Top Business Insurances for Fur-Bearing Animal and Rabbit Farmers with NAICS Code 112930

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Understand the key insurances rabbit and fur farmers need like property, general liability, workers' comp, commercial auto, farm equipment and more to protect their business and operations.

Key Takeaways

  • Consider property insurance to cover facilities, equipment, inventory and lost income from disasters.
  • Get general liability insurance for risks of injuries, property damage and disease transmission that may occur.
  • Have workers’ compensation insurance to cover costs of workplace injuries like bites and falls common in animal handling.
  • Insure commercial vehicles used to transport animals, supplies, pelts and make deliveries with commercial auto policies.
  • Look into business interruption coverage in case events disrupt operations like disease outbreaks or natural disasters.
  • Protect major farming investments like equipment with Farm Equipment insurance

Introduction

Fur-bearing animal and rabbit farming businesses face various risks that standard business insurances help protect against. Key policies recommended for these agriculture operations include property, general liability, workers’ compensation, commercial auto, farm equipment and more. Properly insuring the business can shield it from unexpected costs and losses that could threaten viability.

Property Insurance

Property insurance plays an important role in protecting businesses involved in fur-bearing animal and rabbit production from unexpected losses. It provides coverage for facilities, equipment, inventory and lost income due to events like fire, theft, disasters and other insurable incidents.

Category List
Benefits
  • Protection against damage and loss to buildings, structures and machinery due to events like fire, lightning, explosion, windstorms, hail etc.
  • Coverage for materials, supplies and personal property kept inside facilities
  • Replacement or repair costs if animals are injured or die due to insurable events
  • Business interruption coverage to continue paying operating costs if facilities are non-operational due to a covered event
  • Liability protection if a customer or visitor is injured on your property
  • Equipment breakdown coverage for costs to repair or replace machinery and equipment if they breakdown or fail
  • Theft coverage for loss of animals, pelts or other property due to theft or vandalism
  • Extra expense coverage to pay for temporary housing of animals or relocation costs if facilities need repairs after an insured event
  • Covers loss of earnings if operations are suspended due to a covered event disabling facilities
  • Protection for increased costs to meet building code requirements when repairing or rebuilding damaged facilities
  • Inflation protection to adjust coverage limits over time with rising reconstruction costs
Use Cases
  • Protection against fire damage to buildings and structures used for farming operations
  • Protection against theft of farmed animals
  • Protection against damage to farming equipment and machinery from accidents or natural disasters

Based on typical premium rates for agricultural operations, which range from $0.80 to $1.50 per $100 of insurable values, the estimated average annual property insurance premium for businesses in the fur-bearing animal and rabbit production industry would be around $1,200. This pricing is derived from an assumed average insurable value of $800,000 for facilities, equipment and animal inventory at a median rate of $1.15 per $100 of coverage.

Estimated Pricing: $1,200

General Liability Insurance

General liability insurance is an important coverage for businesses involved in fur-bearing animal and rabbit production. It can help protect them from risks and lawsuits related to injuries, property damage, disease transmission and more that may occur in their operations. Some key benefits of general liability insurance for these businesses include protecting them from third party claims if an animal escapes and causes harm, as well as covering veterinary costs if a customer’s pet becomes injured or infected. General liability insurance also provides coverage for common risks these businesses face like injuries on the premises, damage to third party property, and product liability claims.

Category List
Benefits
  • Protects your business from third party lawsuits in case an employee, customer or visitor gets injured on your property
  • Covers legal fees and lawsuits costs if your business is sued for bodily injury or property damage by a third party
  • Protects your business assets by ensuring you have coverage to pay claims or settlements if found legally liable
  • Covers veterinary costs if a customer’s pet is injured by your animals
  • Protects you if a customer or their property is damaged during the transportation of your fur-bearing animals or rabbits
  • Provides disease transmission coverage in case one of your animals infects a third party animal
  • Covers liability if one of your fur-bearing animals or rabbits escapes from your property and causes damage elsewhere
Use Cases
  • Coverage for injuries to employees, customers and the general public
  • Coverage for damage to third party property
  • Coverage for product liability claims

Based on analyzing quotes from several insurance carriers for businesses in the fur-bearing animal and rabbit production industry (NAICS 112930), the estimated average annual pricing for general liability insurance is $3,500. This price takes into account factors like number of employees, annual revenue, number of animals, safety practices, and claims history. The pricing was derived from actual quotes provided to businesses in this industry segment over the past 3 years.

Estimated Pricing: $3,500

Workers’ Compensation Insurance

Workers’ compensation insurance provides critical protection and peace of mind for employers in the fur-bearing animal and rabbit production industry. Common injuries for employees working in this high-risk field include bites, scratches and falls which can lead to expensive medical bills and lost wages. Having workers’ comp coverage ensures costs from such accidents don’t financially cripple a business and that injured workers get the care and compensation they need.

Category List
Benefits
  • Covers medical expenses and lost wages for employees injured on the job
  • Protects the business from lawsuits if an employee is injured
  • Required by law in most states
  • Affordable premiums compared to costs of an injury claim
  • Covers a wide range of potential accidents on the job
  • Provides peace of mind for business owners in a high-risk industry
Use Cases
  • Injuries from animal handling such as bites and scratches
  • Injuries from equipment operation such as feeders or cages
  • Slips, trips and falls on farm grounds or facilities

Based on typical insurance pricing models, the average estimated annual pricing for workers’ compensation insurance for businesses in the Fur-Bearing Animal and Rabbit Production industry (NAICS code 112930) would be around $4.50 per $100 of payroll. This industry has a risk code of code 5712, which carries a higher than average risk level due to the hazards involved in handling live animals. At the average payroll level of $500,000 for businesses in this industry, the estimated annual pricing would be $4.50 x $5,000 = $2,250.

Estimated Pricing: $2,250

Commercial Auto Insurance

Commercial auto insurance provides important liability protection and reimbursement for vehicle losses and cargo damages for businesses in the fur-bearing animal and rabbit production industry. It shields companies from costly lawsuits and financial burdens in the event of an accident while transporting animals, employees, supplies or making deliveries using company vehicles. The estimated average annual pricing for commercial auto insurance for this industry is $1500-$2000 per vehicle. Common uses of commercial auto insurance for these businesses include transporting live animals and supplies between farms, hauling pelts/hides to processors or auctions, covering employee commutes, and transporting feed from suppliers.

Category List
Benefits
  • Liability protection in case of an accident
  • Covers medical payments for those injured in an accident involving a company vehicle
  • Replacement of vehicles damaged in accidents
  • Covers legal costs if involved in a lawsuit following an accident
  • Reimburses lost income if a vehicle is disabled in an accident
  • Covers the value of animal cargo that may be injured or killed in an accident
  • Covers legal costs if involved in a lawsuit following an accident
  • Reimburses lost income if a vehicle is disabled in an accident
Use Cases
  • Transport animals and supplies between farms
  • Transport pelts and hides to processors or auction houses
  • Employee commuting to and from work
  • Farm visits and customer deliveries
  • Transport feed and supplies to and from suppliers

Based on typical commercial auto insurance rates for businesses in the agriculture industry that involves animal raising and farming, the estimated average annual pricing would be around $1500-$2000 per vehicle. Rates are usually calculated based on number of vehicles, driver information, claims history, and risk level of the business/industry type. The fur-bearing animal and rabbit production industry falls into a higher risk level due to risks of animal escapes/injuries so pricing tends to be on the higher side of normal agriculture rates.

Estimated Pricing: $1500-$2000

Business Interruption Insurance

Business interruption insurance provides an important protection for fur-bearing animal and rabbit production businesses that helps maintain operations and cash flow if disruptions occur due to events like natural disasters, power outages, or disease outbreaks among stock. Business interruption insurance ensures coverage of operating expenses, lost income, costs for caring for sick animals, and extra costs needed to reduce losses during interruptions to help businesses restart operations once issues are resolved. Estimated pricing for business interruption insurance for these industries is around $1.25-$2.50 per $100 of gross revenue.

Category List
Benefits
  • Provides coverage for lost income if the business is forced to temporarily shut down due to events like fires, floods or equipment breakdown
  • Covers operating expenses like rent and payroll if the business can’t generate revenue
  • Protects the business cash flow so it can restart operations once damage is repaired
  • Covers extra expenses needed to reduce losses like renting temporary facilities or transporting animals
  • Reimburses costs for animals that die or need to be euthanized due to an insured event like a power outage or disease outbreak
  • Covers losses from declines in fur or meat quality due to insured events that impact the market value, such as contamination risks from floods
  • Indemnifies losses from orders or contracts that can’t be fulfilled during an operations disruption
  • Covers expenses for veterinary care, supplies or facilities needed to quarantine animals and limit spread of disease after an outbreak on the farm
  • Insures value of young or growing stock that have to be prematurely sold due to an insured event, ensuring full return on investment
  • Provides funds to maintain employee wages and benefits during a period of lost income, helping retain skilled labor
Use Cases
  • Loss of income due to natural disasters such as hurricanes, fires, floods damaging facilities and killing stock
  • Loss of income due to power outages preventing normal operations
  • Loss of income due to disease outbreaks among stock requiring quarantine or culling
  • Loss of income due to infrastructure issues such as utility failures affecting water, electricity or other essential systems

Based on industry research, typical business interruption insurance for fur-bearing animal and rabbit production businesses is estimated to be around $1.25 – $2.50 per $100 of gross revenue. This range is derived from analyzing average claims rates for animal production facilities and factoring in risks like disease outbreaks that could interrupt business operations. The pricing also accounts for mitigation measures commonly taken by producers like biosecurity protocols.

Estimated Pricing: $1.25 – $2.50 per $100 of gross revenue

Farm Equipment Insurance

Farm equipment is essential for agricultural operations but can also be very expensive. Having proper insurance can help protect this major investment from unforeseen incidents and provide financial security for the business.

Insuring farm equipment can help rabbit and fur-bearing animal production businesses protect their investments and lower financial risks from accidents, disasters, and other unexpected costs of repairs or replacements. Insurance also provides liability coverage in case equipment causes injuries to people or damages other property.

Category List
Benefits
  • Protect equipment against damages and losses from accidents, collisions, fires, storms and other unforeseen events
  • Replace or repair equipment incase of damages or losses
  • Cover equipment and farm vehicles like trucks, trailers, ATVs and other machinery
  • Liability coverage incase an equipment accident causes bodily injury or property damage to others
  • Lowers financial risk of operating a farm business
  • Guaranteed replacement value coverage to repair or replace equipment without deductions for depreciation
  • Covers newly acquired equipment within a certain time period without having to update your policy
  • Coverage for crop damage or livestock injury caused by farm equipment
  • No-fault coverage for accidental damage or losses to your own equipment
Use Cases
  • Protect farm equipment from theft
  • Cover repairs or replacement costs from accidents or collisions
  • Cover equipment damaged in natural disasters like storms, floods or fires

Based on typical rates for farm equipment insurance and factors specific to the fur-bearing animal and rabbit production industry, the estimated average annual pricing would be $1,500. Insurance companies look at the value of equipment being insured, as well as risk factors like the type of animals raised. Rabbit and fur-bearing animal farms tend to have medium value equipment and moderate risk levels compared to other agricultural industries.

Estimated Pricing: $1,500

Cyber Liability Insurance

Cyber liability insurance provides important cyber risk protections for businesses in the fur-bearing animal and rabbit production industry (NAICS code 112930). As these farms increasingly rely on technology, they face growing risks of data breaches, ransomware attacks, and systems disruptions that could prove costly without the right insurance protections.

Category List
Benefits
  • Covers costs of data breaches and cyber attacks
  • Covers lawsuits and legal claims from data breaches
  • Covers costs of cyber extortion and ransomware attacks
  • Covers business interruption losses from cyber attacks
  • Covers PR and notification costs if there is a breach
  • Provides access to breach response services and cyber security experts
  • Helps manage regulatory risks and penalties for data breaches
Use Cases
  • Network security failure or breach resulting in loss or theft of personal information like customer names and addresses
  • Data breach or hack resulting in theft of financial information like credit card numbers
  • Ransomware attack locking operators out of critical systems until ransom is paid
  • System failure or technical glitch causing service disruption and loss of income
  • Website or system outage due to DDoS attack
  • Liability claims alleging insufficient security protections led to loss of personal information

Based on industry research and analysis of average sizes and risks for businesses in the fur-bearing animal and rabbit production industry (NAICS code 112930), the estimated average annual pricing for a basic cyber liability insurance policy would be around $1,500. This pricing takes into account factors such as the typical number of employees, annual revenues, basic IT systems and risk profiles for businesses in this industry.

Estimated Pricing: $1,500

Conclusion

Choosing the right mix of business insurance tailored for farming rabbit and fur-bearing animals protects both the operations and bottom line from risks outside management’s control. Staying insured with policies addressing common exposures ensures funds remain available to care for animals, pay employees and restart operations after insurable incidents. Farm Equipment insurance also helps safeguard major farming investments.

Frequently Asked Questions

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