Farming businesses don’t stand still — and your insurance shouldn’t either.
Over time, small changes can add up. New equipment, rising costs, changes in stock levels or staffing — all of these can affect whether your cover is still fit for purpose.
This simple checklist is a good way to sense-check where things are at — and whether it might be time for a review.
1. Are Your Asset Values Up to Date?
Start with the physical backbone of your operation.
Have you upgraded or replaced machinery recently?
Do your insured values reflect current replacement costs?
Are all buildings, sheds, and infrastructure included?
With costs continuing to rise, underinsurance is one of the most common risks we see.
2. Is Your Machinery & Equipment Fully Covered?
Machinery breakdown or loss can bring work to a halt.
Consider:
Are all items listed on your policy?
Are they insured for replacement value, not historic cost?
Would downtime impact your ability to operate during key seasons?
3. Are Your Livestock Numbers and Values Accurate?
Livestock values can change quickly — and so can stock numbers.
Have stock levels increased or decreased?
Are values aligned with current market rates?
Do you have cover for mortality or specified events?
Even small discrepancies can lead to shortfalls at claim time.
4. Do You Understand Your Weather & Natural Event Cover?
Farms are exposed to a wide range of natural risks.
Flooding
Storm damage
Drought
Slips and land movement
Not all events are covered in the same way, so it’s important to understand:
What your policy includes
Where exclusions may apply
Whether you need contingency plans alongside insurance
5. Has Your Liability Risk Changed?
Modern farming operations often involve more people and more moving parts.
Are you working with more contractors or seasonal staff?
Do you have visitors, suppliers, or third parties on site?
Have you diversified (e.g. accommodation, tourism, additional income streams)?
If your operation has evolved, your liability cover should reflect that.
6. Are You Covered for Key People?
Many farms rely heavily on a small number of individuals.
Ask yourself:
What would happen if you couldn’t work for a period of time?
Could the business continue as normal?
Would cashflow be impacted?
Income protection and key person cover can play a critical role here.
7. Does Your Insurance Still Match Your Business Structure?
Over time, ownership and financial structures can shift.
Have there been changes in ownership or partnerships?
Are there shareholder or family loans in place?
Does your insurance align with your succession plan?
This is often overlooked but can be critical when it matters most.
8. When Was Your Last Review?
If you’re not sure when your cover was last reviewed, that’s usually a sign it’s time.
As a general guide:
Review annually
Or whenever there’s a meaningful change in your operation
Insurance isn’t something to set and forget — it should evolve alongside your business.
A Quick Sense-Check
f you answered “not sure” to any of the above, it’s worth taking a closer look.
Most gaps aren’t intentional — they’re simply the result of a business that’s grown or changed over time.
How Carricks Can Help
At Carricks, we work with rural businesses to keep things straightforward and practical.
We can help you:
Review your current cover
Identify any gaps or overlaps
Make sure your insurance reflects how your farm operates today
If it’s been a while since your last review — or you’ve noticed a few question marks while going through this checklist — now is a good time to revisit your cover.
Let’s make sure everything is aligned before you need to rely on it.
