FAQ: Insurance

1. Where can one obtain farm insurance?

A farm insurance quote can be obtained through your Property and Casualty lines Insurance Agent, or through an Auto Insurance agent, if you have one. In case you don't, you can apply to any insurance company that provides property lines coverage.

The answer also depends on the type of your farm – whether you are a family farm owner, or a corporate entity. In the first case you'll need to opt for Personal Property lines which are less expensive, and in the second – for Commercial Property lines. Besides, almost every state features a state Farm Bureau where Farm Insurance can be obtained as well.

2. Who is responsible for farm animal hit on the public road?

Let's start with the fact that every driver is required to take control of their auto, in any situation. Moreover, if there are animal crossing signs or warning nearby, then the responsibility will be put on the driver. However, if there are no warning signs, there is a possibility of holding the animal owner to the responsibility, but this can be done only if it can be proved that the animal owner has failed to take adequate control of the animal's safety.

There can be a situation when farmers suffer from vandalism or a natural disaster that resulted in the animals escape. In this case the farmer can't be responsible for the accident. In general, it can be said that the responsibility depends on the state rules. For instance, in Montana or other free range states drivers must give way to cows regardless of the situation. So, it's not hard to guess who'll be at fault on those roads.

3. Is there an insurance that holds true to purely farm vehicles only?

Some insurance companies provide farm owners insurance – that is a coverage for farm equipment and operations. Most often, this insurance provides coverage for personal and home property, similarly to homeowners insurance.

4. How is it possible to determine the name of the insurance company if one has forgotten it and has no copy of it?

In this case one can call their insurance agent who will tell the name of the insurance company, and offer them one more copy of the policy as well. One more option is to look through one's records to see who was the recipient of the check when they were paying for the policy.

5. Can one get insurance to drive a car that belongs to another person?

It is possible, but there is actually no need to do that. If you just drive your friend's or brother's car from time to time, you are still covered by their insurance, even though you are not listed as a driver. On the other hand, if you happen to borrow their car regularly, you should consider being added to their insurance policy as a driver.

6. How can one check insurance company rating?

Coming up with the choice of the insurance company is a responsible decision. Therefore, before making a final choice, it's necessary to consider financial experience and reputation of a company you are going to deal with. Here is when insurance company ratings come to be helpful. Such ratings reflect a range of risk factors that could have impact on the development and success of an insurance company.

The leading provider of insurance ratings is Standard & Poor, so be sure to check the ratings of the company you consider. However, even high ratings can't guarantee that an insurance company will behave in a decent way towards its clients. So, apart from checking insurance company ratings, be sure to make some more research and ask for recommendations from people you can trust.

7. In what way is it possible to speed up the insurance claim process, and is it possible at all?

You'll need to document all of the related conversations. Then, you can call the claims office of the insurance adjuster and if they don't give an answer, tell them you are going to apply to their supervisor. If there is no reply during one more day, you are eligible to call them and ask for a supervisor. After you talk to the supervisor, it is wise to wait another day until they clarify the situation. Even if the process won't go faster, you can be sure that claims to supervisors are regarded seriously.

Be sure to read terms and conditions of your policy that explain the way in which the loss should be handled. Thus you'll be able to get precise information on the time it should take for the insurance company to handle a claim and act accordingly.

8. What does it mean to be able to be bonded and what kind of personal information is required when you are bonded?

The terms «bonded» and «insured» are often mixed, since both relate to coverage for financial loss or risk. However, there is a difference, since bonding stands for a kind of surety guarantee that a certain service, project, or act will be financially covered in case performance is either unsatisfactory or incomplete. Bonds are most often provided by insurance companies, though there are specialized companies as well. In fact, one should have no need for being bonded if they are already properly covered by the insurance policy. However, in some instances bonding can be cost-effective, so the decision should be based on thorough research.

Personal information required for getting bonded includes address, birthday, the number of social security. If a person is married, they will also need to provide their spouse's personal information. One will also need to provide their businesses name and address.

9. What are the insurance premiums and how they can be obtained?

The term «insurance premium» refers to the actual sum of money charged by insurance companies for active coverage. The rates of insurance premiums for the same service can vary from one insurance company to another, so it would be wise to opt for several quotes before choosing an insurance policy.

Insurance premiums can be obtained through insurance agents who will estimate an insurance premium on the basis of your basic information and some more factors. The rates of insurance premiums are highly dependable on statistics, even more than on personal history. Insurance premium are usually taken in payments made monthly or semiannually. If a person fails to make a regular payment, their policy can be canceled.

10. What is worker compensation insurance and what does it cover?

Worker compensation is a set of laws meant to protect workers. These laws guarantee that if a worker gets injured or disabled at work they will be provided with fixed financial help. Therefore, workers compensation allows to do without litigation. According to workers compensation laws, the worker's family is also entitled to benefits if the worker has passed away because of work-related injury or disease.

11. What should be done if it is not clear whether one was injured at work or not?

Most often, an employer is eligible to submitting a Workers' Compensation claim within 48 hours after the accident. So, if an employee thinks that their injury can be job-related, and is significant enough for them to apply for financial help, they should apply to their supervisor as soon as possible.

12. What does partial and permanent disability mean?

Partial disability is a disability that restricts a person from fulfilling one or more aspects of their occupation, but doesn't decrease their ability to fulfil less demanding employment.

Permanent disability is an inability to fulfil any important employment duties, restricting a person from doing any type of work for the rest of their life.

13. Do both large and small businesses need worker compensation insurance?

It depends on the state laws. For instance, in California, Kentucky, and other states businesses are required to have Worker Compensation insurance even if they have only one employee. It also concerns home based businesses, so be sure to check the laws of your particular state.

14. If one runs home business what insurance do they need?

You can start with checking your homeowners insurance policy. Quite often, it won't cover your home business needs, and then you'll need to ask your insurance agent about extra coverage, and also pay attention to the following types of insurance: equipment insurance, data insurance, malpractice insurance, liability insurance, and disability insurance.

15. What is commercial insurance and where one can get commercial insurance quotes?

Commercial insurance is insurance for businesses that includes coverage against property damage, theft, and liability. A person who decides to operate a business without opting for commercial insurance runs risk of losing their property and funds at an unlucky moment. One can obtain a commercial insurance quote online or through a local insurance company of their choice.