Managing Farm Risk: The Importance of Quality Insurance

Managing Farm Risk: The Importance of Quality Insurance

The current drought in Australia is hurting many farming communities. Reuters reports that NSW has been hardest hit, due to a combination of record low rainfall and above average temperatures. 

The drought highlights why you need to have quality insurance cover for your farm business. As well as general business insurance and vehicle and equipment cover, you may need other types such as crop insurance and weather insurance. 

Crop insurance provides cover for an agreed value of your crops as well as for harvested seeds and crop damage from chemical spraying. 

Weather insurance is especially important considering current conditions. Australia has some of the most unpredictable weather patterns on the planet, which can have a serious impact on crop yields and livestock. 

Weather insurance can provide financial protection in case of unpredictable weather events and for the costs associated with business interruption. 

Without tailored insurance cover for your farm business, you risk losing everything in an adverse event such as drought. To find out more about insurance cover for farms, speak to your local Reliance Partner.

https://www.reuters.com/article/us-australia-drought-impact-graphic/farming-impact-of-australias-worst-drought-in-living-memory-idUSKBN1KR060