Everything You Need to Know About Farm Insurance

Everything You Need to Know About Farm Insurance

Everything You Need to Know About Farm Insurance

Did you know that there are approximately 85,681 farm businesses in Australia, most of which are owned and operated by families? 

This number is astounding yet understandable, due to the amount of vast open farming plains that Australia has to offer and the amount of mouths that there are to feed. 

With this statistic it is obvious that it’s about time we discussed Farm Insurance. If you’re a farmer then it is important that you protect yourself and your business. To help we’ve compiled a list of the top things you need to know about Farm Insurance in Australia.

What is Farm Insurance?

Farm Insurance can help protect your farm and your family during any large or small scale incidents that occur on the farm. Many issues can cost you dearly in time and money if you’re not protected, and it can be difficult to bounce back. 

Therefore, if you’re a large-scale crop grower, livestock producer or if you have a family or hobby farm of any size you should invest in this insurance.

What Does it Cover?

Your policy can be tailored to suit your needs. It can help cover the costs associated with many incidents that your farm or family may be subject to, including during bushfires, machinery breakdowns, personal and guest illness or injuries that happen while on the farm property.

Home Property

This insurance will cover your domestic property and belongings from all defined events and accidental damage. 

This can cover everything from buildings, contents, personal effects, legal liability and domestic workers compensation cover.

Farm Property

Much like home property, this insurance can protect you from damages caused to your farm property. This can include all physical loss and damage that is caused to your farm buildings or equipment by your defined events or as a result of accidental damage.

Public & Products Liability

In farming, you are likely to have a range of third parties who you are liable for, as well as this if you’re shipping out produce then your risk is heightened in this area as you are liable for all products that you sell.

Having liability insurance included in your plan will ensure you are protected from any claims by third parties for personal injury, property damage, and legal costs that are connected to your farming business.

Accident & Sickness Cover

Everyone gets sick every now and then, and injuries are bound to occur in your line of work. But if you don’t have anyone to cover for you while you’re recovering it can make it hard to stay afloat. 

Save yourself the extra stress by investing in Farm Insurance. It will ensure that you receive regular payments so you can keep your business running smoothly while you take the necessary time to recover. 

Livestock

If your livestock are the heart of your business then losing them, especially unexpectedly, can be stressful not just emotionally but also financially. To help make any losses slightly less painful you can ensure your cover includes livestock insurance covering the death or loss of your livestock due to specified events.

Machinery Breakdown

Similar to motor vehicle insurance, your Farm Insurance cover can be tailored to protect you from any financial losses incurred by machinery breakdowns.

We know farmers rely heavily on their machinery to get things done efficiently and properly around the farm and when things go wrong it can cause a lot of stress. 

That’s why it’s important to invest in insurance that will ensure you’re protected from farm machinery damages including damage to electrical and mechanical machinery, boilers and pressure vessels, and any damage caused by these breakdowns. 

To start the process of better protecting your farm business you can visit our website or contact us to request a quote. 

Credit:

Australian Farmers – https://farmers.org.au/farm-facts/#:~:text=There%20are%20approximately%2085%2C681%20farm,of%20food%20consumed%20in%20Australia. 

How Beneficial is it to Have Motor Insurance

How Beneficial is it to Have Motor Insurance

Are you an Australian who drives a motor vehicle? 

With 20.1 million registered motor vehicles in Australia as of the beginning of 2021 it is highly likely that your answer is “yes”. If you own a car then you likely already have at least a minimal understanding of the necessity of car insurance. 

But do you really know how beneficial motor insurance is and how it can protect your wallet if you need to repair or replace your car due to damage or theft? We’ve compiled the following guide to help you understand these benefits.

What is Motor Insurance

Firstly, let’s start with the most simple facts: and take a broad look at what it is.

Motor insurance covers your vehicle against cases of accidental damage or theft. It also protects you from costs associated with repairing or replacing another person’s vehicle if you are involved in an accident where you are at fault. 

Accidental Damage

Accidents can happen at any time and are usually completely unexpected, yet can leave us heartbroken and in debt. To prevent a little of this pain you can ensure your vehicle is insured and your wallet is protected.

With comprehensive insurance you can ensure any damages are repaired by repairers of your choosing or one from our books, either way you will receive a repair guarantee on all materials and workmanship during the authorised repairs. 

With this cover you can also opt to include an excess free windscreen claim every year. So, you don’t have to deal with looking through old chips or scratches. 

If your car is written off within three years and has less than 60,000 kilometres during an accident or natural disaster then your insurance company will help cover the replacement of the same make and model of your vehicle.

With this cover you only have to worry about paying your agreed upon excess amount, which in most situations is much less than the cost of all the required repairs. 

If You’re at Fault

We know you’re probably a great driver so you may think you don’t have to worry about protecting yourself against the unlikely situation of you causing an accident. But, all it takes is one tiny distraction and you could end up in debt, trying to pay for someone else’s car as well as your own.

To avoid this situation, no matter how unlikely you may think it is, it’s important to protect yourself with third party insurance. Having third party property damage (TPPD) insurance will ensure that in the case that you are at fault for the damage or write off someone else’s car, the costs will be covered. 

This however does not cover any damages incurred to your car during the accident. So, you would only rely on this cover alone if you have a low-value vehicle, and are mainly concerned about any costs incurred for the damage your car could do to someone else’s more valuable vehicle or other property.

To ensure you are completely protected and not left with a mountain of debt after an accident, it is beneficial to have comprehensive cover. A comprehensive insurance policy will also help you pay for any damage that your car sustains during an accident even if you are at fault.

Theft

Now onto a risk that has nothing to do with you and your driving abilities. 

Hopefully, you will never have to experience this heartbreak of your car being stolen. However, with over 15,805 thefts in 2021 it’s an unfortunate risk that you need to protect yourself against.

With comprehensive motor insurance your insurance company will pay you an agreed price or the equivalent of your car’s market value so you can afford to replace your stolen vehicle. 

If you opt for this cover you can also be granted a rental car for up to 14 days so that you are not left stranded while you are searching for a new car. 

In the case that your keys are stolen but not the car or the car is recovered in working condition, your insurance policy covers the cost of rekeying and re-coding your car to ensure it is secure. 

Final Notes

One tip we want to mention is that you can only reap the benefits of auto insurance if you follow the rules. While each policy is different and can be tailored to your needs, there are a few things that you need to remember.

There are a few reasons that you may not be covered after being involved in an accident, including if you or the person driving your car is unlicensed, under the influence of drugs or alcohol, and if your car is being used in a sport or time trial. 

If you and everyone you let drive your car is responsible then you will be covered and have peace of mind that you will not be left out of pocket if your car is damaged or stolen. 

To learn more about our motor insurance policies and how we can help you, you can visit our website or contact us to schedule a quote. 

Credits:

Motor Vehicle Census, Australia – https://www.abs.gov.au/statistics/industry/tourism-and-transport/motor-vehicle-census-australia/latest-release

Understand Insurance – https://understandinsurance.com.au/types-of-insurance/car-insurance#:~:text=It%20protects%20any%20person%20that,property%2C%20or%20your%20own%20vehicle 

Insurance Business Australia – https://www.insurancebusinessmag.com/au/news/breaking-news/australian-states-and-cities-with-the-most-motor-vehicle-thefts-413862.aspx#:~:text=21%20Jul%202022-,Australian%20states%20and%20cities%20with%20the%20most%20motor%20vehicle%20thefts,leading%20car%20insurers%20in%20Australia.