What is Farm Insurance?
If you work in the agricultural sector you might find that a niche product such as farm, crop and livestock insurance is going to be best suited to what you need.
Farm, crop and livestock insurance usually involves a package of different insurance types tailored to cover farm businesses and primary producers for a range of events.
Farm Insurance usually comes as a package policy combining a specific group of covers which can include the following:
- Home and contents: This covers loss and/or damage to the farm owner’s house/homestead building and contents.
- Farm motor: Similar to a motor vehicle insurance, but covers additional risks that you might be exposed to if you work on a farm
- Farm machinery: Covers machinery such as tractors, harvester and associated equipment that are used in farming. You might lease your farm machinery, in which case insurance is a mandatory part of the lease agreement.
- Farm Liability: This is a specialized product and you should make sure you choose an insurance company that understands the additional risks involved in your farm business, to ensure your cover is sufficient.
- Livestock, fencing and hay insurance: Will protect your farm animals and produce from accidental injury, theft, damage, severe weather events and other mishaps, depending on the policy’s exclusions
- Farm loss of income and business interruption insurance: Compensation if accidental damage, theft or injury and occasionally severe weather events prevent you from earning an income through your usual business activities.