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Agricultural Insurance

by | Sep 25, 2014 | Blog, Insurance | 0 comments

Agricultural Insurance

When your land is not only your livelihood, but also your legacy, it’s important to make sure that you have protected yourself financially from unforeseen events. Agricultural operators are constantly at risk of natural events, loss of crops or livestock, and even theft or vandalism of property. While regular insurance can cover property like your homestead and personal possessions, to ensure that all areas of your farm are covered you will need a comprehensive agricultural insurance plan.

Knowing what type of insurance is required in the agricultural sector is not always straightforward. Sometimes policies won’t cover all aspects of your business and you may need to mix and match policies to ensure that you are completely covered. To choose the best packages and policies you will need to understand the fundamental aspects of agricultural insurance.

Personal Insurance

As a farmer, you are the biggest asset to your business. Even if you have previously taken out healthcare plans these may not cover instances where you sustain injury, or suffer from illness relating to your business. Your health coverage should extend to cover these scenarios. If your current policy isn’t protecting you, then you will need an agricultural specific package that will.

Farm Liability

Farm liability insurance can cover everything from your residence, barns, silos, and other agricultural buildings, to the land itself, and miscellaneous features like fencing or irrigation. Because a natural event, fire, or even vandalism could damage your business, you need to take out the most comprehensive coverage for structures and land.

Property Provisions

An agricultural insurance plan that includes property provisions can cover you for loss of livestock and crops. Severe storms, sudden illness, and theft can all contribute to financial losses when you aren’t covered by insurance. Allowing for coverage in these areas means that even in the worst case scenario you will have the opportunity to rebuild your business without significant hardship.

Automotive and Machinery

Just as you would insure your personal car, your agricultural equipment needs similar coverage. Harvesters, tractors, agricultural tools, and vehicles used on your farm should all be covered by your agricultural insurance. Some insurance companies even offer automotive mechanical coverage that can reimburse you for work resulting from failure or parts wear. Your tools and machinery keep your farm going, so protect these investments at any cost.

Livestock, land, structures, and machinery all contribute to the continued success of your agricultural operation. Any setbacks relating to loss could have a devastating impact on your financial position, and could possibly compromise other areas of your farm indirectly. Planning ahead with agricultural insurance means that you will always be prepared for the unknown.

Ultrafin is one of South Africa’s leading financial advisory firms. We understand what it takes to build a successful business, and how important it is to protect that business. Whether you are running an orchard or a dairy farm, insurance is critical. Talk to us today about your insurance needs and financial planning, and let us help to protect your livelihood.

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Renette Zeelie

Tel: 018 786 1882

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