In order to mitigate risks and ensure a safety net, farmers need to ensure they have appropriate insurances in place to protect their farm, their business and their families.

There are a broad range of insurances which should be considered by farmers, each of which serve different purposes.  Farm insurance brokers are best placed to assist farmers to determine what type of insurances are required for your personal circumstances.  Often insurers will have specific packages available to farmers which cover a broad range of circumstances based on the size and nature of your farming business.

Some of the most common types of insurances which farmers should consider:

1. home and contents insurance – to cover loss, damage or theft which might occur in relation to the farmers home or contents;

2. farm machinery insurance – which covers theft or breakdown;

3. farm liability insurance – which provides cover for the unique risks that are associated with farming business operations;

4. livestock, fencing and hay insurance – this insurance will protect animals and produce in the event of theft, damage, accidental injury, weather and other mishaps;

5. workers compensation insurance – to protect farm employees; and

6. public liability insurance – which covers injuries or damage to property of third parties.

In addition to thinking about your own insurances, you should look at any contracts or agreements you are seeking to enter into to check that the agreement provides for the appropriate insurances to be taken out by the relevant party.

As part of any contract or agreement review we undertake for our clients we review the relevant insurance provisions to confirm that you will be adequately protected in the event something goes wrong.

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