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The heartbeat of Oklahoma

Insurance for Farms & Ranches

CompSource Mutual has been doing business in Oklahoma for the better part of a century. As a result, we have developed unmatched expertise in the agriculture industry and know its associated risks.

Let us show you what it’s like to work with people who know your business. Our Oklahoma-based team will help you get coverage that makes sense for the unique risks in the work you do. Get a Quote

Interested to learn more? Read on to get answers to common questions and concerns about workers’ comp in the agriculture industry.

Insuring Your Agriculture Business

While CompSource Mutual specializes in workers’ compensation insurance, it is important to understand the entire ecosystem of insurance types that your business might need.

A farm is a complex business that requires many different types of insurance. There are many risks in running a farm, including risks to equipment, employees, livestock, crops, buildings, and property. As a result, there are various insurance types available to farm business owners.

Some insurance for agriculture covers the material possessions of a farm, such as the machinery and equipment; farm buildings; and the personal property of the farm owner. This type of insurance may be called “farm and ranch insurance,” and it is usually highly customizable. This type of insurance may also cover livestock and livestock requirements, such as grain or livestock feed. Another type of insurance for farms is crop insurance, which covers a farm’s crops against a variety of risk types. Like farm and ranch insurance, crop insurance is highly customizable, with policies specific to the type of crop the farmer may be growing.

Protection for people

Like many other businesses, a farm may also need to carry an insurance policy to protect its people, both visitors, and workers. Farm liability insurance is a broad coverage type of insurance that can come in handy in many situations. This type of insurance protects the farm from liability claims for which the farm is responsible, such as a visitor getting injured on the property; medical bills arising from the consumption of an unprocessed farm product; or lawsuits arising from farm hazards.

Protecting employees is another important part of insurance for farms. A farm’s people are its most valuable resource and need to be protected and supported for the farm to be successful. For instance, many farms choose to, or are required to, carry workers’ compensation policies. These insurance policies provide compensation to employees in the event of an accident while conducting various on-the-job tasks. Depending on the state in which the farm is located, the requirements for and execution of a workers’ compensation policy may change.

Keeping farm workers safe

Before purchasing an agriculture workers’ comp policy, it is essential to understand what a farm can do to keep its workers safe in the first place. The United States Department of Labor is responsible for enforcing the Occupational Safety and Health Act (OSHA), which sets nationwide standards for workplace safety across both public and private sector companies. However, there are some key differences between states that businesses need to know regarding OSHA coverage. 

OSHA requires that employers provide safety training and education for their employees, and maintain a workplace that is free of hazards. On a farm, this may seem hard to do. Farm employees must operate heavy machinery, like tractors, and frequently work in unpredictable circumstances, such as in inclement weather or with live animals. In fact, farming and ranching can be quite a dangerous business. The U.S. Bureau of Labor Statistics found that, out of all professions and industries, workers in agriculture, forestry, fishing and hunting had the highest number of workplace fatalities. In 2020, almost 150 agricultural workers were killed on the job. 

These alarming statistics underscore why purchasing insurance for farms and ranches, such as agricultural workers’ compensation, is so important.

Workers’ comp insurance for farms

Farm workers’ compensation plans can cover many common hazards of agricultural settings and businesses. This type of insurance for farms comes into effect when an employee is injured or killed on the farm premises, or while completing work at another covered location, regardless of fault. (Workers’ compensation typically does not apply to independent contractors or family members who work at the farm.) 

What happens after the injury or fatality is a little more complicated. Workers’ compensation coverage often includes:

  • Payment for the employee’s medical bills
  • Missed wages during recovery
  • Payment or reimbursement for fatality expenses, such as funeral costs

There are typically specific exclusions to these instances, such as if the employee was intoxicated at work. Additionally, depending on the policy and the state, workers’ compensation benefits may or may not include disability coverage and liability coverage.

For example: an employee at a meat processing plant slips and falls while on the factory floor. They need to get medical attention and cannot work for a week while in recovery. Because the fall occurred at the workplace during work hours, this employee should be covered by the meat processing workers’ compensation policy. They should receive compensation for medical bills relating to the incident, as well as some compensation for the week of missed wages.

While the benefit to the employee is evident, there are also benefits to the company. A policy like farm workers’ compensation does cost the farm or company owner money, but in the long term, keeping farm employees safe should be a main concern of a farm business. Without its people, the farm would not be able to operate. Maintaining a safe working environment and protecting employees from injury should always be prioritized, but accidents happen—examples of potential risks highlight why insurance for farms is so essential.

Known risks in Agriculture:
  • Farming equipment injuries
  • Pesticide and fertilizer trauma or occupational disease
  • Livestock transportation injuries
  • Motor vehicle accidents
  • Material handling injuries
  • Slips and falls

Unfortunately, not all states require that farms and ranches carry workers’ compensation policies. Because every state has its own workers’ compensation laws, policy requirements are wide-ranging. For example, some states, like Massachusetts, require that farm employers purchase workers’ compensation for their employees under all circumstances. However, in Texas, workers’ compensation plans are completely optional for farms and other business types. In between these two extremes are many different variations of requirements for workers’ compensation for employers. For example, in Rhode Island, there are specific exceptions: only farms that employ more than 25 people working for more than 13 consecutive weeks need to carry agricultural workers’ compensation.

Oklahoma generally has workers’ compensation requirements for most businesses; however, small farms are an exception. Farms with payrolls of less than $100,000 are exempt from providing workers’ compensation for their employees. However, Oklahoma is home to many large farms and agricultural businesses, which need to provide workers’ compensation for their employees.

Why choose CompSource Mutual 

At CompSource Mutual, we believe that your people are your business’s most important asset. Providing workers’ compensation for employees is a requirement for many businesses and can also offer security and ensure a safe work environment. Insurance for farms is no exception.

CompSource Mutual has partnered with thousands of Oklahoma businesses to provide workers’ compensation insurance. CompSource Mutual also offers many other services, such as audit support, claims processing, and disability fraud investigations.

Additionally, CompSource Mutual provides a wide range of educational materials that employers can use to help create a knowledgeable employee base. Our Safety Team is dedicated to workplace safety and can help farm or ranch owners create a custom safety program, host events, or consult with your team.

Insurance for farms is a way to help protect your farm and its assets from risk and unpredictable situations. It may also provide coverage for your personal possessions, such as your home. There are many different types of insurance for agriculture, including crop insurance, livestock insurance, and liability insurance.

While most farmer’s workers’ comp claims are the result of transportation or vehicular injuries , there are also many claims for injuries and illnesses arising from heat exposure, falls, and equipment injuries.

Meet our Safety Team Image

Meet Our Safety Team

Are you committed to making your workplace safer? We’re here to make it easy for you. CompSource Mutual policyholders can get advice from our safety consultants and access personalized resources – it’s all absolutely free.

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