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

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

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