For some people, life insurance on a pet makes perfect sense. On the other hand, livestock Insurance is a completely different matter. Livestock insurance applies to animals that are raised for business purposes, and it can be the difference between the payout of an insurance policy and the end of your business. Livestock are a serious investment, and if by some terrible chance a disease sweeps through your herd and kills all of your animals, the insurance can help soften what would otherwise be a devastating financial blow.
Working with a company that specializes in livestock insurance makes the claims process easier. Companies that specialize in this type of insurance are able to help you understand the various ins and outs of what is required, and will not need to split their attention between livestock insurance and other types of insurance.
Livestock insurance includes coverage for the following:
- Limited theft and unlawful removal
- All risks to mortality
- Infertility of bulls
- Specific slaughter diseases
- Restricted perils specified in the contract
- And more
The price of livestock insurance varies from provider to provider, and also changes based on your specific needs. When you are evaluating a potential policy for your livestock, keep this in mind. At the same time, keep in mind that you may be eligible for certain discounts on the policy. Even if you are not, livestock insurance counts as a business expense that can be deducted from your taxes.
If one of your animals dies and is covered by livestock insurance, you will receive a lump sum payout based on the coverage amount. Even if animal life insurance seems like an unnecessary expense to you, when it comes to livestock, it is better to have insurance then to not have it. Livestock insurance has kept many businesses afloat when they would have otherwise been destroyed by the loss of the herd.