The way farmers manage their businesses has dramatically altered over the past twenty years or so, as they endeavour to run a successful business rather than farm purely as a way of life! Modern farm diversification has changed farming across a number of ventures from the farm shop to an ice cream parlour, from a bed and breakfast to a campsite, lodges or pods – and so much more…
Traditionally, farms don’t have members of the public accessing their barns or parking their vehicles on the land – so these type of risks need to highlighted and the insurance implications understood which is where a specialist agricultural broker is a big help in understanding the changing risk profile to the original farm business operation.
Any element of diversification must be included in the business description on the rural insurance title. This is critical in two very important areas:
as failure to inform insures of the exact nature of any diversification could result in a claim being repudiated.
Although setting up a new venture can appear daunting, if you chat to us as an independent insurance broker from the outset with your plans, we will help you with a tailor made/bespoke insurance policy ‘fit for purpose’ and which will include insurance costs as part of your set-up costs.
With Brexit rapidly approaching, our insurance advisors expect to see an even further increase in the diversification market, especially within the rural tourism and leisure sectors across our Northern counties. Depending on the generated income, often the diversified business can be included on an existing farm policy (which keeps costs down) but if you are planning something more adventurous, such as zorbing, you will require a standalone policy – the cost of which needs to be considered in your planning.
In addition, if you are looking for a bespoke type of management liability insurance to protect you against potential financial and legal risks, H&H Insurance Brokers provides the unique Rural Protect insurance cover in the event of a claim or investigation by UK regulators including the HSE, Environment Agency or the HMRC.
Why not contact us to chat through your plans so we can discuss the best options for you and your business going forward – telephone 01228 406290. Alternatively complete our enquiry form or email us with your details and a member of our team will respond directly.
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Moving into harvest season, many farms will be preparing for the busiest time of year. In this article we advise of the importance of making sure farmers are fully covered as the rise in work can lead to greater risks.