Farming and Agriculture Insurance
Kiwi farmers are a tough breed. Facing extreme weather conditions and selling goods to an international and competitive markets make farming a tough gig. So it’s comforting to know that it’s possible to get insurance coverage for most eventualities. The trick is finding the right cover for your farm, that fits within your budget. From the largest arable farms to the smallest dairy farms, a NZbrokers member can help get you covered.
Rural insurance broker
From a prize stud bull to a flourishing crop, and from that shiny new tractor to the dusty combine harvester, your farm inventory and equipment is crucial to your ability to make money. As well as protecting your assets, you need insurance to cover you for the many risks involved in farming. Managing risk is important. Insuring your whole farm is essential.
To get the right coverage, you need to talk to the experts in insurance. And you need to talk to someone in your community who speaks your language and understands the unique pressures and risks you face as a farmer in New Zealand.
NZbrokers is a network of independent brokers with extensive experience in rural insurance, and we have a broker close to you.
NZbrokers can help you:
- find the best insurance cover for your business’s needs
- review cover from the broadest range of insurers
- understand premiums and risk management
- manage insurance claims for a better outcome.
*Talk to one of our independent brokers today to find out more. Click here to find the broker closest to you
Getting the right rural insurance
Farming is rewarding and challenging, and farmers face risks most businesses don’t ever have to consider. In fact, farming is one of the most hazardous occupations in New Zealand, with more people killed in agriculture than any other sector1.
For example, severe weather has put enormous pressure on farmers and in some parts of the country only the most resilient have been able to find ways to persevere. Weather uncertainty, combined with variable market prices and significant financial risk, create a need for farmers to be creative and innovative in how they manage risk.
Most farmers deal with extreme weather, vegetable farmers struggle with more frequent crop-loss events and dairy farmers must adapt to achieve adequate profits in competitive international trading markets.
That’s before considering additional risks like fire, theft, equipment damage, injury, or illness. With most farms relying heavily on just a handful of people, often family members, the risk of something going wrong creates a significant burden on the business.
Farmers tend to be successful risk managers. And insurance is a key part of risk management. Finding the right insurance amongst the plethora of providers is the hard part. That’s why it makes sense to ask an insurance expert to do the research for you.
There are four key things farmers should insure:
| 1 | Home and contents | While the farm is a business, it’s often also a residence. It’s essential to ensure the home is covered. |
| 2 | Assets and equipment | Farms are often asset-intensive businesses with resources ranging from machinery and chemicals to seed and livestock. Protecting these assets and keeping them at their best is crucial to avoid significant losses. |
| 3 | Liability | Farms are inherently risky places to work. Farmers must be protected in case of farm-related injuries, especially if this means the farmer can’t work for a period. |
| 4 | Key person insurance | When a business depends heavily on one person to continue operating, as farms often do, it can make sense to take out a life insurance policy on that person with the business (the farm) as the key beneficiary. |
Choosing the right rural insurance for your needs depends on a broad variety of factors. Working with a rural insurance broker like a member of NZbrokers means you don’t have to spend time and resources investigating all the options and hoping you don’t miss something. Your broker will be able to find the right policy for you and you may even end up paying less than you think for your preferred policy.
Contact one of our independent brokers today to find out more.