Protecting your farm with the right type of insurance

• Home building and contents: You can protect your farm's home building and domestic contents from a range of events, including damage due to fire, lightning, storm, or burglary. Optional coverage for accidental damage may also be available for an extra fee.
  
  
• Farm property (buildings, fences, silos, etc.): This insurance policy provides coverage for accidental loss or damage to buildings, fencing, fixed plant and equipment, tanks, silos, as well as stockyards and any hay or grain in storage. Additionally, some policies will extend coverage for an extra premium for a breakdown of refrigeration units, machinery, wind turbines, motors, and pumps if they were to break down. The policy will cover the cost of repair or even replacement if repair is not possible. 
  
  
• Mobile farm machinery: Will provide coverage for unregistered mobile farming machinery like tractors, sprayers and trailers. Furthermore, it will cover accidental damage, fire, or theft. Regarding registered mobile machines, coverage is typically included under the ‘Motor Vehicle’ section. 
  
  
• Motor Vehicle (trucks, utes, and sudans): Covers a range of registered or conditionally registered vehicles, which includes utes, motorbikes, sedans, harvesters, and tractors, with an option for either comprehensive or third-party property insurance. Comprehensive will allow for the repair or replacement of the vehicle if stolen or damaged in an accident. Additionally, both comprehensive and third-party property insurance covers damage to others' property. ATVs and quad bikes are also included. 
  
  
• Theft of farm property: Loss caused by theft of farm property, including contents, plant and equipment, and livestock, can be covered with this policy. 
  
  
• Local transit: Provides cover for loss or damage to farm goods and livestock whilst being moved short distances in trucks or other vehicles. 
  
  
• Public and product liability: This insurance policy offers cover of legal liability to others for personal injury and property damage, including legal defence costs related to the farm’s operations. An example is public liability to people visiting your property or work undertaken on your property. Furthermore, it covers your legal liability to others that may arise from your farming activities. Finally, if you grow and sell produce or livestock, this policy will cover your product liability. 
  
  
• Personal Accident: Will allow coverage for individuals in the event of accidental injury or death, providing specified amounts of compensation. This type of insurance typically can also cover medical expenses, lost income, and other costs associated with an accident. The coverage and benefits can be customised to meet the specific needs of the individual.

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• Home building and contents: You can protect your farm's home building and domestic contents from a range of events, including damage due to fire, lightning, storm, or burglary. Optional coverage for accidental damage may also be available for an extra fee.
  
  
• Farm property (buildings, fences, silos, etc.): This insurance policy provides coverage for accidental loss or damage to buildings, fencing, fixed plant and equipment, tanks, silos, as well as stockyards and any hay or grain in storage. Additionally, some policies will extend coverage for an extra premium for a breakdown of refrigeration units, machinery, wind turbines, motors, and pumps if they were to break down. The policy will cover the cost of repair or even replacement if repair is not possible. 
  
  
• Mobile farm machinery: Will provide coverage for unregistered mobile farming machinery like tractors, sprayers and trailers. Furthermore, it will cover accidental damage, fire, or theft. Regarding registered mobile machines, coverage is typically included under the ‘Motor Vehicle’ section. 
  
  
• Motor Vehicle (trucks, utes, and sudans): Covers a range of registered or conditionally registered vehicles, which includes utes, motorbikes, sedans, harvesters, and tractors, with an option for either comprehensive or third-party property insurance. Comprehensive will allow for the repair or replacement of the vehicle if stolen or damaged in an accident. Additionally, both comprehensive and third-party property insurance covers damage to others' property. ATVs and quad bikes are also included. 
  
  
• Theft of farm property: Loss caused by theft of farm property, including contents, plant and equipment, and livestock, can be covered with this policy. 
  
  
• Local transit: Provides cover for loss or damage to farm goods and livestock whilst being moved short distances in trucks or other vehicles. 
  
  
• Public and product liability: This insurance policy offers cover of legal liability to others for personal injury and property damage, including legal defence costs related to the farm’s operations. An example is public liability to people visiting your property or work undertaken on your property. Furthermore, it covers your legal liability to others that may arise from your farming activities. Finally, if you grow and sell produce or livestock, this policy will cover your product liability. 
  
  
• Personal Accident: Will allow coverage for individuals in the event of accidental injury or death, providing specified amounts of compensation. This type of insurance typically can also cover medical expenses, lost income, and other costs associated with an accident. The coverage and benefits can be customised to meet the specific needs of the individual.

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• Livestock: This insurance policy covers livestock, such as horses, sheep, or cattle, up to an agreed sum, against specified perils of fire, storm, or lightning which can cause injury or death to the livestock. There is specialist insurance coverage that can be purchased separately to cover bloodstock or high-value stock. 

• Crops: Covers the financial loss due to fire, hail, rain, or frost damaging crops. Protection for loss of farm revenue may also be available at an additional premium, which would be dependent on the type of crop. 
  
  
• Cyber Risks: Provides cover for losses resulting from cyberattacks, data breaches, and other types of cyber threats. This typically includes the costs to locate and remove malware, loss of profits, and hiring of experts to restore business operations. 
  
  
• Management Liability: This insurance policy covers the directors, officers, and senior managers, as well as the company, against actions or decisions of the farm’s management team, such as breach of employment and WH&S. The policy pays for legal defence costs and court-awarded damages. Additionally, optional coverage for crime or fidelity guarantee against employee or contractor theft or fraud can be purchased for an extra premium. 

This article originally appeared on Insurance Advisernet News and has been published here with permission.