Finding the right personal insurance policy is essential if you have a property with a hobby farm. After all, there’s a lot at stake – produce, livestock, farm equipment and machinery, farm vehicles and buildings, your home and contents and so on.
Hobby farm insurance brokers will assess your requirements and current situation, before providing advice on the best small farm insurance to keep your hobby farm covered.
Finding The Right Small Farm Insurance Policy
Phoenix Insurance Brokers has been a familiar face in WA’s rural and more remote regions such as Broome and Busselton for more than two decades, so we understand what’s important when it comes to protecting your family hobby farm. Like you, we know working on the land brings risks – bushfires, hobby farm machinery breakdowns, illness or accidents, or even a claim from someone injured on your property.
Hobby farm insurance can protect your farm, your produce and livestock, as well as you, your family and the people who pass through your property. It can be tailored to cover your home and hobby farm buildings, vehicles, equipment and more. It can also safeguard you against theft.
Hobby Farm Insurance Policy Coverage
Depending on the size of your hobby farm, the home, contents and property on the land, and the price and extent of farm machinery you have, your hobby farm insurance policy could cover a range of aspects.
In most cases, you should consider finding a hobby farm policy that covers the following.
Hobby Farm Property Protection
If you have a large shed, workshop or garage to store your crops, hobby farm machinery or operate your hobby farm, make sure it’s protected in your hobby farm insurance policy. Adequate cover will protect your property in the event of a fire or defined events.
Home And Contents Insurance
For many hobby farm owners, the land is also used as a residential property including a domestic home and property. To keep your family, home and contents protected, consider the inclusion of home and contents insurance when taking out a policy. If you’re ever unsure, speak to the team at Phoenix Insurance Brokers for advice.
Hobby Farm Liability Cover
Liability cover will protect you against claims made by the public caused by the operation of your hobby farm. This includes public liability and product liability claims for property damage or personal injury.
Hobby Farm Machinery Insurance
If you have a large hobby farm, it’s likely that you have some machinery or equipment which is essential to operate your farm. By including hobby farm machinery insurance in your policy, your valuable assets will be covered in the event of theft or damage.
Speak To A Hobby Farm Insurance Broker
Contact us on (08) 9367 7399 to speak to an experienced insurance broker about insuring your hobby farm or reviewing your current level of insurance.
Hobby Farm Insurance FAQs
Compared to a larger commercial farm, a hobby farm is usually smaller and run for personal use or pleasure rather than for a profit. While in most cases a hobby farm is operated on the same piece of land as an owner’s residential property, some enthusiasts invest in a separate piece of land to house their hobby farm. A hobby farm insurance policy provides cover against risks involved in running and owning a small personal farm.
The most common insurance protection hobby farm owners require cover for includes:
- Hobby Farm Property Protection
- Home and Contents Insurance
- Hobby Farm Liability Cover
- Livestock Insurance
- Farm Machinery Breakdown Insurance
While hobby farms may not provide you with a profit from the operation, many Australians invest a lot of time and money into maintaining, operating and growing their hobby farm. This includes investment in machinery, property, livestock and more.
Taking our a small farm insurance policy will help protect your investment so you can continue to maintain your hobby farm with added peace of mind.
A hobby farm is generally a farm that doesn’t rely on as a steady source of income. People who own and run hobby farms often have an off-farm job or are living off their pension.
Hobby farming has become increasingly popular as a form of relaxation on the weekends and a means of additional income. Substantial tax benefits can be obtained when a hobby farm is considered to be a “business” for tax purposes.
The government has indicated that it is supportive of small businesses including businesses of primary production. It has and is in the process of making available special tax benefits for such taxpayers. It would therefore be advantageous for “hobby farmers” to investigate whether their “farm” could be considered to be a business of primary production and take advantage of the tax benefits available.
Primary production activities include:
- Breeding and maintenance of animals or poultry to sell them such as beef or poultry farming;
- Dairy or wool farming;
- Planting and harvesting crops;
- Fishing operations;
- Forestry operations;
- Horticultural activities.
