Rural insurance

If you could insure against fluctuating stock or dairy prices you probably would, right? Then why leave something to chance that can be as additionally crippling to your business - the incapacitation or death of key farm staff or the farm owner?

Planning on a farm is arguably more critical than in any other business. Whether it be how to cover high levels of debt that farms often carry, to protect the revenue from the farm or to make sure a succession strategy runs smoothly.

There are four key principles to a quality rural risk management plan.

• Debt cover – Farmers by necessity generally carry higher debt than most other businesses. What would happen if the main operator of the farm became sick, incapacitated or passed away? Would the farm still be able to carry on and continue to repay debt?
• Key person and farm revenue – Farms operate differently financially speaking to other business. So it's even more important to get the right advice on specific solutions to help you deal with the unique structures farms operate under. Would the farm survive if revenue stopped suddenly? Imagine if this happened during a busy time such as lambing or calving...
• Succession planning – What if the main farm owner died prematurely? Would the successor be able to pay out any remaining siblings/partners and continue the family farm? Or would they be forced to sell and start their farming career again elsewhere? With the right plan and most importantly, protection of that plan, succession planning can run very smoothly and keep the farm in the family.
• ACC structuring – whether we like it or not, ACC happens to be the default insurer for farmers or anyone self-employed. By reviewing your ACC levies, you can make sure your insurance budget is being spent wisely. This is a key part of what we do for you at Advice 4 Life to ensure a holistic approach to your insurance needs.

Call us today on 0508 44 00 44 or enquiries@advice4life.co.nz and we'll come out for a hassle-free cuppa.