With the cost-price squeeze in agriculture being worse than ever, farmers need to watch every rand in order to make a reasonable profit. So, while one could probably insure anything for its true value by paying a high enough premium, doing so might not be wise. What, in your opinion, should a farmer be insuring?
It’s 100% correct to note that anything can be insured if you’re prepared to part with enough money. But as a farmer you need to take a step back and decide whether an insurance quote is a fair reflection of the risk and whether it makes sense for you and your farm.
No two farming businesses are alike. Mechanisation, seed, management, and input costs are just some of the things that vary greatly from one farm to another. As a result, there isn’t simply one insurance recipe that works for everybody.
To begin with, as a farmer you should know your business like the back of your hand. The better you can describe your farm and its underlying risk to an insurance broker, the better he or she will be able to advise you on how to incorporate a sensible risk strategy into your business plan.
Remember, too, that insurance should be integral to your business, and not merely an add-on.
So where do you start if you want to insure your farm?
The first step is to understand your own risk. A young, healthy person with no medical history of illness can get away with less health insurance coverage than a sickly, middle-aged person who needs to support a family.
Equally, you need to understand your farming risk. As a rule of thumb, you should insure anything that threatens the survival of your business.
Diese Geschichte stammt aus der Farmer's Weekly 28 October-Ausgabe von Farmer's Weekly.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der Farmer's Weekly 28 October-Ausgabe von Farmer's Weekly.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Understanding eye conditions in horses: causes and first aid
A horse can get a swollen eye from bumping it against a tree, shaking its head to keep flies away, or even snake venom
IPM requires a completely different mindset
You need to investigate any beneficial insects that may appear on your plants, or you can purchase them
Does parrot farming protect wild species?
Those in favour of commercial captive breeding argue that breeding parrots to sell can relieve pressure on wild populations. Researchers Neil D'Cruze and Rowan Martin review the evidence.
Bacterial and fungal diseases of garlic
Garlic can be prone to bacterial and fungal diseases, and it's important that farmers are proactive in preventing infection and practise appropriate management. Magda du Toit reports.
Responsible wastewater management: a crucial part of farming
The inadequate management of waste water is a challenge that the agriculture sector needs to deal with. Magda du Toit spoke to experts in waste and water management about a cost-effective treatment system.
Technology that can help protect South Africa's farms
Farm attacks, murders, livestock and crop theft, and other rural crimes are a growing concern in South Africa. As a result, more and more farmers are turning to advanced security technology to protect their lives, properties, and livelihoods. Sinenhlanhla Mncwango spoke to experts about the security strategies that producers can adopt to combat these threats.
The impact of theft on farms in South Africa
A high number of livestock are being stolen every year in South Africa. Insurance is expensive and farmers are battling to find solutions to the problem, says Dr Lindie von Maltitz, agricultural economics lecturer in the Faculty of Natural and Agricultural Sciences at the University of the Free State.
Staying afloat amid the cost-price squeeze
John Hudson, head of agriculture at Nedbank Commercial Banking, spoke to Glenneis Kriel about the importance of environmental and social sustainability for a prosperous agriculture sector.
Free State has no reason to mark Transport Month
Free State Agriculture (FSA) is very concerned about the extremely poor state of rural paved and gravel roads in the province and has very little, if anything, to celebrate during Transport Month, which takes place every October.
SA's food system ‘vulnerable to climate change'
The Just Transition Agenda for Food System Policymaking in SA webinar, hosted by the Institute for Economic Justice (IEJ) in October, highlighted the role that South Africa’s food system plays in contributing to climate change and how vulnerable it is to the impact thereof.