Farm Owners Insurance
When you run your own farm, a lot rests on your shoulders. Your farm is both your home and your livelihood.
For many farmers, the risk of accident or illness is higher than the national average. The cost of medical care is often greater in rural areas, given the longer distances to travel to hospitals and specialists, plus accommodation expenses during treatment.
What would happen if you or a family member needed a lengthy course of medical treatment hundreds of kilometres away? How would the farm operate in your absence?
Illness or injury can strike at any time. Nearly everyone in rural Australia has experienced the trauma of a death, a serious injury, or a close call to either themselves, a co-worker, friend or relative.
With your family's future so closely linked to your farm, you need to plan for if the unexpected happened.
Having the right insurance cover might enable you to keep the farm running smoothly while you recuperate, as well as cover your medical and other expenses such as travel and accommodation.
In terms of farm ownership, insurance policies can be particularly useful in "equalising the estate". Family structures will often include children who want to inherit the farm, and others who have pursued other interests. Insurance policies can be set up with equal value to the farm. Upon the death of the owner, the farm transfers to the children who want to inherit it, and the other children get the value of the insurance policies, thereby equalising the estate.
The cost of insurance may not be as expensive as you think. However not having adequate cover could cost you and your family everything.
Even if you already have some insurance cover in place, it may need updating or amending.
Even if the worst should happen to you, insurance can offer peace of mind, and give you and your family financial security, and options for the future.
To find out how DBT can help protect you, contact us today.
