October 24th, 2021Time to check assets and insurance
A good insurance policy is important when it comes to preparing for the fire season, but just as important is knowing exactly what you have on your farm and in your shed.
| A good insurance policy is important when it comes to preparing for the fire season, but just as important is knowing exactly what you have on your farm and in your shed. Insurance and risk adviser Michael Myers said spring is the perfect time to review your insurance policies, and part of this review is making sure you have a good asset inventory. “An asset inventory doesn’t have to be longwinded or difficult,” Mr Myers said. “It can be as simple as taking pictures or a video of your shed or house, so you have a clear record of your assets. “Often when people experience theft, they know something is missing but they don’t know what it is. “It’s the same with tools and equipment if your shed has burnt down. You won’t even know something is missing until you go to use it again.” Mr Myers said along with a current asset inventory, it’s also important to have a clear understanding of the replacement value of the assets. “Typically, most farmers will think about what it will cost to rebuild the fence themselves. They will calculate the material costs but won’t factor in labour costs. We try to tell them that if a fire does go through their property, the last thing they will have time for is fencing.” Mr Myers said spring is the perfect time to review insurance policies. “Often people won’t take the time to review their insurance. They will pay it year after year, and they’ll compare the price but they need to review the details to make sure they have adequate insurance. “Farmers need to look at things like hay value, stock value and stock numbers to make sure they are accurate. “Farmers should make sure they are not necessarily getting the cheapest insurance but getting the cover that is going to do what they expect it to do when it comes time to put in a claim.” |
