MANAGING RISK ON FARMS

What do we mean by risk?
A risk is the potential of something going wrong; an exposure to danger. In the insurance world, we might add “…and results in an unplanned loss.” Your insurance policy is designed to respond after risk turns into a reality and the loss has occurred. Your insurer may offer risk management services empowering you to monitor the risk and manage it.
Some of the basic risks an insurance policy will protect you from can include:
- fire
- lightning
- power fluctuation
- environmental
- water escape and flood
- vandalism
- theft
We all face a variety of risks and hazards in both our personal and business lives on a daily basis. With proper education and management practices you can minimize risk and create a safer environment for everyone.
Making a Personalized Risk Management Plan
Farms are ever changing and so is the risk. As operations grow and expand the risks change and the magnitude of the loss multiplies. Some risks you can easily identify and correct while others may be more challenging. A risk management plan can help identify what could go wrong and prepare you to manage it efficiently and cost effectively.
We cannot avoid every loss so attention to risk management is imperative to reducing frequency & severity.
We’re here to help
Ultimately, you are in control of managing the farm. You recognize many of the risks present and manage them well. At Trillium Mutual, we employ a team of professionals to assist you in managing risks on farm. We focus on farm and help you with reasonable insight and recommendations. Collaboration between yourself, Josslin and Trillium Mutual will be support the enhanced protection of your assets and operation. We would be pleased to work with you.
Visit the Trillium Mutual website where we are pleased to offer a Farm Inspection Checklist drawing specific focus to some of the risk that can be managed proactively on farm.
Here are a few items from that list that you can consider:
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Maintain adequate clearance around electrical panels.
- Eliminate extensions cords and replace with permanent electric wiring
- Eliminate temporary heaters, replace with permanent appliances installed by a qualified contractor.
- Consider installing hurricane ties on structures.
- Ensure manure pits are fenced with no run-off.
- Make sure all chemicals are stored and labelled properly.
- Protect fuel tanks from impact by installing bollards or move it to a safer location.
- Know your electrical. Install a PrevTech Unit. (Insurer promotions available)
- Exercise a rodent control plan.
- Extend downspouts & Grading 1.8m (6 Ft) away from the building foundation.
Consider Josslin's CFFO Member Exclusive Insurance Plans provided through Trillium Mutual. Get coverage designed for your farm - at a great rate!