During the pandemic years, many people decided to move out of the big city to get away from large numbers of people and to change their lifestyle for good. You may have decided to follow that lead and considered setting up a small business that may help you live off the land. Even if you only intend to set up what's known as a "hobby" farm, you still need to look at costs, longevity and exposure. If you haven't thought about specialist insurance yet, it's a good idea to do so before you assume any risks. What do you need to think about?

Hobby Farm Coverage

The major insurance companies provide good quality insurance products for people in your situation. Even though you may only run a small farm that extends to a couple of hundred acres, these companies can tailor a product that will cover all different angles.

Assessing Liability

While some people in your situation will simply grow products for their own consumption, many will want to sell what they produce in a local farmer's market. Remember, whenever you enter into a contract with another party, there is a potential liability, even if it is the simple act of receiving some money for some potatoes. Your very presence at the farmer's market calls for public liability insurance, while you should also consider product liability in the unfortunate event that your produce causes an illness or any other problem.

Home and Contents

You will, of course, need to insure your on-site home and its contents, as you would if you were still living in the big city. You also want cover for the various farm buildings, like workshops or sheds, to protect them from fire damage or weather events. Extend coverage for farm machinery like tractors, trailers or quad bikes.

Livestock or Arable

You can also generate coverage for livestock. If you are reliant on their welfare for your revenue, you will want to protect against a catastrophic virus or illness that could wipe them out.

On the other hand, if you prefer arable farming instead, you can also get coverage to help protect your hay, crops and other infrastructure like fencing, gates and irrigation.

Getting Additional Detail

Remember, this type of policy can be tailored to the individual. You should talk with your insurance broker to give them the appropriate detail, so they can generate your rural business insurance policy accurately.