What does farm insurance cover?

cows standing in a field, silhouetted against the sky

Running and managing a farm, lifestyle property or horticultural business is challenging and comes with many risks.

From adverse weather events like fires, droughts and floods, to fluctuations in global and local market prices, damage to equipment, injury or theft, ensuring you have farm insurance cover is critical to safeguarding your business now and for the future.

Running and managing a farm, lifestyle property or horticultural business is challenging and comes with many risks.

From adverse weather events like fires, droughts and floods, to fluctuations in global and local market prices, damage to equipment, injury or theft, ensuring you have farm insurance cover is critical to safeguarding your business now and for the future.

What farm insurance do you need?

Knowing what farm insurance you need to protect your business assets and your ability to generate an income is often a daunting and time consuming process. As any farmer or grower knows, running a farming or horticultural operation requires long hours and comes with significant stresses.

Trying to navigate the insurance landscape on your own can add to the daily pressures and take up precious time better spent out on the farm getting on with the job and doing what you know best.

How does farm insurance assist with risk management?

As there are many variables to consider as part of your farm risk management plan, seeking expert advice from an independent insurance broker with in-depth knowledge of the rural insurance sector can be invaluable.

As experts in farm insurance, they can help you understand and tailor an insurance plan that covers your farming and livestock assets (animals, farm supplies, buildings, vehicles, machinery and equipment), farm liabilities (Health and Safety breaches or accidents), and income protection should you be unable to work due to sickness or an injury.

What are the benefits of using an independent insurance broker?

With access to a broad range of farm insurance providers, your local independent insurance broker will be able to review a variety of cover options and find the best insurance policy for your rural business.

They can assist you with understanding your premiums and managing any future insurance claims on your behalf. Additionally, they partner with you for the long term to ensure you are up-to-date with any policy renewals and that they are aware of any changes to your circumstances that may effect your rural insurance requirements.

What types of farm insurance policies are available?

There are a wide range of farm insurance packages that can be bundled to meet your specific rural insurance needs and budget. Your insurance broker will be able to talk you through your options and advise what protection you need to ensure your entire business is covered.

For example, they will assess your overall farming operation to understand the markets you operate in, the scale and investment you’ve made in machinery, livestock, land and buildings and your current and future financial commitments and income requirements. They will also factor in the potential risk your farming operation may face from unforseen weather or natural disaster events.

What are the benefits of a customised rural insurance plan?

A key benefit of customising your rural insurance cover is that you’ll only pay for what you need. Depending on where your main investments reside, you can add additional options to your plan. For example, to cover high value equine or bovine animals, interruption of farming practices like damage to crucial milking machinery, or lost income from a natural disaster like a bush fire or earthquake.

With the multitude of assets and equipment used and relied upon in the rural sector, and the many risks posed by unforseen events and circumstances out of your control, making sure you have full protection cover will provide the peace of mind to know that your farm and future income is protected.

To find out more about how an independent rural insurance broker can assist you, contact your local broker today.