My last blog post discussed how climate change can affect different aspects of agriculture and gave a few ways to help farmers be better prepared and adapt to these changes. However, sometimes loss is inevitable especially when it comes to weather and other natural disasters. With that being said, it brings me to the topic of this week’s blog: The importance of Agriculture Insurance.
Agriculture insurance is a safeguard to your investments. Someone from the insurance company of your choice will visit your farm and inspect everything: crops, livestock, buildings, you name it. You will then get a quote on which to pay a premium. This kind of investment can be expensive due to putting a lot of resources in one place, but here are three reasons why it is so important:
- It protects you from misfortune in the future. If something does happen, you can take the money you have been compensated and reinvest to get things up-and-running again.
- Depending on your company and plan, you could invest in new technology, machines, and tools. Technology advances every year, and certain insurance packages allow for technology upgrades.
- Most importantly: peace of mind. Natural disasters are unpredictable. You are going to want to have that peace of mind in case anything does happen.
- Also, don’t forget about liability.
How do you find out about insurance companies and their plans? It’s as simple as asking your neighbor, talking to your local Farm Bureau or other Co-ops, or even check out the link below. This is a link to New York State’s Agriculture and Markets webpage. There are a multitude of links ranging from assistance and assurance programs to crop insurance and risk management. If you follow the link to the crop insurance page, you can learn the basics on all the different types of insurance as well as find an agent.
https://www.agriculture.ny.gov/Programs.html
*Disclaimer: not every insurance company/agent will be in the site’s database
We know the business of being a farmer is a way of life and a risky endeavor. The market can decrease or a natural disaster or accident could happen without warning. Try to decrease that risk by investing in an insurance plan; it will be worth it in the end.
“Are you in good hands?”
-Kayela
Sources:
https://www.thecompanywarehouse.co.uk/blog/7-questions-to-ask-before-starting-your-own-business
http://agriculturegoods.com/agriculture-insurance-and-its-benefit-to-farmers/
http://emergencypreparedness.cce.cornell.edu/agrosecurity/Pages/default.aspx
