The importance of farm insurance

Insurance is something of a contentious issue at the moment, particularly in regards to the current economic crisis which is causing many of us to cut back on cover we do not consider essential.

However, with an increase in thefts and burglaries in rural areas of the UK, farm insurance is becoming more of a necessity – and companies are highlighting the customizable nature of their cover in a sector where each customer has different priorities.

Public Liability Cover
Despite the specific individual needs of each farmer and their business, public liability cover is often considered a certainty when it comes to taking out insurance for a working farm or farmland. The reason for this is simply because if anything should go wrong (i.e. damage, injury or worse) involving a member of the public, without insurance your business will be at risk.

Cover of Employees and Yourself
When it comes to insuring yourself and those who work for you, the law does not state that you must have cover for yourself or a member of your family. However, employers’ liability cover and personal accident cover are there to give you piece of mind should an accident happen that is your responsibility. Should you or an employee be unable to work because of an accident, then benefits will be paid should a claim be made.

Property Cover
Insuring your property against theft and damage is where farm insurance starts to become more tailored to your specific priorities, and the term “property” can mean anything from buildings, to machinery and vehicles, and animals (see below). With property insurance it is very much up to you to decide on which of your buildings (this can include your farmhouse outbuildings, barns) etc to cover, the type of cover you might need and excess levels.

Livestock Cover
Livestock (though I should specify that deadstock can also be covered by property insurance) is again a very customizable insurance sector and it depends on how much you want to spend and what type of cover you feel is most important. Consequently, livestock cover is very diverse, and you can be specific in what you want to cover your animals for, including: fire, lightning, injury, death, straying, and disease. More specialist types of livestock cover, i.e. bull insurance or horse insurance can cover other aspects such as infertility and theft of saddlery respectively.