Lisa Newman, from H&H Insurance Brokers’ Hexham office, explains how the right insurance cover will protect your business now and in the future.
Whether you’re considering a diversification project or investing in new machinery, then it’s important to also get the right insurance advice.
With so many demands on time and finances, making the right decision for your farm or rural business has never been more important. Of course, making good decisions depends on having accurate information and expert advice. In this month’s column, I’ll look at how having the right insurance policy can make all the difference to your business – and your peace of mind.
How do I find the right insurance policy for my business?
Every business is different, so it’s important to understand the individual requirements of each one. Advice from people who understand your business can transform the way you protect it. That’s why one of the most important aspects of my job is visiting clients on farm and on-site so I can get to know them and their businesses better.
I believe working with a local broker can be a real game-changer for farmers and rural businesses. Because we live and work here, we understand the day-to-day challenges our clients face, from unpredictable weather to livestock risks. That means the advice you get isn’t generic; it’s tailored to your farm and your business. Ultimately, we’re not just insurance experts, we’re part of the community.
Having a local office in Hexham, combined with being out on the road, means that we can offer a personal, face-to-face service that builds trust and saves you time.
What are the advantages of using an insurance broker?
Brokers act as independent advisors, working on your behalf rather than for an insurance company. This means they provide impartial, expert guidance to ensure you get the right cover at the right price, tailored to your specific needs. Rather than offering a generic policy, brokers take time to understand your business, assess the risks and build bespoke solutions that protect against potential threats such as underinsurance or emerging risks like cybercrime.
Another key benefit is market access. Brokers search across multiple insurers and products, prioritising suitability over simply finding the cheapest premium. They also conduct regular reviews to keep your cover aligned with changes in your business.
As an independent insurance broker, we’re here to support you and your business, saving you time and stress. In the event of a claim, you’ll get in-house support from our dedicated claims team. They will negotiate directly with insurers so you don’t have to and guide you through every step of the process to ensure you get the right outcome.
In short, a broker is a trusted partner who understands the market, advocates for your interests, and sees things through to the very end so you can get back to normal as quickly as possible.
What happens if I make changes to my business?
Your insurance cover should evolve with your business. Any changes need to be reflected in your policy to ensure that you have the right protection in place. One of the biggest threats to businesses is underinsurance, which is when assets are valued and insured for less than the current rebuilding or reinstatement costs. If you are underinsured, it could lead to a reduced pay out in the event of a claim. An up to date valuation of your assets will help avoid falling into the underinsurance trap. Always check your policy to ensure you know exactly what is included (or not included), and let your broker know if you are planning or making any changes to your business.
Final thoughts
Running a farm or rural business comes with plenty of challenges and the right insurance policy can make all the difference. Working with a local broker who understands your industry means you’ll get advice that’s practical, personal and tailored to your needs - not a one-size-fits-all solution.
From helping you avoid underinsurance to supporting you through claims, a good broker is more than just a service provider, they’re a trusted partner who’s there to protect your livelihood and give you peace of mind. So as you plan for the year ahead, make sure your insurance is working as hard as you do.
Contact Lisa on 07736 158997 or email [email protected]. Contact H&H Insurance Brokers’ Hexham office on 01434 622014.