Does the size of your farm matter?

Whether your farm is small, medium or large, a comprehensive farm insurance policy could help you manage the risks that are universal to those in your field of work.

However, the size of your property can render some sections of a farm insurance policy more important than others, says Richard Falconer of Elders Insurance Bendigo.

He says the Elders Insurance farm policy includes 15 sections, which cover a wide range of potential risk areas.

These include home and contents, private motor vehicles, boat, personal accident and illness, farm property, and business interruption insurance - to name just a few.

You may require cover under some or all of these sections, depending on the type of farm you own and are operating.

For instance, Mr Falconer says, a hobby farmer may only need their home and contents covered, with a little bit of fencing cover thrown in, and public liability cover to boot.

A broader, operational farm, on the other hand, might need cover for their sheds and machinery or theft cover added to their policy.

"The size of the property does have a bearing on what you might require," says Mr Falconer.

"Not the type of policy, but just the type of cover within that policy that you need."

Because Elders Insurance has local businesses set up all over the country, agents such as Mr Falconer can come out and see for themselves whether you're running a small, medium or large farm.

This will help them determine what kind of cover you might need in a way that discussing your insurance options over the phone would not allow.

"That's what clients appreciate, that sort of 'on the farm' service," reveals Mr Falconer.

He said smaller operators often don't know what they need when it comes to farm insurance, or what they can get covered for.

If you would like to find out more, get in touch with Richard Falconer and the team at Elders Insurance Bendigo.