Owning a farm is a huge undertaking that encompasses both your professional and private life. With this come risks not only to your business and income but your assets such as your home. In order to protect your farm from both expected and unexpected circumstances invest in an farm specific insurance plan that understand your livelihood and needs. Popular farm insurance options include home and contents, farm property, farm liability, fire and defined events.
Home and contents insurance protects your home and valuables from damage due to natural disaster, theft or even accidents because your farm is more than just your business, it’s also your home. Farm property insurance covers any aspects of your rural property that are related to your business such as fire prevention or extinguishment, employee belongings as well as replanting flora such as trees. Farm liability provides your farm cover against any physical injuries that occur on your property, financially compensating medical or hospital bills. Fire and defined events provides financial protection for loss or damage of business tools, equipment, stock or building in the event of a fire, lightning, explosion, earthquake, impact from falling trees, malicious damage or even storm damage.
Your farm is your home and your business and it deserves as much financial and legal protection as possible to secure all aspects of your lifestyle. With a farm insurance plan, risks can be minimised, keeping your business and home safe.
The nature of agriculture is often high-risk as there are circumstances, such as weather and environmental factors that cannot be controlled. In instances where these situations do occur, crops are heavily impacted if not completely destroyed. Investment in an industry specific insurance plan is the best way to protect your income and business. Crop insurance, cotton insurance and sugarcane insurance are the most common options, each specific to the different needs of the product.
Crop insurance covers product such as wheat from risks such as hail, fire, chemical overspray, livestock induced damage and rainfall risks. Rainfall risk is particularly important for rural Australia due to the long history of dry, arid droughts, which have severely impacted agriculture in the past. Cotton crops have unique risks and therefore require a unique insurance cover, risks that are financially protected include hail, fire, leaf and colour downgrade due to rainfall after boll opening, re-establishment costs of plants and fire mitigation. Risks that are particularly associated with sugarcane that are covered by sugarcane insurance include fire, transit and hail.
Don’t risk your business, income and livelihood to elements outside of your control. Protect your agriculture with crop insurance to minimise unnecessary risks.