A business risk update
Farms, ranches, and wineries are facing several emerging risks that if not managed might have catastrophic results. There are many unique risks facing farm and ranch owners. Some of these could be covered under your existing commercial policy, while others may require additional coverage.
As the owner and operator of an independent farm or ranch, you’ve made a number of investments into your agribusiness, equipment, machinery, and crops. Livestock is also a big investment for farmers and ranchers alike, and like any financial asset, you’ll want to ensure a high-level of security and protection – so your animals will stay covered.
Here are some top emerging risks for the agribusiness
- Agritourism activities include everything from bed and breakfasts, corn mazes, educational field trips, hosting weddings and events, store or wine tastings, to “pick your own” and roadside farm stands. It is important to understand your increased liability by having visitors on your property.
- Environmental risks are increasing due to continued government oversight and control. Many agribusinesses may need to turn to nontraditional chemicals.
- Technology, which includes drones and robotic equipment, adds considerable value to your operation. However, there are new risks of privacy and costs to insure high valued equipment.
- Weather continues to be a concern due to continued climate shifts and changes.
At North Bay Insurance Brokers, Inc., we’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered from top to bottom