Assessing coverage for each unique farm business
With application and renewal deadlines approaching for government risk management programs, it's a good time for producers to assess their coverage and make sure it meets the needs of their farm business. Every farm is unique and every farmer has their own story, with their own risks and plans to manage those risks. This is the story of one such Ontario farming family.
What keeps the Smiths up at night?
“What if market prices fall?
Or costs go up?
Or both?”
This is why they’re in the Risk Management Program (RMP).
They can get payments if market prices fall below production costs.
“What if there’s no rain?
And our crop is damaged?
Or there’s no hay for the cattle?
And feed prices go up?”
This is why they’re in Production Insurance.
They can get payments if they have yield losses or rainfall shortages.
“What if disaster strikes?
How will we pay our bills?
And our employees?
How will we stay in business?”
This is why they’re in AgriStability.
They can get payments if there’s a severe loss to their overall farm income.
At this time of year, farmers should look at their own stories and ask themselves:
"What risks does my business face?"
"Which programs would best help me manage these risks?"
*The Smiths are a fictitious family based on common characteristics of real farm businesses that participate in business risk management programs offered by the government.
