Agricultural Services & Farming Business Insurance

Insurance for

Agricultural Services & Farming

Financial protection against unforeseen risks and losses associated with crop failure, property damage, liability claims, and other perils specific to the agricultural industry.

Why do

Agricultural Services & Farming Need Insurance?

Farming is a complex industry that faces numerous uncertainties, such as weather-related events, crop failure, market fluctuations, equipment damage, liability issues, and more.

Insurance provides financial protection against these risks and helps farmers and agricultural businesses recover from unexpected losses.

Cover Types for

Agricultural Services & Farming

While the insurance needs of agricultural services and farmers can vary depending on factors such as the type of operation and regional considerations, there are several types of insurance that are generally considered priorities in the agricultural sector. Here are some key types of insurance that agriculture services and farmers should prioritise:

Public Liability Insurance

Covers claims for third-party injuries or property damage that may occur on the farm or during agricultural services, protecting the business from potential lawsuits.

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Farm Insurance

Provides comprehensive coverage for farm properties, including buildings, equipment, and livestock, protecting against risks such as fire, theft, and natural disasters.

Crop Insurance

Provides coverage for losses due to crop failure from natural disasters, pests, or diseases, helping farmers mitigate financial risks.

Business Property Insurance

Business Property insurance is essential for protecting agricultural assets, including farm buildings, structures, machinery, and equipment, from various perils such as fire, theft, vandalism, or severe weather events. It helps farmers recover from property damage and minimizes financial losses.

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Business Interruption Insurance

Business interruption insurance is beneficial for farmers and agricultural businesses as it covers lost income and ongoing expenses in case of disruptions to their operations, such as crop failure, natural disasters, or disease outbreaks. It helps maintain financial stability during periods of unexpected interruptions.

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Equipment Insurance

Farm machinery and equipment are significant investments for agricultural businesses. Equipment insurance provides coverage for repair or replacement costs in case of accidents, theft, or mechanical breakdowns. It helps farmers minimise downtime. and ensure the continuity of their operations.

Workers' Compensation Insurance

If you have employees working on your farm, workers’ compensation insurance is typically required by law. It provides coverage for medical expenses and lost wages if an employee is injured on the job.

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Product Liability Insurance

Important for farms that sell produce or goods, this insurance protects against claims related to injuries or damages caused by products sold.

Scenarios where

Agricultural Services & Farmers Need Insurance

A farmer invests in cultivating a large acreage of crops, but a severe hailstorm damages the entire harvest a few weeks before the scheduled harvest date. The farmer had purchased crop insurance, which covers the loss caused by adverse weather conditions. As a result, the farmer is able to file a claim and receives compensation for the crop loss, helping to mitigate the financial impact of the event and recover from the loss.

A farmer owns a tractor that is essential for various farming operations. Unfortunately, while working in the fields, the tractor encounters a mechanical failure, causing significant damage. With equipment insurance in place, the farmer is able to submit a claim and receive funds for the repair or replacement of the damaged tractor. This enables the farmer to resume normal operations without facing a substantial financial burden.

An agricultural services provider organises a farm tour where visitors can engage with farm animals and learn about agriculture. During one of the tours, a visitor is accidentally injured by a spooked animal. The visitor decides to file a liability claim against the agricultural services provider. However, since the provider had public liability insurance, the insurance company handles the legal process and covers the visitor’s medical expenses, legal fees, and any potential settlements or judgments. This protects the agricultural services provider from significant financial liability and helps them continue their operations.

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Agricultural Services & Farmers Business Insurance

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