Small or marginal farmers earn a considerable portion of their income from cattle rearing. The regular income of a farmer is majorly dependent on cattle hence it is crucial to get livestock insurance in Australia for comprehensive coverage against cattle loss. Cattle insurance protects the agro-based economy of the country and here the key benefits of getting it done:
1. As life is unpredictable, it is important to cover your livestock in case of any mishappening such as fire, smoke, exposure, or explosion. It also covers your livestock due to flooding, theft, transport collision, and much more.
2. Animal mortality coverage covers you for livestock that dies due an injury, disease, or other causes. Cattle tend to die for many reasons leaving you in huge debt thus it is best to have livestock insurance to recoup your losses. However, if the death is caused by the owner, it may not be covered in the insurance scheme.
3. Being a livestock producer it is a necessity to protect these assets to prevent yourself from any financial losses. Farmers who sell cattle as a commodity are protected against serious losses.
4. More than being an option, it is a necessity to have livestock insurance in Australia if you are concerned about animals escaping and being accidentally harmed. Straying coverage covers livestock’s death if it has been struck by lightning or a vehicle.
5. Liability coverage is also majorly essential if you want to get covered against claims of damage against you or your property. For example, if the livestock hits your vehicle, it gets covered under the liability coverage.
6. Livestock insurance reimburses you with the ongoing market value of the livestock you lose. Hence it is made sure that your hard-earned money is safe and your deceased livestock can be replaced with a new one. This prevents you from falling into debt.
BOTTOM LINE
Every animal you own is a long term investment as well as a valuable asset that requires to be protected for generating long term revenues. Even if you are a rancher or a farmer, livestock insurance is an important part of your business. Livestock is such a commodity that narrates the difference between a good year and a disastrous one. Hence, protecting your livestock is directly proportional to protecting yourself against any calamity or mishappening.
Protect your valuable asset to have a secure future!
