The standard farm /agribusiness insurance policy is a hybrid of homeowners coverage, commercial business insurance and specialty insurance. If the farm is a growing commercial concern, the owner will want a basic farm policy providing the following basic coverages:

• Property Coverage - This coverage protects your home, outbuildings, belongings and some equipment in the event of loss, such as a fire or tornado.

• Liability Coverage - This coverage will cover a loss unintentionally caused by you or your employees to another's property or person.

• Medical Payments - This coverage will provide payments for medical bills sustained by someone injured on your property.

• Additional Living Expenses - If you must relocate from your home due to damage caused by a covered event, then this coverage provides for the costs of things like temporary housing or a hotel stay.