Risk management for agribusinesses is as important today as it is for any and all other businesses. In fact, agribusinesses face some risks that are unique to your industry, requiring specialized business insurance to address the nature of those risks.
Working with a highly qualified insurance and risk management agency with specific experience addressing the needs of agribusiness organizations can help you mitigate those risks and greatly diminish the blow when some those risks become reality. These are some of the risks unique to agribusinesses that WA can help you protect your business against.
Production Risks.
There are many things that can devastate an agribusiness, including weather, disease, environmental factors, pollution, infestations, and more. These all affect the ability of agribusinesses to deliver goods promised or greatly diminish their quality.
Price Risks.
Markets crash. Bumper crops send supplies soaring and prices plummeting. Countless other things occur that greatly decrease the expected return on crops, cows, etc. long after you’ve invested time, money, and labor to bring crops, cattle, etc. to market.
Crop Storage Risks.
Once you’ve harvested your crops, they must be stored until they are taken to market. When bad things happen during the storage stage of the game, it can be financially devastating for your agribusiness.
Weather Exposure Risks.
Whether hot, cold, dry, or wet; Mother Nature’s whims can wreak havoc on agribusinesses destroying crop yield, killing livestock, delaying planting, or freezing crops right before harvest. There are too many weather-related things that can go wrong for agribusinesses to risk operating one without adequate risk management, proper risk mitigation, and substantial insurance protection.
Emerging Technology Risks.
As more agribusinesses are embracing technology and the benefits it brings to the table for their businesses, the truth is we just don’t know enough about the potential consequences to quantify or measure the risks they pose. Working with an insurance agency that operates on the cutting edge of technology can help you ensure you have the proper amount and the right type of coverage to protect your agribusiness against the risks emerging technologies impose.
Food Safety Risks.
Not only does food safety present a very real financial risk to your agribusiness in the form of recalls. It can also be devastating to the reputation of your business as well. The best insurance for an agribusiness addresses these risks by providing financial protection for recalls, costs of correcting the problem causing foodborne illnesses, legal fees, and reputation management.
Agribusinesses in the modern world face greater scrutiny than any other time in history and greater risks. Working with WA Group can help you mitigate many of those risks and protect the financial interests of your agribusiness. Contact WA Group today to learn more about the business insurance protections we offer agribusinesses like yours.
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