Is Insurance needed for agricultural enterprises?

Chommyluv

Member
Insurance can be seen as the protection of life and property against any form of loss. Insurance serve as a cover against everything an individual, businesses, farmers and what have you. In fact it cover everything of which risks is associated with.
Agricultural enterprises are not left out, when a farmer enter into insurance contract with an insurance company, the policy covers virtually everything that goes on in the farm ; the policy cover agricultural product against losses that may result from pest, change in weather; drought, harmattan and provide some of relief when their crops are damaged due to natural causes like flood, erosion etc.
With agricultural insurance policy a farmer can benefit and not lost out totally because the policy will compensate the farmer when they are faced with the above. Do you think agricultural policy is needing in agriculture enterprises?
 

Samuel72

Verified member
according to my own point of view as an experienced businessman I will say insurance in there every area of your life and every business you are working on it all depends on your choice if you wish is to ensure the business then it's fine but if you wish is not to ensure that business then it is okay with you. Insurance company is to add you if you are having any shortage or any setback in your business
 

Teatea

Active member
Yes, insurance is needed for agricultural enterprise. Although most insurance companies do not stay true to their words, they are only interested in getting customers and their money but when it is time to really help they start finding loopholes just to prevent them from parting with their money. That being sorted, insurance gives you as an entrepreneur a sense of peace and safety, it is like an emergency plan.
 

IamDozzy

Active member
Insurance is very much needed for an agricultural enterprises to guard against natural disasters like pest invasion, disease outbreak etc. I want you to picture this, imagine you are a farmer that took a loan from the bank to buy seedlings or young piglets for grooming. Then a month to your bountiful harvest, a rare disease that affects the crop you planted or the pigs you have groomed strikes your farm, if you are uninsured you wouldn't.be able to pay back the loan you took from the bank. But with insurance that would be covered. These are the benefits of insurance to any business enterprise.
 

Alexandoy

VIP Contributor
In 2009 when our country was hit by the worst flood that's when we learned that insurance for cars and houses do not cover the damages caused by "act of God" which is nature's wrath. With the crops in the farm there is no insurance company that is willing to cover the crops because there are many reasons for the crops to be damaged.
 

Yugocean

Valued Contributor
This is neither your experience, nor something that requires to know.
Every country has insurance policy for everything, are you questioning this policy?
Sorry, even farmers need insurance from flood, drought, insect attack and other calamities; such insurance don't recover the products, but it helps farmers to recover a good part and grow again.
 

Mandy96

Valued Contributor
Of course, it’s needed in agricultural enterprises, it can be used as a back up just in case some unplanned event happens to the business, it can also be beneficial when you insured the land used for the cultivation. A liability insurance would be so advantageous in that aspect, in the sense that one should provide coverage just incase any damage is done on it
 

Wisdom01

Valued Contributor
Yeah I think insurance is needed too for agricultural purposes , there are even policies under it and you could insure your crops against pests,thefts and any other applicable risk ,but you need to notr that the higher the risk , the higher the premium that you might be paying too
 
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