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Review your insurance policy before you renew…..

Do you review when you renew?

Worryingly only a third of farmers review their insurance policies when renewals are due. It is crucial to ensure your insurance suits your business needs.  If not then aspects of the farm or diversified business could be dangerously under insured and therefore not provide adequate cover should a disaster happen.

Under-insurance means that in the event of a claim only a percentage may be paid out because the insurer’s premium was based on a sum insured that doesn’t match the true value at risk. Accurate replacement values on assets are extremely important; however this is not always simple to do and that’s why we like to provide expert advice and work with a valuation professional with regard to farm & listed buildings and difficult to value contents.

Don’t forget you may also be throwing money away too if you are insuring machinery that is no longer in use or activities which are no longer part of your day to day routine.  No one likes to waste money so accurate valuation of risks and replacement values on assets can save you money too.

How can you prevent under insuring your business?

  • Remember that the replacement values of goods change over time
  • If the policy is not reviewed and the higher replacement value is not taken into account, cover therefore becomes inadequate
  • You – or an expert – need to make a realistic estimate of the true replacement value of your insurable assets, equipment etc
  • Update your household inventory and business asset lists on a regular basis, ensuring any new items are included and items that that you no longer have are removed
  • Pay special attention to specialised items where specialised insurance is required
  • Regularly review policies to ensure that natural disasters such as flooding will not cause bankruptcy. Contact a specialist agricultural broker, who can do a full risk evaluation and give advice on the precautions, potential threats and the insurance required to cover weather and natural disaster-related claims

At KLF Insurance Brokers we recommend regular reviews of policies and site visits. Keith Fowles takes the time to calculate cover requirements to deliver suitable insurance.  With farm insurance it’s just not possible to do everything over the phone so taking the time to have a face to face meeting can pay dividends in the future should the worst happen.

KLF Insurance Brokers provide comprehensive and competitive agricultural insurance policies to protect your farming business and livelihood, with access to specialist products for livestock, poultry, renewable energy through to infrastructure and motor fleet.

Having grown up with a farming background, Keith truly understands the agricultural industry and will happily provide the advice required to cover your business risks. Failing to take the time to review your farming insurance can have serious consequences, it is so important, especially in today’s ever changing world.