In a fire-prone area, in a rainy season, a large-scale horticultural business or an important crop protection infrastructure is an essential part of any agricultural business risk management.
Finding the right insurance and understanding the best approach for your business is not always straightforward. But with the right information, your insurance can help you manage risks and, most importantly, manage the recovery process in the event of business disruptions.
To help you make informed decisions to manage your farming business and resources, Weberna Victoria is hosting a panel of insurers with insights into agricultural insurance.
The free webinar, Wednesday, August 18, will cover issues such as how insurance fits into your business plan, lessons from recent bush fires, floods and hurricanes, and how your business will meet your needs.
Michael Myers, an insurance and accident consultant, provides insights on Adroit Insurance, how to approach insurance, what you need and what your insurance covers.
“It’s important to get insurance right from the start,” said Mr. Myers. Once a fire or flood occurs, it is too late to make sure it is covered. You need to know what your insurance covers and especially not.
Mr Myers said it was important for your insurance company to have a deep understanding of your business and that your policy was in line with your business.
“Your business will change and building costs will change, and you need to make sure you check not only the price but also the policy details every year,” Mr Myers said. “You need to see not only the cost of the old container or fence, but also how much it costs a contractor to build a new one.
The National Farmers Federation’s Ash Salalardin FF Financial Risk Management Project provides an overview of the role of risk management and insurance in agriculture.
“Insurance is one of the most important tools for managing natural disasters,” said Mr. Saladin. “Farmers can manage risks such as additional reservoirs or silos through their business organization, or investments in agriculture.
“It is about getting the right professional advice from an accountant, agricultural expert or lawyer. It could be from a bank or rural financial counseling service. These experts can help you determine what guarantees you should pay for.
The website, which is not covered by the free farm insurance, is open from 7:00 am to 8:00 pm on Wednesday, August 18. Visit the Agricultural Victoria website to register.