What is Farm Insurance?

What is Farm Insurance?

Whether your farming business is a working farm or a large commercial enterprise, you need a specialised and tailored Farm Insurance policy to cover your home assets (if you live on the property) and your business farming assets.


Depending on what sort of farming activities you undertake, you can often package up all your required covers into one Farm Insurance policy, which can save you time and money in the long run.

What is covered under a Farm Insurance policy?

Policies are structured in sections, to ensure your home (or domestic) property is covered, along with farm property and infrastructure (including fencing and hay), to farm and business liability, cover for livestock, farm machinery and farm motor, as well as theft, machinery breakdown and loss of income due to property damage.

Farm Insurance can also include personal accident and illness cover, cover for working dogs, workers compensation if you have employees, as well as goods in transit cover.

There are a number of insurers in the market offering Farm Insurance so there are plenty of options available to tailor to your needs.

How much is it?

It really depends on a number of factors, however it boils down mostly to what type of farming you do and your turnover, and the value of your assets that are being insured under the policy.

There is a general view that you can budget for approximately 10% of the insured assets as a typical premium, however it’s better to work through your needs and tailor a package to suit both your exposures and your price expectations.

Can I include my crop insurance in the Farm Policy?

There isn’t currently much option for this, however most insurers who offer a Farm Policy, also offer Crop Insurance, so synergies and savings can be found by placing both policies with the same insurer.

That said, each insurer offers different rates for each type of crop and some specialise only in Crop Insurance making them experts, so it pays to have a broker on your side who understands what sort of farming you do and which insurer is best placed to cover your crop.

There are lots of different considerations when it comes to insuring your farming business. Having a broker who understands your operation and the challenges you face, means you can have complete confidence that you, your property and your business are properly protected.

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