Personal Accident Insurance - Are you properly covered?
Even on larger farms, most farmers do a large share of practical work themselves due to the economics of modern day farming. Key employees are also relied on greatly as the farming workforce shrinks further. The ramifications of a farmer or key worker having an accident and being off work for up to 2 years will be very serious for the business.
Personal accident insurance will cover the eventuality where the person insured is off work due to an accident for between 1 day and 104 weeks. The aim of the cover on most farms is to provide a weekly sum that will pay the cost for a contractor or self employed person to come in and carry out the practical work previously done by the injured person. The weekly payout is likely to be anywhere between £300 and £750.
Personal accident insurance provides cover 365 days a year and includes full cover away from work as well as at work. Many policies exclude the first 7 days -3 months after the accident. Ours do not generally and will pay from the day after the accident.
This cover is sold as a package with your farm insurance and includes various other benefits as well as the weekly benefit. An example of the annual premium is £180 per year for a £300 per week weekly benefit.
In reality we feel that at least ¾ of all farmers should have this cover. Do you? For a quote contact Farmers and Mercantile today on 01604 782 782.
Other Articles: Protecting Contract Farmers from loss of the Single Farm Payment, Is your fertiliser insured to the correct value?, Why put your eggs (farm insurances) in one basket?, Maximum at risk - what does it mean?, Should large items of machinery automatically incur large insurance premiums?
Farm Insurance: Arable, Farm Diversification, Livestock, Mixed Farm