Farm & Rural Insurances - Overview
Read this guide to assist you in assessing your insurance requirements.
Click here for Quotes and Checklist of the Most Common Types of insurance for Farms
Owning and running a farm is not easy. You’ve invested time, effort and usually a great deal of money to make it successful. The last thing you need is to lose it all because it wasn’t insured or risk management was inadequate . To help protect your farm against unforeseen losses our insurers offer farm insurance packaged policies designed for small to medium farming businesses
Farm Insurance Package is one of the most comprehensive and cost effective ways to cover most of the risks your farm faces today With many essential covers in one package it makes good business sense to consider them details of these covers are as follows:
Property Damage or Fire and Perils Insurance
Covers your Domestic and farm buildings, contents, machinery, fencing hay and livestock against the risks of fire, storm and tempest, impact, malicious damage, including automatic accidental damage cover. The policy also provides full replacement cover.
Business Interruption Insurance
If your business activities are interrupted as a result of loss or damage to property, cover is available to protect the income you would otherwise lose during the time your business is not operating.
Farm Machinery Insurance
Covers your farm machinery ,usually of a mobile nature , against the risks of fire, storm and tempest, impact, malicious damage and theft.
Theft and Burglary Insurance
Every business person needs to feel physically secure. You’re protected against loss or damage to your property caused by visible forcible and violent entry to your premises, persons hiding on your property, and persons who threaten or actually stop to using violence
Public and or Product and Personal Liability Insurance
Covers the cost of compensation in respect of Personal Injury or Property Damage and includes legal fees which may be incurred as a result of the business or family member being held legally liable. The policy covers both public and products liability.
Machinery Breakdown & Spoilage of Stock Insurance
Covers your machinery, mechanical and electronic equipment against unforeseen and sudden physical damage. You can also cover against deterioration of stock as a result of unforeseen breakdown. If your business income depends on operating equipment, this cover option is vital.
OTHER NON PACKAGED INSURANCES RELEVANT TO FARM BUSINESSES
Workers Compensation Insurance
All employees injured by accident or industrial diseases arising out of, or in the course of their employment are legally entitled to compensation under the various Workers’ Compensation statutes. The Acts in each State and Territory require employers in Australia to maintain compulsory “no fault” insurance to cover their legal liability.
Transit Insurance
Covers property and goods in transit between locations , uusally within Australia but coverage can be arranged for export if required.
Tax Audit Insurance
Covers professional fees charged by an accountant in connection with a Taxation Office audit, including costs in obtaining expert advice.
Motor Vehicle Insurance
This can take several forms as follows:
Comprehensive, ie own damage and third party property damage.
Third Party Property Damage plus Fire and Theft.
Third Party Property Damage only.
Compulsory Third Party "Act" cover. This is compulsory insurance in all States of Australia and applies to Third Party Injury or Death sustained in an accident involving a registered motor vehicle.
Personal Accident & Illness Insurance
Can provide weekly and lump sum benefits for accidental death or injury to a specified person or persons. Protection is also available to cover illness.
Click here for Quotes and Checklist of the Most Common Types of insurance for Farms