Why put your eggs (insurances) in one basket?


Insurance is one of the few products and services purchased by farmers where it pays to keep all your eggs in one basket. By this we mean that it is in your best interest to place all covers for farm, household, vehicles, personal accident, etc via one broker or agent.
 

There are two simple reasons for this:

  1. The person arranging the cover needs to understand all of it across the whole farming business. If a broker arranges the vehicle fleet insurance and an insurance company agent arranges the farm and household insurance there are many areas where the two sets of insurance will cross over, this can result in double insurance, gaps in cover, but more worryingly  arguments between the two insurers in the event of a major claim.
     
  2. Price – Farmers & Mercantile will always give a more competitive price where we are able to look at all the different parts of the insurance as a package.  Many insurers still insure cars, commercial vehicles, agriculture vehicles, houses and contents all on individual policies that are individually priced. This always serves to produce a lot of confusing paperwork that is more costly to administer and difficult to understand.

At Farmers & Mercantile we insure all risks on either one or at the very most two policies. This greatly simplifies paperwork and in many cases allows a more competitive premium.
 

With a package policy you will still receive a breakdown of the premiums so you know the individual costs of items insured. You also have one common renewal date for all items making it for easier to review your insurances and are still able to spread the cost of your annual cover throughout the year.

Still have some questions? why not call us on 01604 782 782.


 

Other Articles: Protecting Contract Farmers from loss of the Single Farm Payment,  Is your fertiliser insured to the correct value?,   Maximum at risk - what does it mean?,  Insurance for farmers - are you protected?,  Should large items of machinery automatically incur large insurance premiums?

Farm Insurance: Arable,  Farm Diversification,  Livestock,  Mixed Farm