CROP & LIVESTOCK
Crop and livestock insurance
Together we combine our farm insurance expertise with your knowledge of the farm, to discuss options which may include but are not limited to:
- Business Interruption Cover
- Livestock Enterprise Cover
- New for old machinery replacement up to 3 years from new, and
- Guarantee against Underinsurance to cover your buildings in line with the correct market value, irrespective of potential inflated replacement costs.
Our All-in-One Farm Pack allows you to tailor your cover and insure what matters most to your livelihood. We offer three levels of cover and for each item, you determine what level of excess is appropriate, so you have greater control over your premiums.
Winter Crop 2018
How to keep costs down whilst protecting your cotton business
Keeping an eye on cost and checking key expenses from time to time, including farm insurance when an opportunity arises, is “a critical part of running a farming business”, according to Wee Waa cotton grower and 2017 Nuffield Scholar Daniel Kahl.
Mr Kahl said for insurance to be cost-effective it’s important your policy is flexible, remains relevant and provides the right level of cover for the things that you don’t have an appetite for covering yourself.
“We all have to deal with insurance to conduct our businesses, whoever you are insured with,” he said.
With more than 200 years of international expertise as a specialist farm insurer, Achmea’s Risk Specialists partner directly with farmers across Australia to assess and mitigate on-farm risks. Our All-in-One Farm Pack can be tailored to each farm, which means farmers have greater control over their insurance premiums.
Local knowledge is key
“As part of establishing our policy, Achmea Australia’s Risk Specialist Richard Officer spent time to travel around the farm to conduct a Risk Review and the results of that allowed us to make an informed decision about what needed to be covered and at what level.”
“Having someone based locally with that familiarity with what we do, the equipment we use and the infrastructure we have in place certainly makes it easier than it might be using an online insurance option.”
With that knowledge, it’s been easier to add certain items such as new gear to our policy or adjust the level of cover as things happen within our business,
Mr Kahl said.
Achmea’s partnership with the cotton industry
The cotton industry prides itself on being the most progressive, responsive and inclusive industry in the country according to Mr Officer, who is Achmea’s Risk Specialist in Moree.
“When it comes to risk awareness and management skills, the cotton industry is a leader in its field of which initiatives such as the MyBMP program are a testament,” Mr Officer said.
“Achmea’s unique value proposition dovetails with these types of practices and offers the cotton industry a partner that works with individual growers to cover the perils that could have detrimental effects on business continuity.”
Adequate cover is key to keep you farming
Recently, discussions with farmers have mostly revolved around 3 main aspects; the cost of insurance, safety and liability according to Mr Officer.
“The same cover that a farmer had five or ten years ago is probably not the right one today,” Mr Officer said.
“Put simply, every dollar counts and having adequate cover is key to keeping farmers farming,” he said.
“When farmers are feeling the pinch, some are suggesting reducing the Sum Insured on their current policy to get their premiums down but what is not necessarily considered is the exposure to underinsurance in the event of a claim.”
“That is why, as Risk Specialists, we travel to the farmer to understand the business and the specific risks associated with that farm instead of applying a one-size-fits-all-approach.”
“It also allows us to work with the mitigation strategies already employed and recognise farmers for their sound risk management practices.”
Keeping costs down while ensuring you’re still covered
Growers are reminded that adequate and relevant insurance should be factored into future decision making when renewing their insurance.
The insurance solutions provided by Achmea have provided us with the flexibility to be more selective about what level of cover and excess we apply to different parts of our business. It’s about keeping costs down while making sure you’re still covered,
Mr Kahl said.