Farmers and Agriculturists
A range of insurance options for farmers and agricultural workers
As a farmer or agriculturist your lifestyle and your livelihood are intimately connected. Your income is exposed to more risk than most businesses, so you probably have several types of insurance policies over your property, equipment, crops or livestock, as well as public liability insurance. With the cover you already have in place you may not have considered adding life insurance to your portfolio, but there are several reasons why it could be valuable to you.
- The physical nature of your work, especially if you work with machinery, puts you at a high risk of injury. Farms and properties are among Australia’s most dangerous workplaces, with farm accidents accounting for a disproportionate number of work-related injuries. A TPD or income protection policy could provide you with a vital safety net in case you have a serious accident and can no longer work on your farm.
- Many farms are small or family-run business, where everyone pulls together to get the work done, especially at busy times like harvest. Losing a key member of your team to illness or injury, even temporarily, could have a devastating effect on your income, so key person insurance could be a lifeline for your business.
- Running a farm property often means high overheads and hefty equipment loans. If your income stopped even for a short while would you be able to keep up repayments on your debt or cover your regular expenses? Business overheads insurance or a loan protection policy could allow you to service or even repay your debt if you suffer a serious injury or illness.
- A term life policy could allow your property and business to stay in the family if something happens to you, providing a lump sum payment which your financial dependents could use to pay off debts or hire people to help run the farm.
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