Farming concerns in 2016
2015 was a difficult year for Britain’s farmers. For many, the worst came in the final weeks of the year when flooding wreaked havoc across large swathes of the North of England and parts of Scotland. Many are undoubtedly still waiting for claims, repairs and restoration to happen to allow their lives to return to some level of normality.
The combination of falling farm produce prices and constricting government regulations were threatening to many ordinary farmers’ livelihoods in 2015, and these will continue to be a major worry in the coming year. Wheat prices fell by nearly £25 a ton in the past 12 months, while milk prices fell by over 5p a litre. Costs of production stayed much the same; so many farms were selling at a loss through much of 2015.
Obviously, this is an unsustainable situation and one that means farmers are even less able to cope than usual should an unexpected setback arise. Summer 2016 should see the government’s new farm inspection task force in operation and farmers hope this will result in fewer costly and time-consuming farm inspections, and more help for British farms struggling to compete in the global market. Unfortunately, surveys suggest that over two-thirds of farmers expect government regulations to have a negative impact on their business in 2016.
This means farmers will be monitoring their cash flow closer than ever and praying that flooding, fire, storm damage, theft or some other unfortunate occurrence don’t have a negative impact on their business. With having to watch every cost, no farmer can afford to pay more than they have to for their insurance. It is also essential that should a claim occur, the correct insurance is in place so full recovery of costs is received.
While many insurance companies are keen to sell their customers a one size fits all policy, Alan Boswell Group has a team of farming specialists who will take the time to understand your needs, visit the farm if necessary, and put together a bespoke policy that gives you comprehensive cover where it’s needed, but doesn’t leave you paying for cover you don’t require. As a reputable broker, we have access to some of the best deals on the market at competitive premiums.
We can also offer informed risk management advice to keep your farm as safe and secure as possible. 2016 looks set to be another volatile, uncertain year for farming, so make sure that your insurance at least is something that you can be sure of and can rely on.
If you would like to speak to our team about how we can help with your insurance contact us 01603 218000.