With 50% of farmers having diversified business they are faced with new risks, says insurer
Farmers need increasingly different types of cover as they diversify their business, according to Norwich Union (NU).
NU said: “With 50% of full and part-time farmers having diversified business as they look to increase their income source and respond to new and evolving consumer demands they are faced with new risks.”
Graeme Gibson, senior underwriter agriculture for NU, commented: "We are seeing more and more farmers entering the leisure and tourism sectors as they introduce activities such as clay pigeon shooting, camping and bed and breakfast facilities. Norwich Union has the capability to underwrite such sectors and provide farmers with cover."
NU added: “Renting out buildings for non-farming use is the most common diversified activity (38% of total farms in England) with sport and recreation and processing and/or retailing farm produce following behind at 9% and 8% respectively.”
