Although no producer goes into a planting season with the anticipation of low yields, low commodity prices, and a payout from their crop insurance policy come harvest time – it happens. Unfortunately, in times of tight margins and the inability for some to cover their break-even costs, Yield and Revenue Protection plans regulated and offered through the Risk Management Agency do not provide sufficient amount of coverage for some producers to farm comfortably.
Farming doesn’t stop in the winter, there are animals to be fed, crops to be handled, machines to be repaired and so much more.
Here are some reminders for workers who are out bracing the cold everyday. Stay warm & safe everyone!
I have seen quite a few companies and agencies promoting “captives” as a sound alternative to federally re-insured crop insurance. Suggesting a farmer’s best risk management strategy may be situated in a group of like-minded producers, who self-insure through the help of a licensed insurance company, thus bypassing commercially sold insurance products.
So that leads me to ask…
Sometimes we overlook change and don’t realize all that can happen within a year. Take a moment to think about everything that has happened and if you should review your insurance needs. It’s important to do so annually as coverage needs change as the circumstances in our lives change.
While your employees can catch the flu year-round, fall and winter are the peak times for an outbreak. In 2018, the Centers for Disease Control and Prevention reported 80,000 Americans died from the flu and more than 900,000 ended up in the hospital.
On average, U.S. employees miss more than 17 million workdays from the flu, costing employers $7 billion in sick days and lost productivity. Make sure your organization is prepared to help employees get through flu season.
Businesses frequently enter into contracts with suppliers, vendors, independent contractors, landlord/tenants, and other service providers. In those contracts it is common to find language which transfers the liability of one party to the other in the event that bodily injury, property damage (tangible and intangible) and other liabilities arise out of the contractual relationship.
The liability may involve both insurable and non-insurable liabilities upon the contracting parties. The contracting parties, and their supporting legal and risk advisors should review in detail the contractual language and what liabilities may be assumed due to the contract.
Contractual Risk Transfer is one of the five traditional risk management techniques within a business. These techniques include: Risk Retention, Risk Control, Risk Avoidance, Insurance Transfer & Contractual Transfer.
Injuries due to slips and falls are one of the most frequently reported workers’ compensation claims. While these accidents can happen anywhere, any time, they typically spike during the winter months. According to the U.S. Bureau of Labor Statistics, over 20,000 workplace injuries due to falls from snow, sleet, and ice occurred in 2016. Of those, 28 percent resulted in more than a month off of work.
Employees and visitors alike are at risk, but with a proactive safety plan, slips and falls can be prevented.
Dairy Revenue Protection (DRP) is designed to insure against unexpected declines in the quarterly revenue from milk sales relative to a guaranteed coverage level. The expected revenue is based on futures prices for milk and dairy commodities and the amount of covered milk production elected by the dairy producer. The covered milk production is indexed to the state or region where the dairy producer is located.
Across the country property and business owners have been overwhelmed by damage caused by tornadoes, fire, flood, and other disasters. For many, this is the first time they have experienced such loss, and they become targets of insurance fraud when questionable contractors show-up in damaged communities offering to clean and repair the damage, handle the insurance claim, and other services.
A dishonest contractor may collect payment without completing the work, they may use inferior materials, or they may perform work that is not up to code. It’s not uncommon for a fraudster to convince a property owner that a large deposit is required before work can begin. Often, the work is started, but not completed before the crooks disappear. Further, a contractor that manipulates the price to cover the deductible or extra work not caused by the disaster is committing insurance fraud.
Stay up-to-date with the current Running Harvest Prices Averages for several commodities. These prices are current as of October 15, 2018. The price discovery period for corn and soybeans will continue throughout the month of October. Be sure to contact an ABIS crop agent for further questions and future up to date information.