Best tips for risk management


Risk Reduction For Crop Protection

Insurance policies, in general, are directeddirected because they could strip your land
against specific risks. Agriculture insuranceoff its nutrients. Crop insurance is also a
is no exception. Whether you opt for farmgood option though it is offered only at
bureau insurance, farm insurance, farm autoprivate insurance companies. Marketing risks
insurance, or horse insurance, there areare also to be thought of considering the
risks you must be sure to protect yourincreasingly competitive market. To develop
property against. It is likely that most farman effective marketing plan, it is important
insurance companies cover these risks but itto assess the demand and the supply of your
could never hurt anybody to be sure and knowcrops. Research crop prices and price your
how losses posed by these risks arecrops competitively. This does not mean that
determined  and  prevented.you lower your price but to include
production and transportation costs, and
In choosing farm bureau insurance, farmmarket price in placing value on your crops.
insurance, farm auto insurance, or horseAn efficient marketing plan can ensure a
insurance, keep in mind these risks and howconsumer base for your crop, thereby reducing
to prevent them. Production risks arerisks  of  crop  rot  and low income returns.
generally considered as risks stemming from
weather conditions, pests, crop diseases,Traditionally, agriculture insurance is
technology malfunction, genetics, and themulti-peril, which means that it covers
kind of the seeds, pesticides, andmarketing and production risks. Multi-peril
fertilizers used. To prevent losses due toinsurance basically involves compensation to
production risks, crop variation isthe farmer for shortcomings like a lower
recommended. This could mean plantingyield than what the policy requires. In some
different crops in one season or raisingcases, this spawned improper insurance use
livestock and crops together. This is anwhich led to unnecessary risk taking like
expensive risk reducing method because thisplanting crops in inappropriate locations.
would require greater capital and investment.This increases the growers' risk of incurring
However, in the long run, greater savings canlosses. Farm bureau insurance, farm
be had from opting for this risk preventioninsurance, farm auto insurance, and crop
method. An economical method is to useinsurance can save you from losses but no
technology to your advantage. Use geneticallyagency would offer you insurance if you are
altered crop seeds for a bigger crop yield.extremely high-risk. It is therefore
In addition, this method controls the growthimportant to undertake risk reduction methods
of weeds and improves the crops' resistancesuch as those mentioned above to prevent
to pests and diseases. Pesticides andlosses in the future.
chemical fertilizers are to be used only as



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