March 21, 2019
Vegetable growers across Ontario are beginning to make important decisions about their business risk management options for the year ahead.
The main question they may have is, "how will I protect my business against risks beyond my control?"
The federal and provincial governments provide a comprehensive suite of business risk management programs to help mitigate some of these risks. Growers can maximize their coverage by enrolling in these programs. Different programs cover different risks.
For low yields and crop losses in the field…
Enrol in Production Insurance.
Production Insurance plans are available for more than 100 commodities. For most plans, growers receive a payment when an insured peril causes their yield to fall below their guaranteed production.
Fresh market vegetable growers can insure their crops in either yield-based plans or acreage-loss plans:
- For yield-based coverage, growers receive a payment after harvest when an insured peril causes their yield to fall below their guaranteed production on all acres.
- For acreage-loss coverage, growers receive a payment when an insured peril causes severe yield reductions on an acre-by-acre basis.
For unexpected, large declines in income…
Enrol in AgriStability.
AgriStability covers a grower's farm as a whole, rather than one commodity at a time. If a grower's margin falls below 70 per cent of their recent average, AgriStability helps to offset the difference. AgriStability gives growers peace of mind when they need it most.
For small declines in income…
Enrol in AgriInvest.
AgriInvest allows growers to make investments to help mitigate their risk. Growers can deposit up to 100 per cent of their allowable net sales into a bank account, and the government adds to their contribution. Growers can then withdraw funds at any time. AgriInvest is funded by federal and provincial governments and is delivered in Ontario by Agriculture and Agri-Food Canada (AAFC).
