Insurance for Primary Industries & Agribusiness
In farming and agribusiness, the weather, markets, and supply chains can all turn on a dime (and are getting crazier!). Insurance helps you manage the things you can’t control.
Common Risks
- Weather events destroying crops or livestock.
- Injury to workers, contractors, or visitors.
- Equipment breakdown during peak seasons.
- Disease or contamination impacting production.
- Damage to sheds, silos, or irrigation systems.
Covers You Might Need
Public Liability
Covers claims if you injure someone or damage their property. Examples: A farm visitor trips and is injured or your tractor damages a neighbouring fence — you’re covered.
Crop or Livestock Insurance
Covers losses from natural disasters, disease, or pests. Examples: Hail destroys a season’s crop or disease wipes out part of your herd.
Property Insurance
Covers sheds, silos, and other farm structures. Examples: A storm destroys your machinery shed or fire damages your feed storage.
Equipment Breakdown
Covers machinery failures that stop production. Examples: Your harvester breaks down mid-harvest or your irrigation pump fails in peak season.
Business Interruption
Covers lost income if you can’t operate after an insured event. Examples: Flooding halts planting for weeks — you’re covered. Or, machinery loss delays harvest — you’re covered.
Why Work with Luma
We get that farming is unpredictable — so your insurance shouldn’t be.
FAQs
Am I paying more just because I’m a farmer?
You shouldn’t be, but with traditional brokers, you often do. Most brokers take a hidden commission (usually 10% to 30%) that is hidden in and inflates your premium. Because farm equipment and property are expensive, those commissions get huge. At Luma, we strip that out. You pay the base price for the cover, plus a clear, flat fee for our expertise. Same protection, better price.
What counts as 'Public Liability' on a farm?
It’s basically “What if someone gets hurt on my land?” If a contractor trips on a loose floorboard in the shed, or if your livestock wanders onto the road and causes a crash, Public Liability steps in. It covers the legal costs and compensation so a single accident doesn’t wipe out your life’s work.
Does 'Crop & Livestock' cover me for everything?
It covers the “Big Nasties”—things like hail, fire, and sometimes specific diseases or transit accidents. It doesn’t usually cover things like “the market price dropped” or “I forgot to water the back paddock.” We’ll sit down with you to look at your specific risks (like frost vs. fire) so you aren’t paying for cover you don’t actually need.
What happens if my harvester (or other key equipment) dies mid-harvest?
That’s where Equipment Breakdown cover comes in. It’s not just about fixing the machine; it’s about the fact that time is money when the crop is ready. This cover helps with the cost of repairs or even hiring a replacement so you can finish the job before the weather turns.
Do I need Business Interruption if I still have my land?
Your land is still there, but your income might not be. If a fire destroys your silos or a storm wrecks your processing gear, you can’t sell your product. Business Interruption helps bridge the gap, paying for your ongoing costs (like wages and loans) while you’re getting back on your feet. It’s essentially “income protection” for your farm.