Farm Package Insurance

What is a Farm Package Policy?

A Farm Pack provides a broad range of insurance protection for farmers. It consists of fifteen main sections (depending on the insurer)  to help protect your Farming business. The package may be tailored to suit your needs and budget.

 The basics of a Farm Package Insurance policy cover are:

  • Home Property– covers the Buildings and Contents of the Domestic/Residential part of the farm
  • Farm Property– covers the “Business” assets of the farm such as Sheds, Stables, Barns and Fencing against risks such as Fire, Storm, Accidental Damage, Business Interruption and other perils
  • Public and Products Liability - covers bodily injury or property damage you cause to a third party
  • Private & Farm Motor Vehicles - some packages include this to cover accidents and theft
  • Personal Accident and Sickness– compensation if you are unable to work the farm due to injury or long term illness.
  • Land Transit - Fire, flood, collision and overturning of your goods moving around Australia
  • Pleasure Craft– whether a tinny on your own Dam or a boat on the local river, it can be included
  • Machinery Breakdown– repairs to mechanical equipment following sudden damage
  • Computer/Electronic Equipment Breakdown- repairs to electronic equipment following sudden breakdown.
  • Theft - covers theft and burglary including damage caused by a trespasser on the farm
  • Working Dogs- Death, theft or putting down following veterinarian’s advice
  • Frozen Embryos/Semen– Accidental damage to frozen embryos/semen stored at the situation
  • Tax Audit - Covers unexpected additional professional fees if the ATO suddenly audit your business
  • General Property - Accidental damage for farm property insured whilst in Australia

Insurers commitment to Regional Australia

It is true that many insurers are no longer willing to offer these types of policies any more to regional Australia, but there still are many others that will including QBE, CGU, Allianz and Argis. They recognise that the economy of agricultural based communities is linked with the fortunes of the seasons. They have to take a long term view in the way in which they conduct business because they too in some years will do better than others.

Things to remember in Farm Package Insurance Policies

Watch out and discuss with your Broker some of the following issues:

  • Average clause” which may only pay a proportion of your claim if under-insured
  • Full Reinstatement/Replacement conditions – sometimes called “New for Old” rather than Market value
  • Stock is different to Contents though some packages combine it. Make sure you apportion correctly
  • Never under-estimate the value of Business Interruption cover. It can be the difference between survival for your business or oblivion when you cannot generate income from your lost assets
  • Get a regular valuation of your Buildings insured for its rebuilding costs and factor in escalation for future costs including if a widespread catastrophe where labour and supplies can be in short supply

Read more on Under Insurance here

Who can help?

An insurance broker's role is to act as your representative and work in your interests, seeking the best cover at the best price for you with their skill, market knowledge and experience. Call a good one.

Call CPR –Experts who will save you 

Latest News

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Services Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 5 March 2018.

Fundamentally, there is no difference to you, except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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