Just as city folk secure their house and possessions with home and contents insurance, farmers should take into account insurance for their farm. If you’re in the agriculture industry, rural insurance is imperative to keep your livelihood – and livestock, if you have it – protected should disaster strike. Here we outline how to make the most of rural insurance and to get it up and running so you’re covered for virtually everything to do with your farm.
Collate your insurance requirements
Before consulting your broker, take a moment to brainstorm everything about your farm and what makes it run. Jot down tangible things like the value of the land and property, value of the house/homestead and all of its contents, as well as other structures like sheds and barns. Also include the machinery and tools you use, as well as livestock numbers and what your crops are doing. Then think about the non-tangible things like workers’ compensation for employees and annual figures the farm brings in. There is a lot to consider, so it’s good to be prepared when you see your broker, to ensure no stone is left unturned. It could also pay to think about what your farm is at risk of, depending on weather, location, flooding, fire, earthquake or other disaster. Most of the time, a broker will be able to come to visit your farm and help you make an assessment for your insurance needs.
Consider the different products
Insurance for farmers is so diverse as there are many aspects to the operation of a farm, as well as the personal element should the family home reside there also. Therefore there is an equally diverse range of rural insurance products available, such as Farm Machinery Insurance, Motor Vehicle Insurance, Business Interruption Insurance, Workers Compensation, Crop Insurance, Livestock Insurance and much, much more. Think about what is applicable to your farm’s situation so you know exactly what to disclose to your broker.
Get a good broker
If you’re insuring your farm, it’s imperative to find a good broker who will cover all bases and recommend the right cover for your specific situation, as no farm is ever the same. As you can see from the above, there are many rural insurance products which should be considered, as well as many possible risks associated with farming, meaning that should disaster strike, you could lose your business, face financial losses, end up filing for bankruptcy, or accrue debt. Finding the right rural insurance broker in Perth, whether your farm is in the greater Perth region or elsewhere in WA, may be a great move in ensuring longevity and overall success of your farm.
To help ensure you have the right rural insurance for farmers, call Elliott Insurance Brokers today on 1300 635 315 and speak to one of our experienced brokers in Perth.
