Company insurance is intended to safeguard the financial assets of a business owner and is a necessary investment for a berry-picking farm.
This article will discuss the primary insurance coverage for berry-picking farms, general liability insurance, as well as additional policies that are appropriate for this industry.
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Berry-Picking Farms Need General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
GENERAL LIABILITY INSURANCE MAY COVER COMMON SITUATIONS FOR A BERRY-PICKING FARM
Example 1: A client stumbles on some dirt while gathering berries at your farm, breaks her wrist, and chooses to sue your company for her injuries. Your legal bills and any needed settlement would be covered by general liability insurance.
Example 2: While transporting berries across the field in an all-terrain vehicle, an employee runs over a customer’s bag, damaging the laptop and photographic equipment inside. The expense of repairing or replacing the customer’s damaged property would be covered by general liability insurance.
Example 3: A rival sues your firm, alleging that your most recent advertising slandered his company. Your legal defence expenses would be covered by general liability insurance.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
GeneralLiability Insurance Cost
Berry-picking farms in America typically pay between $300 and $800 per year for $1 million in general liability coverage.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Coverage Required by Berry-Picking Farms
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all berry-picking farms should have are as follows:
Insurance for Workers’ Compensation
Workers’ compensation insurance is required in most states for both part-time and full-time employees. This coverage covers your workers if they are hurt at work or get sick as a result of a workplace accident. It covers not just an employee’s medical expenditures and missed pay if they need time off to recuperate, but also any disability or death benefits resulting from a work-related accident.
Insurance for Commercial Property
You made a significant financial commitment to establish your berry farm. Commercial property insurance would cover the expense of repairing or replacing your business-related property in the case of a fire, theft, or natural catastrophe if you own the building(s) in which you operate. This includes structural damage to your structure or grounds, as well as damage to your plants, equipment, supplies, and pest control products.
Coverage Options for Some Berry-Picking Farms
In addition to the insurance listed above, your berry-picking farm may need other forms of coverage based on particular features of your business. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Product Liability
While you endeavour to harvest fresh, tasty berries, there is always the possibility that one of your consumers would claim that your product harmed them. In the case of a lawsuit, your legal expenses and any needed settlement would be covered by product liability insurance.
Insurance for Commercial Vehicles
In the case of an accident, any car you use mainly for work needs commercial auto insurance to cover the vehicle, driver, and others on the road. Choose a policy that covers not just accident-related vehicle repair expenses and medical care for anybody harmed, but also enough coverage for any company equipment, goods, or supplies you transport in your vehicle.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.