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Why Should Farmers Invest in Agriculture Insurance?

Mar, 30 2022

Farmers Insurance

Why Should Farmers Invest in Agriculture Insurance?

Farmers and other individuals engaged in agriculture understand the rewards of their business. However, they also understand the many risks that are involved. During a good year, numbers are high, and prices are steady. However, a bad year can mean much lower prices and a poor return on your investment. The best way to prevent a catastrophic loss during a bad year is to have a quality agriculture policy to help protect you and your farm or business.

Why Buy Agriculture Insurance?

From year to year, the agriculture business changes. The previous years' weather and harvest numbers and the projected weather forecasts for the current year are just a few things that fluctuate from season to season. Even if you only deal with livestock, you depend on the crop farmers for the feed you will need for your animals. In the field of agriculture, everything is intertwined. What affects one branch of agriculture will eventually affect the others. This is why carrying agriculture insurance is so beneficial.

Agriculture as an Investment

Being a farmer is a lifestyle. It's also a considerable investment. Farmers don't punch a time clock. They rise with the sun, and there are many days when they are still working long after it sets. Money isn't the only thing they invest in their business. They invest their time and build their life around working the land or raising cattle. While most people think of investments as financial deposits, a farmer's investment is sometimes measured in acres and hours spent working as a family to build a better future.

Different Types of Agriculture, Different Setbacks

Different types of agricultural activities involve various risks or setbacks. While this is not a complete list of potential risks, it is a good representation.

  • Too much/little rain
  • Severe weather
  • Illness or disease in cattle
  • Machinery sales – poor harvests in previous years
  • Grain and feed – poor numbers across the board
  • Elevators – poor crops and low grain sales

There will always be risks no matter what type of agri-business you are involved in. Therefore, finding the right agriculture policy is extremely important no matter what agri-business you have.

If you are in the agriculture industry, you will want to find an insurance agent who has your best interests in mind. We have that, plus the knowledge and experience to be your trusted advisor. So contact us today at Tompkins Insurance Agencies to get started on your personalized agriculture insurance.

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