Insuring your farm diversification
Forthcoming changes to government support are driving farmers down new paths to boost profitability.
Anyone who is diversifying their farming enterprise needs to ensure that from the outset they are properly insured. A new business brings with it new risks so having the correct cover is essential. If you are planning a new project you must check with your broker to establish whether you need alternative or additional cover.
Key questions relating to insurance: If you need to take on new staff, are they covered by employers’ liability insurance?
Are all business activities insured for public or products liability? Are all revenue streams insured in the event of a material loss?
Have risk assessments been carried out on any new activities involving members of the public? Have you purchased any air pressure or lifting equipment for new projects – if so, do you have engineering inspection insurance?
If you plan to add play equipment or hot tubs for paying guests, have you told your insurer?
Have you considered business interruption insurance to cover losses in the event of bad weather, equipment failure or illness?
Keith Fowles is owner of KLF Insurance Brokers.
