Assess your current insurance situation

If you already have a homeowner's insurance policy, it will not cover any buildings except your home, unless you have a rider to that effect. It also will not cover your farm equipment, livestock or crops; and it will not provide liability protection outside a certain distance from your home. If you do have insurance for your farming operations, meet with your agent and discuss your policy, line by line, to determine that you have adequate coverage for your business.

I recommend: Fill out a standard form that agricultural insurance companies use to determine what you need from your policy. Use supplemental forms to add policy riders for specific farming activities.

Learn about government resources and crop insurance programs

Whether you grow soybeans or pigs, agriculture insurance companies offer federally subsidized insurance for farm products. A transportation issue or a random hailstorm can devastate an entire season's product, and even a dip in the market is a risk addressed by some insurance policies.

I recommend: The United States Department of Agriculture (USDA) Risk Management Agency offers tips and tools for producers to reduce their risks. Find the tools you need to determine how much protection you need for your livestock and crops, and how much it will cost.

Sort through your options and calculate premiums

The primary concern most producers have is the cost of farm insurance premiums. Any agricultural insurance company will gladly work with a producer to determine which products are appropriate and what premiums they'll carry.

I recommend: The USDA offers a tool to help you calculate your insurance premium. Farm Bureau Insurance is specifically an agriculture insurance company, with agents in most rural areas.