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Agribusiness, Food & Beverage

Agribusiness, Food & Beverage Insurance Specialists Australia

There is a range of well-publicised challenges facing the agriculture and food and beverage sector in Australia. The ongoing challenges of climate change and drought conditions alone bring about property damage, the loss of crops and livestock, and increased costs for water, feed, and other Transport production expenses.

In response, the sector is introducing new technology to create more efficient and sustainable practices. Internet of Things technology, improved data collection and analysis, and renewable energy sources are gradually changing farming practices. These innovations are changing the risk exposure of the food production industries.

The limited number of insurers servicing the insurance needs of the sector is an additional challenge, with costly policies offering limited coverage where it’s needed most.

How we can help?

Applying our Barrack Broking Principles, our primary focus is on understanding your agribusiness, food & beverage so that the advice we give helps you achieve your business objectives.

We add value and eliminate unnecessary insurance costs by adopting practical risk management strategies before designing any insurance solution. By taking control of some of your manageable risks, we can achieve the right insurance coverage solution at the right price for those risks that must be insured.
This involves:
  • Gaining knowledge of your current financial position, short-term goals and future objectives.
  • Spending time with you to review your assets and investment in protecting those assets, for example, your use of new technologies.
  • Considering practical solutions that can be introduced to manage the risks that are of concern to insurers, for example, your location and access to infrastructure, the construction materials of your assets, and hazardous farming activities such as crop spraying.
Case Study

Protecting investment in Australian agriculture

An overseas agricultural investment business invested in Australia for the first time. They had purchased Queensland sugarcane properties with the vision of repurposing them to macadamia plantations.  .

In rehabilitating the land and establishing the plantations, the business sought to mitigate risks by:

  • Protecting the existing physical assets through insurance, and
  • Ensuring supplier contracts – with commercial nurseries, leases and contract farmers – were reviewed and appropriately structured. 

We worked in partnership to establish:

  • A risk management framework to cover immediate risks to the investment. The framework closely monitored changes in risk as further investment was made.
  • A close working relationship with the investor’s Operations Manager and collected detailed information regarding the properties and the planned program of rehabilitation. 
  • The interest of insurers to partner with the client, as we were able to give a clear view of the planned improvements and future direction.
  • A review of supplier contracts which identified areas where the insurance of those suppliers was not in line with the investor’s contractual requirements or did not meet usual local standards.  We then designed some specific solutions to plug these gaps and enhance the insurance protection.
  • In collaboration with the Operations Manager, protocols around notification of business changes. As further investment was made in equipment and infrastructure, the Operations Manager would be prompted to review the new contracts and agreements and adjust the level of insurance with our support.

Our approach ensured that the risks and the associated insurance costs were minimised. We provided certainty to the client and its investors that their Australian investments were protected.

Testimonials

Trusted by Businesses Across Australia

Our clients rely on us for strategic advice and dependable support.

We’ve always have such a great experience with Barrack Broking. Our Account Manager, Dale is incredibly friendly, easy to deal with, and genuinely attentive to everything we need. Nothing ever

David Heffernan

thanks again Dale and Barrack for making the insurance renewal process so smooth and timely yet again

Scott

Had a great experience with Barrack Broking – Insurance Brokers Brisbane. The whole process was smooth, professional, and easy to understand. A big shoutout to Amiel – absolute superstar. He

Lucie Heinzelmann

Competitive premiums offered. Great service going over and above. I have peace of mind knowing the insurance policies are looked after by a wonderful highly experienced team. Can not be

Marcella Herdsman

Excellent Communication, and provide great options and competitive Premiums. Just a pleasure to deal with. Highly recommend this team to any business owner.

Darren Harmsworth

Extremely attentive, took real time to understand the business and saved us a considerable amount on our premium – highly recommended

Belinda Brown
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As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.

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