Farm insurance: How to get better value
7th February 2022
Getting good value, good service and up-to-date cover is vital for all farms and rural businesses. A-Plan Rural shares some key pieces of advice.
When trying to get the best value out of your insurance, it’s important to be clear about what is important to you and your business – cost, service, cover etc. We’d ask farmers to be careful to ensure that paying less doesn’t result in reduced cover or a poor claims handling experience.
In addition, don’t ‘set and forget’ your farm insurance. Carrying out a regular tender exercise with at least three companies is good practice if you want to understand what’s on offer across the market.
You should include a specialist rural broker as one of your three companies – they can look to secure you the best cover at the best possible premium from multiple markets.
Highlight to the broker or other provider that your farming business is well run. Farms that demonstrate a good approach to risk, for instance through a robust risk assessment that puts processes in place to mitigate risk, will usually pay less for similar cover than those who do not.
Consider whether you want someone to provide a like-for-like quotation, and if so, a copy of the existing schedules and claims history enables brokers and other providers to provide a ballpark figure.
You should also think about whether you want a full review with suggestions, improvements and advice. If so, you will probably need to provide more information. Ask the brokers or other providers you speak to what they need, or if they have a tender guide.
It’s important that regardless of which option you choose, you are open and transparent about what it is you are looking to insure – not doing so could result in your insurer refusing to pay a claim and/or voiding your policy.
Additionally, don’t leave insurance until the last minute. An indicative premium can usually be provided in a few days (dependent on the size and complexity of your requirements). However, the more notice the better.
Finally, ask questions. A good broker or other provider will often distinguish themselves from the competition when answering questions. Ask how claims are handled and whether processes are online or in person.
You can speak to the A-Plan Rural Team to get a quotation on 0330 165 2722 or email bedford.rural@aplan.co.uk
A-Plan Insurance is a trading style of A-Plan Holdings who are authorised and regulated by the Financial Conduct Authority. Registered office: 2 Des Roches Square, Witney, OX28 4LE.Registration number 750484.
Getting better value for your farming insurance
