The cost of insurance continues to be a critical issue for all businesses, including farms. It brought the heads of three major insurance companies operating in Ireland before an Oireachtas finance committee only last week where they each denied they were charging too much for insurance, blaming fraudsters who exaggerate claims, the level of payouts awarded, as well as high legal costs.

The Oireachtas finance committee is probing Ireland’s insurance industry on the high cost of insurance premiums over recent years

The insurance companies insist they are making normal profits in what is an “inherently risky business”.

ADVERTISEMENT

The Oireachtas finance committee is probing Ireland’s insurance industry on the high cost of insurance premiums over recent years. The committee is also examining the high level of injury awards in this country and its impact on premiums.

Farms are inherently dangerous places

Whatever the reasons for the high prices, there is no escaping the fact that farmers must make sure that their farm business is adequately insured. Farms are inherently dangerous places. Recent research by Teagasc shows that farm accidents have risen by 13% in the last five years and by 31% in the last 10. In the period 2012-2017, a total of 2,814 farm accidents occurred. The majority (42%) of farm accidents involved livestock. Farm vehicles or machinery caused a further 25% of accidents.

This week, we look at how farmers can get the best value for money while ensuring they have adequate cover.

We explain the main types of insurance that are recommended for farms. We also look at what to do when renewing farm insurance.

We ask the experts how to reduce farm insurance costs while ensuring your farm has adequate cover. With more and more farms employing people, we outline the type of cover required when hiring workers.