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What insurance should our Australian farmers consider?
Home Insurance
Property Insurance
Farm Insurance
Crop Insurance
Liability Insurance
Income Protection Insurance
Business Interruption Insurance
Heavy Machinery Insurance
Farmers Insurance
Equine Insurance
Dairy Insurance
Agricultural Manufacturing Insurance
Australian farmers should consider several types of insurance to protect their assets and livelihood:
- Home and Contents Insurance: The home is the castle of the entire property and deserves to be protected as such. Fire, theft, storm, leaking pipes, impact damage and accidental damage are just a few coverage options available.
- Property Insurance: The farm is a valuable asset so to ensure the farm sheds and fencing are insured for full replacement value to avoid underinsurance is important.
- Crop insurance: This type of insurance provides coverage for crops against fire and hail damage.
- Livestock insurance: Provides coverage for livestock against events such as fire, theft, and impact damage.
- Machinery and equipment insurance: Allows the farm machinery and equipment to be protected against events such as theft, fire, impact and accidental damage.
- Public liability insurance: Provides protection against claims from third parties for bodily injury or property damage caused by the farmer's operations.
- Business interruption insurance: This policy option can provide coverage for loss of income due to events such as fire, Storm and farm continuation expenses.
- Income protection insurance: Providing protection for lost income in the event that the farmer is unable to work due to an accident or illness.
It is important for farmers to consider their specific needs and risks when selecting their preferred insurance coverage.
We’ve seen many disasters occur over the last 5 years which has resulted in many changes throughout the insurance industry so it remains important to continually review your farm insurance throughout the year.
All farmers are strongly encouraged to begin their own insurance review six-twelve weeks before it falls due.
Remember to be aware of what is covered in your Farm Insurance and what may be excluded from your policy. What you believe to be covered, may in fact, not be covered at all.
A Qualified Practicing Insurance Broker can provide guidance and advice on the types of insurance coverage that are best suited for a farmer's specific circumstances.
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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Abbie Wilson, National Insurance Brokers, ABN 22165146789, AFSL 233750
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