The UK, like so much of the world, was unprepared for the pandemic. For farmers and landowners it came at a time of existing disruption as Brexit and the consequential reform of agricultural and rural development policy challenged business plans.

Forthcoming changes to government support are driving farmers downs new paths to boost profitability. The next seven years will be crucial for the farming industry and many farmers are looking at new business opportunities in order to spread their risk.

Anyone who is diversifying their farming enterprise needs to ensure that from the outset they are properly insured. A new business brings with it new risks so having the correct cover is essential. If you are planning a new project you must check with your broker to establish whether you need alternative or additional cover.

Key questions relating to insurance:

• If you need to take on new staff, are they covered by employers’ liability insurance?
• Are all business activities insured for public or products liability?
• Are all revenue streams insured in the event of a material loss?
• Have risk assessments been carried out on any new activities involving members of the public?
• Have you purchased any air pressure or lifting equipment for new projects – if so, do you have engineering inspection insurance?
• If you plan to add play equipment or hot tubs for paying guests, have you told your insurer?
• Have you considered business interruption insurance to cover losses in the event of bad weather, equipment failure or illness?

Appeared in Shropshire Star Farm Talk

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