The agricultural industry is urged to ‘wake up’ when protecting its commercial interests – for according to agricultural insurance specialists BNIB Fraser Tennant, farmers are in danger of being under-protected due to changes in the industry.
‘Farmers are increasingly at risk,’ warns Iain Murray, Manager of Perth-based BNIB Fraser Tennant, a broker with a long association with the farming industry. ‘As agriculture continues to develop from traditional farming to include bed and breakfast accommodation, farm shops, family leisure facilities, pet farms and even adventure playgrounds and hydroelectric schemes, exposure to risks is multiplying.’
Historically, agriculture has always been hard-hit in terms of its exposure to risk having one of the worst records for fatal accidents. Add to this, the fact that more than half of the UK’s farmers are now engaged in diversification schemes involving large numbers of paying customers, and it’s easy to see how their insurance requirements are changing.
Iain Murray recommends careful risk management backed by the impartial advice of an independent advisor: ‘Gone are the days when farmers could sustain ever-increasing overheads through farming alone. Inevitably, this brings about changes to their insurance requirements, some of which they may be unaware of. We are not trying to scaremonger, but it is prudent that farmers keep their insurance protection up to date.’
He advises keeping a careful eye on risk management practices – for example, ensuring machinery is checked and maintained on a regular basis, switching off choked implements when in use, locking vehicles and workshops, and adhering to European health and safety regulations when working at height.
‘Thankfully, many farmers are aware of the increasing risks they face and are becoming more health and safety conscious but others are still vulnerable,’ says Iain Murray. ‘At BNIB we are happy to offer risk management advice and work with insurers to offer policies tailored to suit a client’s specific needs.’
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