What specific aspects of your farm need to be insured?

If you run a farming operation, you probably have a lot of property with real value, including both your land and the possessions on it. You'll want to have insurance for these holdings. After all, if anything goes wrong on your farm, it will be important to have financial protection that will keep your business from going bust.

So, what are the most important elements that need to be protected by these insurance policies? It's important to tackle this question in all its breadth and depth. Insuring your farm isn't just about having protection for one crop, or one piece of machinery - it's about everything.

Safety and security are top priorities in farming

To understand why you have such a clear need for farm insurance, it's important first to look at your overall objectives in the farming industry. According to SafeWork NSW, the top priority should be to keep yourself and your property safe. Everything else should be predicated on this. If you don't have your safety, you effectively have nothing - it's impossible to plant crops, harvest them or do anything else that makes your business money.

Unfortunately, farms can be dangerous places, as the risks around you include breakdowns with machinery, trouble with livestock or accidents involving children. Once you know the perils of the job, you can start to look more closely at what elements need to be protected by farm insurance.

Knowing what to insure on your farm

So what sort of farm insurance do you need? That can be a tricky question, as the answer depends on what sorts of farm liability issues you might have.

Know when your farming equipment is at risk for breaking down.

Understand Insurance notes that farmers today tend to seek all sorts of business insurance policies. Some get coverage for their equipment, if they're worried it might break down, or their livestock, if they fear illnesses or other issues with animals on their farms. You might want to defend against lost income, interrupted business or even liability. It depends on the specific concerns you have about your farm.

Looking out for potential adverse events

As you start digging into the specific Australian farm insurance policy details, it helps to have a capable business partner by your side. At Elders Insurance, we are happy to be that partner, getting to the bottom of whatever questions you might have.

Do you need business interruption insurance? What about farm liability insurance? Work with us, and we can help you assess what events and damages you could be up against, and how to defend against them.