According to Rod Page of Intellichoice, one of the biggest barriers for farmers when setting up their insurances is that while they may be used to insuring their farm and their vehicles, most think risk insurance is complicated

“We work with our clients to show them that risk insurance is really just an insurance that means that if something terrible happens to you, your finances are protected,” he says.

“Being largely self employed, it is important that farmers protect both themselves and their farm in case they are suddenly unable to work,” he says.

The  common insurances that farmers should consider are Income protection, trauma insurance, life cover and total and permanent disability.

Once you make the decision to go ahead with insurance, Rod helps with all the paperwork and makes sure the correct insurances are in place and set up in the correct manner.

Another concern of many clients is also cost.

“One of my clients came to me several years ago when things were particularly tough,” he says. “He was concerned about covering himself and his farm in the event that he was unable to work but he didn’t have any spare cash.  The solution was to set up his insurances through his superannuation until the farm was profitable again. His farm has picked up again now and he is paying extra into his superannuation to cover the insurance premiums.”

He was surprised at how easy it was and how much peace of mind it gave him.