Agribusiness insurance; a fancy term for a pretty straight forward farm insurance product.
WHAT IS AGRIBUSINESS INSURANCE?
“Agribusiness” is a combination of the words “agriculture” and “business”.
Which basically means that if a business is offering agriculture services or products as a means of generating revenue, they would be considered an “agribusiness”.
For a more official definition, here is how the province of New Brunswick puts it:
“Agriculture business insurance is a valuable business risk management tool that provides farmers with financial protection against production losses caused by natural perils, such as drought, excessive moisture, hail, frost, wind and wildlife.”
With extreme weather events seemingly on the rise, it’s now more important than ever farmers are protected from these types of threats!
WHAT TYPE OF FARMING IS AGRIBUSINESS INSURANCE BEST FOR?
If it’s related to farming, you name it and agribusiness can be involved.
- Crop farming
- Ecotourism
- Herbs and spices
- Fish farm
- Raising Livestock
- Feed production
- Dairy farming
- Egg farm
The list goes on and on!
WHAT SIZE OF FARM IS AGRIBUSINESS INSURANCE MEANT FOR?
Whether you’re talking about a mega agricultural business like Richardson International or a small hobby farm you manage in your spare time, there is an appropriately sized and priced agribusiness insurance policy that fits the needs of any agribusiness.
HOW MUCH DOES AGRIBUSINESS INSURANCE COST?
The cost for agribusiness insurance varies based on a wide range of factors including:
- Type of farm business
- Size of farm
- Claims history
- Unique risks
- Value of equipment
- Number and size of buildings
- Annual business revenue
We strongly recommend you reach out to a couple insurance providers for a farm insurance quote and go with whomever you feel most comfortable with.
Erie Mutual Insurance proudly serves the commercial insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
