Tractor insurance is a specialized and unique form of commercial insurance that’s specifically intended to help protect tractors. Since this is such a particular type of insurance, farmers who need to insure a tractor should work with a specialized insurance agent as they compare policies. A specialized agent will be familiar with the risks that are relevant when insuring a tractor, and they’ll know what types of coverages are available to mitigate these risks.
Broadly speaking, most people and businesses that own a tractor in Massachusetts ought to carry tractor coverage. Not having a policy in place can lead to financial devastation if there’s a major disaster or accident, and a tractor policy is typically the best way to insure this type of equipment.
Farmers who borrow a tractor on a short-term basis, either through a lease or rental agreement, don’t normally have the same insurance needs as those who own their tractors. In lease and rental situations, farmers should talk to a knowledgeable insurance agent who’s able to assess the particular situation and make an informed coverage recommendation.
People who farm as a hobby usually are able to get by without a full-fledged tractor policy. So long as these farmers purchase a smaller tractor and use it only on their land, they can normally obtain insurance coverage for the equipment through their homeowners insurance policy. In this sort of scenario, a homeowners policy may cover a smaller tractor much like the policy would cover a large rider mower.
When relying on a homeowners policy to cover a smaller tractor, however, there are often specific stipulations that must be met. Hobby farmers should speak with an insurance agent to make sure their tractor and usage meet any stipulations that their homeowners policy has.
Contractors and landscapers sometimes use tractors for particular aspects of projects, but most of these businesses don’t need a tractor policy. Contractors that rent tractors occasionally tend to fall into the aforementioned group that rents or leases. Any contractors that own a tractor will likely be able to cover it under a different insurance policy that they already have or should get.
Specifically, most heavy equipment that contractors use is covered under an inland marine insurance policy when the equipment is being transported. This coverage typically applies to any heavy equipment that a contractor uses, including tractors, and thus would like render a tractor-specific policy unnecessarily redundant.
Most tractor policies primarily protect against damage and theft to a tractor. Should a covered peril render a tractor inoperable or otherwise damage it, a policy will likely pay to repair or replace the piece of equipment.
Importantly, tractor policies normally don’t cover accidents that tractors cause. Accidents that are caused by a tractor can involve extensive damage and/or injuries, but these typically fall under the domain of general liability, workers compensation or another commercial insurance coverage that a farm policy probably contains.
For help insuring a tractor, contact the independent insurance agents at Haberman Insurance Group. Our agents have the expertise necessary to help you determine whether this is the right coverage for your tractor, and they can show you the best available tractor insurance policies from a variety of insurers in Massachusetts. With our assistance, you can be confident that your tractor is well protected.