Manage The Risks:
Talking Insurance With SCA
For many of us insurance is a “buy it and hope you never need it” type of expense and many of us think we have better coverage than we do. Often, we learn after a disaster that we were under-insured or not insured at all. It is important to sit down with your insurance broker regularly and review your opreration and to determine the kind of coverage and policy you need for peace of mind. Have a plan in mind and go over the list of your on-farm buildings, equipment and livestock as well as a list of other things you might want to add to your insurance. You should also have a good idea of the value of these items or a realistic cost to replace them.
Private insurance is offered through several companies and each offers their own option to protect your investment and operation against factors out of your control, such as disease and weather. The type of coverage and services you recieve may depend on the company offering the policy. You may need to shop your business around to make sure you are looked after if something happens.
SGI Canada, Wawanesa, Saskatchewan Mutual Insurance and Red River Mutual (to name a few), all offer farm insurance policy packages. These packages typically cover:
They may also offer additional coverage based upon your needs. Talk to your broker or have the conversation with several different brokers to determine a plan that is right for you.
Another important consideration is the amount of risk you are facing versus the premium necessary to eliminate that risk. There may be times the cost of insurance far outweighs the benefit the policy may provide. There are many package policies available, it is important that your coverage accurately reflects your own situation. Never assume you are covered.