Free information – insurance risks- Dangers of diversification

The sector has one of the worst records for fatal accidents, with an average of 46 people killed each year.Phil Grace, liability risk manager of Aviva’s UK Insurance business, says: “With 50 per cent 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.“The sector continues to develop and is moving from traditional bed-and-breakfasts and retail, to sports and recreation, resulting in increases in the nature of the risks, in addition to the number and type of people exposed to them.”He also urged employers in the sector to consider whether they need public liability insurance, which can provide compensation in the event of property damage, or injury to a customer.Said Grace: “A typical commercial package will provide these, but it is vital that your broker and insurer have a clear idea of what you do, and that you update them with any changes – for example, if you decide to offer a service such as bed-and-breakfast, shooting, or recreational quad-biking, as this may affect your premium.”A pdf guide on this subject is available to download from www.aviva.co.uk/risksolutions