Conventional wisdom says that farming, in Australia or anywhere else, is a fairly modest profession. People think of small-time farmers who own a few animals, grow a few crops and produce enough food to provide for their families while selling just enough to break even.
Farmers should work with insurance brokers to protect their business financially.
It’s true that many farms are rather small, but in the aggregate, all of Australia’s farming resources add up. In total, they account for a massive share of the nation’s economy, and one that people rely on every day to keep them fed and healthy. Given the clear importance of this industry, it stands to reason that farmers should work with insurance brokers to protect their business financially.
Agriculture is preeminent in Australia
One or two small-time farmers might not seem like much in terms of economic clout, but when you start to add up all the agricultural business in Australia today, the totality is staggering.
According to the Australian Bureau of Statistics, there were 123,091 agricultural businesses in operation nationwide during the 2014-15 financial year. Their land holdings totaled 384.558 million hectares – accounting for almost exactly 50 per cent of Australia’s area of 769.202 million hectares. In other words, Australia is half farmland.
When you consider the extent of the farming industry in Australia today, it becomes clear that stronger economic measures are necessary to protect the sector’s resources.
Keeping risks under control
There are many risks that come into play when running a farming operation. Safety issues and potential losses are everywhere. Farmers can become injured when operating heavy machinery; crops can be lost due to fires, storms or other disaster scenarios.
Reducing risk is important when running a farm. There are many strategies that can help in this area – they include using better safety equipment, collaborating with workers to improve safety training and learning from accidents and using them to prevent future issues. Controlling insurance costs begins with cutting down on risks.
Find a trusted insurance partner
If you’re thinking about purchasing a farm insurance policy for your own agricultural business, you should begin by working with insurance brokers in Perth who understand your business and the specific risks it’s facing. You can do this by working with Oracle Group, as we have a team of experts in house who are ready to draw up a policy just for you.
Effective farm coverage includes provisions for your home, land, crops, livestock, supplies and more. You need a policy that’s just as diverse as your portfolio of crops. Oracle Group will consider all the angles and ensure that your coverage is comprehensive and reliable.