Farm and Estate Insurance – are you properly covered?
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Whether you own a small holding, farm or estate, we understand that all agricultural properties present their own unique requirements in terms of insurance needs.
Don’t be left uninsured! In our experience many landowners are now diversifying to increase income streams, be it converting barns into commercial lets, commercial shoots, camping, holiday lets; all of these pursuits need to be considered and discussed with your broker to ensure adequate and correct cover is in place.
Gaps in cover we often see include:
Employers Liability for family members – typically, this is only thought to relate to employees, however it is important to have this cover in place even if you only have family assisting on the property. Farming is considered a high-risk occupation, and in the event one of your family was injured, the peace of mind that they would be looked after is paramount.
Loss of Rent on let properties – whilst it’s likely you have the building itself insured, have you considered cover for the loss of rent you would normally receive in the event of the building being damaged and unable to be tenanted? These are often important incomes to a landowner and could leave you out of pocket unless appropriate cover is in place to reimburse you.
Agricultural Machinery not insured - when visiting a property and reviewing insurances this is most often the cover missed or not considered. In our experience, all agricultural vehicles (including quad bikes) should be insured under a road risks policy. This by default then covers all implements which can be attached automatically. These items can be expensive to replace, and inoperative machinery can also cost money in delayed income.
Do any of these points ring a bell? Even if the ones we’ve mentioned here don’t apply to you, we would recommend taking a few moments to think about exactly what you are using your land and property for. Are you confident everything is insured correctly? It’s important that your insurance provider is aware of anything and everything that may be going on, to ensure your interests are covered across the board.
If you are considering diversifying or would like a review of your farm or estate insurance, please contact us on 01285 885885, or leave us a message using the form below, and we’d be happy to assist.