Horticulture industry invited to understand risks and explore insurance options
After a summer of bushfires, cyclones, and flooding, many horticultural growers are no doubt taking a closer look at their insurance renewals.
As such a significant business expense, it’s important to know the insurance product you have chosen and how much is covered.
On Friday 31 May Growcom—the project delivery arm of Queensland Fruit & Vegetable Growers—is hosting the Know Your Risks, Know Your Options Webinar, with special guests from WFI Insurance and Queensland Farmers’ Federation (QFF).
Our experts will discuss with attendees the different types of risks agribusinesses face, and the different options available to them in potentially mitigating those risks.
A key risk agribusinesses face is being underinsured. Ahmad Qleibo of WFI Insurance will explain the impacts of underinsurance and what growers can do to minimise the risk of underinsurance to their businesses.
“With the fluctuations in prices of materials and equipment, it’s important to keep your sum insured up to date so you don’t face a shortfall should it come time to claim,” Mr Qleibo said.
Bec Tkal, Farm Business Resilience Officer with QFF, will present the organisation’s findings on developments in parametric insurance for agribusinesses.
“Parametric products are not a new concept, but as data becomes better and richer, there are new and innovative ways to use the products to smooth income volatility during times of weather extremes.
“Such products can be tailored to dovetail the individual risk profiles and existing insurance footprints of businesses.” Ms Tkal said.
Growcom Resilience Manager, Karen George said assessing business risks, including drought was paramount to achieving business goals and vision for the future. Horticultural growers are encouraged to come along to this webinar to strengthen their farm businesses.
The Know Your Risks, Know Your Options Webinar is hosted by Growcom’s Farm Business Resilience Program for horticulture. The program is jointly funded through the Australian Government’s Future Drought Fund and the Queensland Government’s Drought and Climate Adaptation Program.
KEY INFORMATION
Date: Friday 31 May 2024
Time: 1:00pm – 1:45pm
Register: https://bit.ly/3wlbR58
