Farming Risk Management

How to Successfully Manage Risks in Farming

The agricultural industry is a difficult and challenging one. There are certain risks inherent in farming that many other industries never have to contend with. There are many strategies that you can employ to help mitigate risks and propel your agricultural business forward.

Diversify Operations

Having a diverse operation can help shield you against losses in a single area. Vertical integration, or controlling more than one segment of the production process, is another useful strategy that can increase profits while reducing risk.

Plan for the Unexpected

Another key strategy is to prepare as best as possible for unexpected losses. Farm, ranch and livestock insurance products can help you recover losses due to weather, natural disasters, pesticide damage and any number of other unforeseen hazards. Conduct research into the coverage offered by agricultural insurance programs so you know what is available. Then make an informed decision about which ones will work best to help manage risks in your farming operations.

Know Your Options

Education is the key to your success. Take advantage of risk management programs offered by agricultural offices and trade partners. Make yourself aware of the assistance that is available should you face a potentially damaging situation, whether that is lost crops, property damage or an injury that occurs on your property.

There are no one-size-fits-all answers to reducing risk in farming. Take time to work with someone knowledgeable in the field to find a cohesive program that fits your agricultural operations.

Abusive Acts Liability Coverage

The Truth Behind Abusive Acts Liability

Staffing agencies put themselves at risk on a regular basis. Helping connect businesses in need with skilled employees means being able to vet prospective applicants quickly, and sometimes things fall through the cracks. Other times mistakes happen, and though misunderstandings occur, it can still leave your company at fault. If you’re wondering what is abusive acts liability coverage, here is a quick breakdown of its importance.

Acts of Aggression

Unlike theft or property damage, abusive acts don’t have to be material. These consist of actions that can cause both physical and emotional trauma. Sometimes these injuries are not easily visible, but it’s important to protect your company and its employees if allegations are ever made. Some of the most common forms of abusive acts include:

  • Sexual harassment
  • Physical injury
  • Mental anguish
  • Fright
  • Shock
  • Death

Staffing agencies without abusive acts liability coverage run the risk of incurring hefty litigation fines, something that can be mitigated with the right policy. While many insurance firms bundle these options within a general liability policy, others have specific coverages just for abusive acts, such as World Wide specialty programs. These policies give staffing agencies more control over how coverage works. Look into acquiring abusive acts liability coverage, so you don’t leave your business exposed to expensive litigation.