Farming is not just about planting seeds or caring for livestock. It’s about battling unpredictable weather, early mornings and late nights and hoping for a good harvest. Among these challenges, one thing becomes clear: having the right insurance policies in place to protect you, your family and your farm.
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Why Do Australian Farmers Need Insurance?
Farming is known to be a high-risk industry. Work-related injuries, unstable market prices, inconsistent weather and damage to property & machinery are just the tip of the iceberg. Being rightly insured shouldn’t be a question for Australian farmers but a necessity. It’s your safety net against uncontrollable events that could cause damage (both physical and financial) to your farm.
Types of Insurance for Agribusinesses in Australia
While crop and livestock might be the first thing that comes to mind, there are other premiums you should be considering.
Crop and Livestock Insurance
Your crops and animals are what keeps your farm running. Crop insurance is complex but generally a policy insures a farm against damage to crops caused by fire and hail. On the livestock side, your policy protects livestock against death caused by fire, lightning, impact or other defined events.
Workers Compensation
Running a farm means having hands on deck. If someone working for you gets hurt, this insurance helps cover their medical bills and any lost wages. Whether they’re in the office or out in the fields, you want to make sure they’re looked after and your business is protected.
Many Farmers engage contractors, and under certain circumstances these contractors will also be considered as your direct employees. Your insurance broker can provide guidance as to when various contractors will need to be included under your workers compensation cover.
Home and Contents
If you live on your farm, this insurance is important for you. It’s about protecting your home and everything inside.
Property Insurance
Your farm has buildings that matter – like barns and storage sheds. This insurance helps if something bad happens to them, like a fire or damage from a big storm.
Inland Marine
Also called Marine Transit cover, this insurance is about cover for your livestock, products and other items in transit from your farm. Whether it’s machinery or smaller tools, this ensures they’re covered during transit.
Environmental Impairment Liability
Farming today means thinking about the environment. This insurance helps if there are concerns about pollution or chemicals from your farm affecting the surroundings.
Farm Machinery
Your machines help get the job done. If they are damaged, this insurance helps cover the costs of repair so you can get back to work faster.
Farm Business Interruption
Sometimes things happen that stop your farm from running smoothly. If you can’t work because of unexpected events, this insurance helps make up for that lost income.
How Much Does It Cost to Insure an Agribusiness in Australia?
The most common question our insurance brokers get when it comes to insurance for the agricultural industry is about the cost. The answer is, the cost varies depending on the size of the farm, the type of crops or livestock, the machinery you own and other variables. Speak to our insurance brokers to find out which premiums are needed for your business, how much they cost and what payment plan options are available.
Facing an off-season and cash flow’s more of a trickle than a stream? Don’t stress. There are premium fundingoptions available that can ease the burden.
Have you reviewed your insurance policies recently?
The world of agribusiness requires you keep your policies up to date. An annual review, at a minimum, is recommended. With inflation and CPI constantly evolving, it’s crucial to ensure that your insurance remains relevant and offers adequate coverage.
Looking for an Experienced Farm Insurance Broker?
It’s important that you hope for the best but prepare for the worst. And in the world of farming, insurance is that preparation. If you’re in the farming industry or planning to set foot in it, ensure that you’re protected. And if you have any questions or need guidance, our insurance brokers are here to help. Get in touch with us today.
