Insuring your farm diversification
Research indicates that 37 per cent of UK farms surveyed are using their land for non-agricultural enterprises, while running a traditional working farm.
With lower food prices, increasing energy costs, the impact of Brexit and Covid and changes to subsidies as the Basic Payment Scheme is phased out, many farmers are finding new ways to make money.
It really is important that anyone who is diversifying their farming enterprise ensures that from the outset they are properly insured. If you are planning a new project you must check with your broker if you need alternative or additional cover.
Insurance tips: keep insurer or broker informed of new activities/enterprises; check public and product liability cover is adequate; assess the implications any diversification may have on pollution/contamination,
Environmental liability is an increasing problem, so be aware of the disease implications for livestock, and know what is in your building.
Keith Fowles is the owner of KLF Insurance Brokers.
