If you are running a farm in Australia, then there is undeniably no denying the fact that you are facing a lot of risks. From droughts and floods, to bushfires and cyclones, and even biosecurity threats, there are so many things to think about. And then, we also cannot fail to mention risks that come with volatile commodity prices, as well as rising liability exposures. All of this places constant pressure on your farming business, so it is no wonder that you have understood the importance of insurance finally, and that you have realized it is the core pillar of farm risk management. More info on managing farm risks in general.
So, you absolutely understand the importance of getting your farm insured. What you may not be sure about, though, is how to actually get the right farmers insurance in Australia. Because, there is more to it than just coming across a provider and getting the policy that they are offering. In other words, you need to be much more careful than that.
To be even more precise here, what you have to do is, of course, partner up with the right insurance broker in Australia that will help you find and get the perfect coverage for yourself. If, however, you haven’t had the need to work with those experts in the past, then there is a chance that you are not entirely sure about how to, well, choose the perfect ones for you. It is completely normal to be slightly confused about this, though.
Just because it is normal for you to be confused, that doesn’t automatically mean that you should, well, remain confused. Quite on the contrary, what you have to do is learn a bit more about how to actually find and choose the right broker to partner up with in this process. And, if you are ready to learn, then you have absolutely come to the right place, because this is precisely what we are going to be talking about today. Keep on reading, thus, to get the tips you need, and then use them to your advantage in order to find and select the perfect broker for yourself.
Perhaps this could also help you choose the right insurance type: https://modernfarmer.com/2015/10/farm-insurance/
- Ask Around
Unsurprisingly, the first thing you should do here is, well, take your time to talk to the people you know, and check if they may have any kinds of suggestions to share. Of course, the idea is for you to talk to other farmers that may be willing to share their information regarding the insurance brokers they have cooperated with in Australia. It is clear that not all of them may be willing to share the information, but that doesn’t mean that you may not come across a few ready to give you some useful recommendations, so try to use this step to your advantage and get familiar with a few potential brokers.
- Search Online
Moving on, apart from talking to the people you know, you should undeniably also, well, search for these professionals online. Most of them will have their own websites, thus allowing you to easily find them, as well as to easily check them out in more details before making any final choices. Of course, your primary goal here is to make a list of potential candidates, which is what you should keep in mind when browsing the Web, as well as when talking to the people around you in an effort to get their recommendations.
- Check for Agricultural Experience
Clearly, once the list is made, you will have to take all the time you need to, well, carefully research the different candidates. And, naturally, one of the first things to do is, well, check for agricultural experience. Not all brokers understand farming, and that is certainly something to keep in mind here, because they all specialize in different areas and different types of services.
So, clearly, you don’t want to hire those that treat agriculture as just another business. On the contrary, you want to find great farm insurance brokers in Australia that actually specialize in agriculture, that have experience working with farms, and agribusinesses on a regular basis, and that understand the seasonal income and weather risk, and all things farming related. So, check if the brokers you are considering are working with farming clients already, or inquire about that directly, because great brokers will be ready to answer the question confidently.
- Look for Strong Regional and Climate Risk Knowledge
When it comes to getting great insurance coverage and pricing, there is absolutely no denying the fact that Australia’s geography matters quite a lot. Meaning, thus, that you want to find a broker that understands those local conditions, as that will help them tailor your policy far more successfully. In short, a broker with regional insight will avoid unnecessary exclusions, secure appropriate sub-limits, and structure the deductibles realistically, as well as help you qualify for better rates.
- Inspect Reputation
Moving on, you should also always remember to inspect the reputation of the brokers you are considering. This is because you certainly don’t want to work with shady ones. Instead, you want to find and partner up with highly reliable and trustworthy brokers.
How can you check the reputation, though? Well, the idea here is for you to find and read reviews written by those previous clients, and thus figure out what they have to say about particular brokers, and about the insurance they got with them. At https://www.farmersjournal.ie/subpages/advertisers-anouncements/10-tips-for-choosing-the-right-farm-insurance-456978 you can find some more tips on how to choose the right insurance coverage.
- Compare the Premiums Too
Finally, you should also compare the premiums that you can get through different brokers. This, however, doesn’t mean that you should go for the cheapest option, because cheap insurance can wind up being quite expensive if it fails during a claim. So, you want value and not just the lowest quote, and a good broker will help you get that.
