbrella policy was $1 million,” Etheridge says. “Today, those policies could easily be $3 million, $5 million or more to adequately provide the same loss coverage.”

Policies should be reviewed at least once a year. “That’s the minimum we suggest,” Etheridge says. “But for some producers a review might be needed quarterly.”

The bottom line is that any time a change in your operation occurs, you should review your insurance coverage to be sure you are adequately protected. As operations get bigger, their structures and entities often change or are modified. “That’s a perfect time to review your policies,” Conroy says. “Insurance should be part of your regular business plan and reviewed.”

“Farmers are so hard-working and often spend a lifetime building their farming operation,” Etheridge says. “Unfortunately, all those assets can be lost if the operation is not adequately insured.”

It’s more than just protecting against a loss. “Insurance is about protecting what you have,” Etheridge says. “And protecting what you want to pass along to future generations.”