What is farm insurance?
Working on the land brings many rewards – but just as many risks. As a farmer, you’re vulnerable to bushfires that can destroy livestock or damage your buildings and property; machinery breakdown which can cost you time and money; personal illness or a serious accident; or even a claim from a visitor injured on your property.
That’s why farm insurance can help protect your farm and its productivity and the wellbeing of you and your family and the people that pass through your property.
Who should consider it?
Whether you’re a large scale broadacre farmer, livestock producer or a small family farm, farm insurance can help protect your farm, its produce and livestock and the people who benefit from it.
Did you know?
“The total value of principal Australian agricultural commodities (crops, livestock and livestock products) produced in Australia in 2016-17 was $39,671 million.”
Australian Bureau of Statistics, 2018
$60 billion – Australian Farm income passed $60 billion for the first time in 2016/17.
(National Agriculture Day, Food, Fibre & Forestry Facts, 2018)
In NSW alone, theft of cattle and sheep between January and October in 2017 cost farmers $2.8m and $1.4m respectively.
(The Land, ‘Thefts costs farmers millions,’ 2018)
In 2009–10, 17,400 agricultural workers become ill or were injured through work.
(Safe Work Australia, Work- related deaths and injuries on Australian Farms, 2013)
What can it cover?
Farm insurance can be tailored to cover your home and farm buildings, livestock, vehicles, equipment and more. It can also safeguard you against theft and loss of income. For example, a typical farm pack can cover:
|Type of cover
|Domestic property and belongings from defined events or accidental damage. Cover may include buildings, contents, personal effects, legal liability and/or domestic workers compensation cover.
|Physical loss or damage to farm property caused by defined events or accidental damage.
|Public and products liability
|Claims by third parties for personal injury and/or property damage and/or legal costs in connection with the farming business.
|Accident and sickness cover
|Regular payments to help keep your business running if you’re injured or fall ill.
|Death or loss of livestock due to specified events.
|Damage to electrical and mechanical machinery, boilers and pressure vessels for loss or damage caused by breakdown.
A product disclosure statement (PDS) is available from us. You should consider the PDS in deciding whether to acquire, or continue to hold, Farm insurance.
For professional advice on Farm Insurance placement solutions, please contact All Star Brokers.
Have a query?