Comprehensive farm insurance covers buildings, equipment and livestock lost to bushfires, with public liability typically extending to chemical drift onto neighbouring properties.
Workers' compensation is a separate mandatory cover for any farm with employees and is not bundled into a farm pack.
Boundary and internal fences are usually included for events like fire and impact, but you should declare total fence value to avoid being underinsured.
Livestock in transit needs a Goods in Transit or specific transit extension, and farm cover can be arranged for investment or leased properties where you don't live on-site.
What is farm insurance?
Farm insurance is a type of business insurance tailored to those working in the agricultural industry. It can cover farm owners and operators for things like building, crop and livestock insurance. In many cases, you can tailor a policy to suit your farm and business's needs.
In lots of cases, brokers can work with you to do this.
Finder survey: How many Australians of different ages have business insurance?
Response
75+ yrs
65-74 yrs
55-64 yrs
45-54 yrs
35-44 yrs
25-34 yrs
18-24 yrs
I don't own a business
86.05%
75.16%
74.27%
73.91%
66.54%
63.11%
52.86%
No
6.98%
12.42%
9.94%
13.53%
15.75%
18.45%
21.43%
Yes
6.98%
12.42%
15.79%
12.56%
17.72%
18.45%
25.71%
Source: Finder survey by Pure Profile of 1112 Australians, December 2023
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What does farm insurance cover?
Farm insurance provides financial protection against the everyday risks you face as a farmer, from destroyed crops and property damage to liability claims.
What's typically covered
Farm insurance typically covers the following:
Home and contents. Farm insurance can cover your home and the items inside it from loss or damage due to natural disasters, theft or any other accident.
Farm property. You can also get cover for your rural property. This can include financial help if machinery, buildings, silage, grain or livestock is damaged or destroyed.
Farm liability. This covers you against liability claims for property damage or personal injury as a result of your business operations. This can include legal costs you might incur to defend yourself.
Farm vehicles. If you have any agricultural vehicles, this can protect them from loss or damage. Crops. If hail, fire, overspray, transit, livestock intrusion or storage loss damages or destroys your crops, this can cover you.
Extras that you can add-on
Many farm insurance policies also come with a few add-ons. These can include cover for:
Business Interruption. If something happens and you need to temporarily stop work on your farm, this can pay you lost income.
Transit. Cover for goods and items while in transit.
Machinery breakdown. If a piece of farm machinery breaks, this can cover repair costs.
Tax audit. This can cover the professional fees associated with hiring an accountant to assist you if you are audited.
Equine and stud stock. This can cover you if your stock dies by accident, illness or disease.
Personal accident. If you hurt yourself and need to take time off working, this can compensate you for the lost income.
Our expert says
"You know your farm better than anyone else. Sometimes, it can be helpful to chat with an insurance broker who can tailor the quote to your needs. If you know exactly what you're looking for though, buying a policy online can be quicker."
If you rely on your farm to generate an income, you need to consider getting farm insurance. When something goes wrong, it can make sure you're not seriously out of pocket, whether that means covering the costs of broken machinery or paying legal fees if someone tries to sue you.
Even if you run a hobby farm, you still need to think about taking out farm insurance. Farming is a dangerous activity that requires dealing with machinery and animals on a daily basis. Things regularly go wrong — but farm insurance can make sure your hobby doesn't turn into a financial disaster.
Did you know?
It is estimated that the cost of natural disasters in Australia will increase to $73 billion per year by 2060. With farmers expected to be hit especially hard. Read more statistics here.
Frequently asked questions
The cost of your farm insurance depends on several factors. These include the size and location of your farm, the type of farming operation you run such as cropping or livestock, the value of assets you need to insure including buildings machinery livestock and crops, your claims history, your chosen excess and the overall level of cover you select.
Farm insurance policies have exclusions. Generally they do not cover wear and tear mechanical breakdown pest or insect damage pre-existing damage intentional damage or losses arising from illegal activities. It is important to review your PDS to understand all specific exclusions that apply to your policy.
To make a claim, contact your insurer as soon as possible after an incident occurs. You will need to provide details of what happened and gather any relevant evidence such as photos videos police reports or witness statements. Your insurer will guide you through the next steps in the claims process.
When seeking a farm insurance quote you will typically need to provide details about your farm. This includes your farm's address and size the type of farming activity you undertake details of your buildings machinery and equipment the number and type of livestock you have your crop types and acreage any previous insurance or claims history and security measures you have in place.
Many farm insurance policies offer cover for natural disasters but the extent of this cover can vary. Floods and bushfires may be included as standard or as an optional extra depending on your policy and insurer. It is essential to check your PDS for specific details on what natural disaster events are covered any waiting periods that may apply and any exclusions for high risk areas.
Yes, it is possible to get farm insurance even if you operate another business from your property. Many insurers can tailor policies to cover multiple business activities. You should discuss all your business operations with your insurer or broker to ensure you have adequate cover for both your farming and non-farming ventures.
Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards.
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Regards
Keith
hi Keith,
We’re a comparison site and we’re not directly affiliated with any insurer. You’ll have to make contact with insurers directly to discuss your options.
Best of luck!