When combining live animals, large machinery that needs to be operated by a skilled worker and old outbuildings distanced from the house; the number of potential risks are significantly increased and make farms an extremely high risk environment.
The need for separate, tailored farm insurance is essential, as although your home may sit on your farm land, standard home insurancehome insurance will not provide even half the cover that you need to protect your most import assets to keep your livelihood running, should something go wrong. Providers of this kind of specialist policy will have a deeper understanding of the managed risks your business regularly assumes and they will take into account that your farm land can also encompass a range of separate use buildings containing expensive machinery and animals.
What does it cover?
Dependent on the type of farm you are insuring, be it arable, dairy or livestock; there is a range of bespoke cover that can be customised to suit your particular needs.
Standard farm insurance typically covers these essentials:
- Livestock insurance - will ensure that should you lose any of your farm animals due to theft or death from injury, illness or breeding, you are financially protected.
- Machinery breakdown - will ensure that should any of your machinery such as tractors, combine harvesters, cultivators, milking machines or seed drills, can be repaired or replaced quickly.
- Employer's liability cover – will ensure you are protected financially and legally, should an accident happen to anyone working on your farm.
- Weather damage - as UK farming is heavily at the mercy of extreme shifts in weather; this will ensure you are financially protected in the event of lucrative and business dependent crops being damaged from droughts, floods, storms and freezes.
- Buildings and contents insurance - this type of buildings and contents insurance is specifically geared towards the outbuildings on your farm land that may contain animals or expensive machinery and protects against third party damage or theft.