Quality Agricultural Insurance in Lincoln Illinois
Lincoln Logan/May Enterprise is a trusted insurance advisor for the many farms and agricultural operations in Lincoln, IL. We understand the unique challenges and risks you face in your day-to-day operations, and we’re proud to support you in your farming operation or ag-related business. Whether you run a small family farm or a large commercial agricultural operation, our team will help you find the right insurance. We understand there are a lot of risk variables that come with running a farm that are simply out of your control. You’re at the mercy of the weather, prices and regulations can change at a moment’s notice, and pests can wreak havoc on your crops. However, with the right insurance plan and agent on your side, protecting your business is easy. That’s why you call Lincoln Logan/May Enterprise. We’ll sit down and chat with you about the insurance options available for your ag business and explain how to let your policy work for you.
Crop insurance is purchased by agricultural producers such as farmers and ranchers to protect against crop loss due to natural disasters or revenue loss due to drops in agricultural commodity prices. Crop insurance is classified into two types: Multiple Peril Crop Insurance (MPCI) and Crop-Hail insurance.
MPCI covers crop losses caused by natural events such as disease, drought, fire, flooding, insect damage, and destructive weather such as hail, frost, and damaging wind. MPCI is federally supported and regulated, and it is sold and serviced by crop insurance companies and agents in the private sector. More than 90% of farmers who purchase crop insurance choose MPCI. The cost of insurance and the amount an insurer will pay for losses are both determined by the value of the crop. MPCI is available for over 120 crops, though not all crops are available in every geographic area. MPCI policies must be purchased each growing season by the federal government’s deadlines—and before a crop is planted. If damage occurs early enough in the growing season, the policy may include incentives to replant as well as penalties for failing to do so.
Farmers in hail-prone areas of the country frequently purchase Crop-Hail policies to protect high-yielding crops. These policies are not covered by the Federal Crop Insurance Program; instead, they are sold by private insurers and governed by state insurance departments. Many farmers supplement MPCI with Crop-Hail insurance. Crop-Hail policies frequently have a low deductible or no deductible at all, because, unlike drought or blight, hail can destroy a portion of a farm’s crops while leaving other crops unharmed. Crop-Hail insurance, unlike MPCI, can be purchased at any time during the growing season; however, this insurance is purchased much less frequently than MPCI due to its limitations.
As a farmer and business owner, you understand the value of having that extra layer of insurance protection. Your farm is more than just a business; it is also your home, security, and way of life, so safeguarding it is a top priority. Have you looked into the various types of liability insurance for your farm or ranch? Farm liability coverage is intended to protect visitors to your farm as well as the property of others if it is damaged because of your farm operations. Let’s go over the various types and how they can help protect your lifestyle.
You’ll want this type of coverage on your side if you’re legally responsible for accidental injuries, medical expenses, or property damage. One thing to keep in mind is that you are legally responsible for these incidents, even if they were completely unintentional. This is precisely the coverage you require in the event of an accident. Let’s look at some scenarios where personal liability insurance might be useful.
- Farmers Markets and Roadside Stands
- Agricultural Entertainment and Agritourism
- Bodily Injury Liability for Farm Accidents
- Medical Payments to Others
- Fire Legal Liability
- Products/Operations Hazard Coverage
- Negligent Acts of Your Children
- Acts of Your Pets
- Acts of Your Livestock
- Horse Boarding
- Farm Chemicals Limited Liability
- Fruit or Vegetable Picking by the Public
- Custom Farm Work
- Employers Liability
- Care, Custody, and Control Liability
- Unmanned Aircraft System Limited Coverage
- Incidental Business Pursuits
- Pollution—Sudden and Accidental Limited Coverage
Fire Legal Liability
A fire can cause significant damage to a building in minutes, quickly spreading and nearly impossible to control. If your company is renting the property that burns down, you may be liable for damages. Fire Legal Liability insurance protects you from additional major financial loss following a devastating fire. Fire Legal Liability refers to who is ultimately liable for paying for fire-related damages. Fire Legal Liability is covered by the business owner’s commercial general liability policy. However, for the insurance policy to pay for fire-related damages, the insured party must be proven to be directly at fault. If a farmer stores equipment in someone else’s garage and that equipment causes a fire, then Fire Legal Liability Insurance comes will come into effect.
Farm Structures & Outbuildings
Your farm or ranch is one of your most valuable physical assets as the owner of a successful agribusiness. Barns, machine sheds, and granaries are critical components that keep your farming operations running smoothly, but in the event of a disaster, the loss of valuable property can disrupt your business operations and be financially devastating. With a Farm Structures policy from Lincoln Logan/May Enterprise, you can easily protect your buildings and livelihood. This coverage pays for the accidental loss of farm property due to a variety of perils, such as fires and natural disasters. We make every effort to meet all your insurance needs on the farm. We offer excellent solutions to protect the expensive machinery and equipment critical to your day-to-day operations, in addition to securing your important farm structures. Speak with one of our professional insurance specialists to learn more about our farm insurance options and how we can create the ideal package for you and your business.
A farm/ranch liability umbrella policy provides an additional layer of liability coverage above and beyond your primary insurance limits. A Farm Umbrella Policy protects an insured farmer from a catastrophic liability loss by providing high limits of liability. This policy provides liability coverage in addition to the insured farmer’s farm-owners policy, personal auto policy, and any other scheduled underlying liability policy. It includes offenses such as libel, slander, false arrest, and invasion of privacy, as well as bodily injury, property damage, and personal injury. The farm umbrella policy also fills some coverage gaps over a specified deductible (also known as a retained limit) in the underlying policy. Because the umbrella is intended to be an additional layer of liability on top of your underlying liability policies, both farm and personal umbrella coverage generally adhere to those policies. Fortunately, your Lincoln Logan/May Enterprise insurance agent can sit down with you and discuss your specific situation to gain a better understanding of your needs and then assist you in developing a policy to meet those needs.
Livestock insurance protects your animals from accidents and other unpredictable events. This insurance is adaptable, so whether you have pigs, cattle, sheep, goats, chickens, or a combination of animals, you are covered. There are different policy options available, depending on your needs and budget. You can obtain blanket coverage for your property, equipment, and livestock, as well as individual coverage for higher-valued animals. The most common type of insurance is called herd coverage, which is also available. This ensures that a certain number of animals are protected. Animal mortality insurance is a related coverage option that protects against the costs of an animal’s death if it is caused by a covered cause such as fire, lightning, windstorm, hail, collision while in transit, accidental shooting, drowning, and more. Animal mortality insurance includes theft coverage as well. It is used in industries where animals are a significant source of revenue, such as farming, zoos, and horse stables.
Farm Machinery & Equipment
Your farm equipment is essential to running a successful business, and if any of it were to break down, you’d face major setbacks. Tractor and farm equipment insurance helps protect your investments and financial assets. It serves as a financial safety net in the event your equipment is damaged, causes property damage, or injures another person. Tractor insurance is a policy that covers the property and liability of your tractor or other heavy farm machinery. It can be purchased as a stand-alone policy or as part of a larger farm and equipment insurance package. If you own a car, you likely have car insurance. You buy car insurance to protect yourself financially in the event of an accident. This way, you won’t have to pay for costly repairs caused by unexpected incidents out of pocket. For the same reason, having insurance for your tractor and farm equipment is essential. If your tractor was involved in an accident, such as a wreck or a fire, or if it was stolen, having agricultural machinery insurance would help cover the high cost of repairing or replacing it. We want to make sure you’re protecting everything that helps your operation run smoothly, from tractors to office equipment.
- Tools and supplies
- Forage harvesters
- Hay rakes and wagons
- Irrigation equipment
- Other field equipment
- Farm office equipment
- Farm Equipment Breakdown
- Farm equipment rented or borrowed from others
- Open perils coverage
- Replacement cost for irrigation systems
- Replacement cost for agricultural machinery & equipment
- Ingestion of foreign objects for farm machinery & equipment coverage
Equipment Breakdown Coverage
Farm owners Equipment Breakdown coverage protects equipment against mechanical, electrical, and pressure system breakdowns. The farm dwelling and its contents, as well as barns, stables, other structures, and personal property, are all covered under Equipment Breakdown coverage. Air conditioning equipment, high-tech farm equipment, computers, pumps, and motors are all common types of farm owner losses. At Lincoln Logan/May Enterprise, we will provide coverage for any computerized or electronic equipment installed in or mounted on mobile equipment used for monitoring crop yield, managing the application of farm chemicals, fertilizers, and seeds, or global positioning and steering of equipment.
Coverage gaps have resulted from the unique exposures of electrical, mechanical, and pressure system breakdown. The endorsement for equipment breakdown addresses the risk of equipment breakdown to the farm property policy. Loss caused by or resulting from an electrical failure or electronic breakdown, mechanical breakdown, or pressure system breakdown will be covered by adding the equipment breakdown enhancement endorsement. Pumps, motors, and other electrical/electronic elements or controls, as well as mechanical parts, are examples of covered properties.
- Well pumps
- Silo unloaders
- Automatic waterers
- Circuit breaker panels
- Heating and cooling systems
- Refrigeration compressors
- Computerized feeding systems
- Milking parlors and collection equipment
Farm House Insurance
It is not uncommon for many families in the Midwest to occupy their residences on a farm or massive piece of land. When this is the case, it’s important to have the right insurance coverage for your home, ensuring that you’re prepared for the unexpected. At Lincoln Logan May Enterprises, we offer farmhouse insurance for those living on their commercial farmland in Illinois. Farmland homeowners are far more likely to experience damage and loss of wages caused by cattle, heavy machinery, and even weather hazards than most, requiring specialty coverage to protect their assets. Invest in year-round coverage for your farm home when you choose our insurance company in Lincoln, IL. We will ensure that your farmhouse is protected with custom insurance plans that keep your home and your family safe.
Our farmhouse insurance covers the cost of damages caused by several unexpected incidents on your property, including:
- Wind & Hail
- Ice & Snow
- Vehicle Damage
- Broken Glass
- Water Damage
- Electrical Outages
- HVAC System Failure
- Plumbing Repairs
Farm Income Loss
Your house, farm buildings, equipment, and livestock are all covered by insurance. Protection is in place in case the worst happens. But who will pay for your ongoing expenses, such as your mortgage, farm loans, property taxes, heat, hydro, and phone bills? Who will pay to keep that key employee on the payroll? If you have not insured your farm business to protect against farm income loss, you have a significant gap in your protection blanket. The solution is: Loss of Farm Income Insurance.
It pays bills that continue to arrive while your farming operation is being rebuilt. It even includes a profit margin so you and your family can maintain your current lifestyle. All you have to do is request your Lincoln Logan/May Enterprise agent or broker to go over the coverage with you. They will advise and assist you in developing a level of coverage that is tailored to your specific requirements. Loss of Business Income Coverage, on its own, protects a farmer from financial losses incurred because of another covered cause of loss. It does not provide protection against changes in markets, commodity prices, or other economic variations that affect the farm operation’s cash flow and net income.
Pollution Legal Liability
Agricultural pollution insurance is a type of farm or ranch liability insurance that protects you from bodily injury or accidental property damage claims caused by you or your operation. Ag pollution coverage protects you and assists in the payment of pollution incidents covered by the endorsement. Our coverage endorsement is divided into five sections: bodily injury coverage, property coverage, and liability coverage. Sections I and II are standard in all farm/ranch policies. Sections III-V are options for additional coverage.
I. Non-Automotive Transportation & Storage Protection
This coverage applies to accidents involving non-automotive transportation and on-premises storage.
II. Coverage of Chemical Applications
Coverage for crop damage to other people's crops caused by chemical drift while you spray your crops.
III. Individual Application for Other Coverage
If you spray crops for others for a fee, this insurance covers the crops you spray as well as any associated drift.
IV. Animal Waste Management
This coverage applies when you use animal waste in your own business. It does not cover the application of animal waste for others for a fee.
V. Coverage for Pollution Cleanup
Allows for a separate amount of cleanup coverage so that the limits you chose for the other four sections can be used to pay for damages.