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Insurance for your Farm Diversification project

Diversification is becoming an increasingly popular route for farmers to pursue, bringing new sources of income to rural businesses and expanding their offering to the local community. From livery yards to ice cream shops and holiday lets, there's an array of options to consider. 

Adding a new function to your farm or rural business involves having an awareness of any potential risks, and this is exactly what our team of brokers will help to guide you through when you take out a diversification policy with us.

In today's ever-changing agricultural landscape, farm diversification has emerged as a key strategy for rural businesses to secure additional income streams and bolster their presence within local communities.

As farmers seek ways to enhance self-sufficiency in an era of escalating costs and diminished returns, diversification offers a pathway to resilience and growth. Amid this trend, insurance has taken on an even greater significance, safeguarding these new ventures and ensuring the longevity of the agricultural industry's expansion.

The allure of diversification lies in the myriad opportunities it presents – from embracing leisure, tourism, and retail to tapping into grants aimed at fostering innovation. As the public's interest in domestic experiences like staycations and local shopping gains momentum, farmers are poised to capitalize on these shifting preferences. Establishing ventures like glamping sites, Airbnb accommodations, and other hospitality endeavours can seamlessly repurpose existing structures and land for newfound purposes.

In this context, insurance emerges as an indispensable ally for farmers venturing into uncharted territory. While the prospects for growth are enticing, they come hand in hand with potential risks. Whether it's the liability associated with hosting guests on a glamping site or ensuring the safety and well-being of pets in a boarding facility, diverse enterprises carry unique vulnerabilities that require tailored insurance coverage.

Moreover, as the sale of local produce gains traction and farm shops surge in popularity, the demand for traceability and quality assurance intensifies. Insurance steps in as a protective measure, ensuring that if unforeseen events disrupt the supply chain or impact product quality, farmers can navigate these challenges without compromising their hard-earned reputation.

Livery yards catering to an ever increasing equestrian market and boarding facilities for pets experiencing increased demand also underscore the indispensable role of insurance. With animals' health and safety at the forefront, having comprehensive coverage can provide peace of mind to both business owners and clients, allowing them to focus on providing excellent service.

In essence, as farm diversification becomes a cornerstone of modern agricultural practices, insurance emerges as a linchpin of success giving farmers confidence to expand.

By embracing insurance as an integral part of their diversification journey, farmers can ensure that their expansion is not only profitable but also resilient in the face of unforeseen challenges.
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Kally Shane Head of Operations for H&H Insurance in a field Kally Shane, Head of Operations
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Bespoke farm diversification insurance, why do I need it?

Adding a new function to your farm or rural business involves having an awareness of any potential risks, and this is exactly what our team of brokers will help to guide you through when you take out a diversification policy with us.

I'm looking to diversify my farm business

Work with us from the start! Before you start your project, contact us so can we work with you to ensure you identified all areas to consider to protect your new venture.

I already have insurance in place

This is great and will give us something to work from, but it is important you review the current insurance to ensure your property is cover for the correct use, you have cover for your new income and your liability insurance covers all of your business.

What does farm public liability cover?

Public/product liability is essential cover for any business supplying goods and/or services. It provides financial protection for companies in the event of either injury or damage to property. This could be as a result of negligence arising out of work done or goods supplied in connection with your business.

The importance of Environmental Liability insurance

Environmental liability insurance covers the cost of restoring damage caused by environmental accidents, such as pollution of land, water, air, and biodiversity damage. Moreover, recent UK and EU legislation has significantly increased the potential costs of remediating damage caused. Environmental issues need to be dealt with rapidly to protect the reputation of your business.
Chris Clement, Commercial Director
FAQ's
1. What is diversification in farming?

Farm diversification is when a farm broadens  out from traditional farming by adding new money-making activities. This can be an expansion of agricultural activities into new innovations, or moving into a non-agricultural business sector.

2. Do I need Environmental Liability insurance?

Environmental liability insurance covers the cost of restoring damage caused by environmental accidents, such as pollution of land, water, air, and biodiversity damage. Moreover, recent UK and EU legislation has significantly increased the potential costs of remediating damage caused. Environmental issues need to be dealt with rapidly to protect the reputation of your business.