At a recent meeting with Mike O’Donoghue, a farm insurance advisor, I asked him a few questions about farm insurance that many West Cork farmers will find very useful.
What should farmers look for in business insurance?
What farmers really need to do before getting new farm insurance or renewing their farm insurance is to have a full farm audit that focuses on the adequacy of the amounts insured and ensures that you have adequate employee liability insurance if necessary. For all farms, you should be given clear instructions on how to cover farm and limited liability companies. Farmers should also look at the insurer’s claim payments history as you want an insurance company that is there for you when you need it.
Your farm insurer should adjust your insurance policy so that you can protect what is most valuable to you. This gives you, your family and your company security.
What are the main features of good business insurance?
You need to make sure that you have the correct policy features in place for your farm operation. You don’t want a policy where you may have too much or too little coverage for your needs. For this reason, you should look for an insurance company that can offer you a policy that is perfect for your operation.
• Fire, storm and other specified events affect buildings, agricultural machinery and equipment, milk tanks and associated equipment
• Theft of tools – maximum sum insured € 15,000
• Theft of diesel – maximum sum insured € 10,000
• Fire service fees – up to a maximum of € 15,000 for an incident
• Exhibition protection for insured property and stated in your schedule
Sometimes overlooked when looking for farm insurance, but this is one of the most important elements of coverage to consider.
• Coverage for loss of income and increased labor costs during a business interruption period
• € 25,000 additional increased costs for labor coverage once property damage has been repaired or replaced
You want to protect your family home that you live in so it is important that you have it
• Extended accidental damage coverage as standard
• Fire brigade charges as standard
• Cover the contents of the freezer
• Home content cover
Public liability and personal accident
It is important to protect yourself from personal accidents and hospitalization for serious injuries or death. If you have paid employees or family members to help from time to time, you need to seriously consider adding the following to your policy.
• Public and product liability
• Employer liability
• Personal accident insurance on the farm
Agricultural agricultural vehicle
Protecting the vehicles you use to get around your farm isn’t a given with all insurance policies, and agricultural equipment coverage is so important that in the event of theft, fire, or accidental damage, you won’t be pulled out of your pocket.
• Trailers and attachments are either exposed to extensive fire and theft by third parties or only by third parties
• Unlimited windshield coverage
Your livestock is one of your most valuable assets that you should be looking for
• Fire, storm and certain events cover
• Sheep farmers have worrisome cover available to sheep farmers for up to 28 days after the attack
• Bull / Aries impotence – accidental injury, illness, or illness that leads to impotence
• Theft of livestock
Is there anything else farmers should consider for peace of mind?
If you’ve ever been able to bring a lawsuit against you from an injured party, you can count on this coverage
• Legal protection
• Cover coverage checks for farms
• Legal and advisory advice
Mike who has over 30 years of experience In the insurance industry, the above is an example of the main types of coverage that should be provided as part of a farm operational protection plan.
When looking for the best farm insurance policy, you want to make sure that you are getting the simplest coverage at the right price that is specific to your farm. This is where you can get the help of a trusted company and a farm insurance agent can help and advise you.
Tom Barry QFA RPA FLIA is a Financial Advisor at FDC in Skibbereen