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  • Manage your risk in 2021
  • Article

    Manage your risk in 2021

    Provided by Farm Credit Mid-America | Posted on

    January 11, 2021



    checking corn quality

    If there’s anything farmers understand, it’s uncertainty. From volatile weather to price swings to a global pandemic, they have persevered through it all.

    The best way to protect against the unknown is with a sound risk management plan, said Mike Goins, Farm Credit Mid-America’s Regional Vice President for Crop Insurance.

    “It’s the only way a grower can really guarantee their income,” he said. “There are so many risks, and crop insurance is how farmers can deal with those risks.”

    Choose the right insurance for your operation

    While crop insurance is a must, policies aren’t one-size-fits all. There are many combinations of policies to choose from, and selections must be tailored to a farm’s unique circumstances. Goins recommends growers start planning now by knowing intended acres, what their average yields are and their cost of production for the upcoming crop year.

    “Understand your business plan and get crop insurance for that specific plan,” Goins said.

    Work with a knowledgeable agent

    With so many different policies – subsidized, unsubsidized, government programs– the selection process can be confusing. Farm Credit Mid-America has 64 non-commission-based agents across Ohio, Indiana, Kentucky and Tennessee, who continuously evaluate and analyze new policies and programs for customers.

    “Choosing a policy is just one step in the process,” Goins said. “Having a knowledgeable agent and solid company behind you is key.”

    Additionally, Farm Credit Mid-America customers have access to an exclusive data-driven tool that allows agents to use real-time data, including a producer’s unique, individual policy information, county data and specific crops and yields. The program then gives a variety of recommendations customized to that unique operation.

    “There are a thousand what-if scenarios,” Goins said. “Our tool takes the guesswork out of choosing what’s right for you.”

    Don’t wait until spring – the time to start is now

    Growers have until the March 15 sales-closing deadline for spring crops, but the selection process should begin now. Determining average yields, costs to plant, and potential risks will help growers and agents find the right policies.

    “Get started early so you can understand your options and not have to make a rush decision,” Goins says. “With so much uncertainty, crop insurance is the best way to mitigate risk.”

    To connect with a Farm Credit Mid-America agent in your area, contact 800-444-FARM or visit us at e-farmcredit.com.

    New and beginning farmers
    My first recommendation in your journey is to start out with a local farming friend or mentor along with joining an organization like Ohio Farm Bureau.
    Greg McGlinch's avatar
    Greg McGlinch

    Darke County Farm Bureau

    Growing Tomorrow Grant
    We’re just so thankful for the Farm Bureau and the foundation for helping put this together. And of course, the Boyert family for the vision they had with this grant. It’s jumping us forward 10 years. It’s unbelievable.
    Nathan and Jill Parriman's avatar
    Nathan and Jill Parriman

    Clermont County Farm Bureau

    Bringing the farm back to life
    I could not have done it without the resources I have found through Farm Bureau.
    Gretchan Francis's avatar
    Gretchan Francis

    Trumbull County Farm Bureau

    Youth pathways in Farm Bureau
    It wasn’t until I joined the Wilmington College Collegiate Farm Bureau that I truly saw how my passion could translate into leadership, advocacy and a career.
    Wyatt Morrow's avatar
    Wyatt Morrow

    Clinton County Farm Bureau

    Giving farmers a voice
    The issue of property taxation remains as one of the biggest challenges our members face today. Ensuring agricultural property is valued for its agricultural potential and not development is critical to the continued success of Ohio agriculture.
    Matt Aultman's avatar
    Matt Aultman

    Darke County Farm Bureau

    Select Partner Program
    Through the Select Partner program, we became educated in farm insurance and weren't just selling policies. It became more and more clear why farmers need an advocate like Ohio Farm Bureau.
    Chad Ruhl's avatar
    Chad Ruhl

    Farm manager, CSI Insurance

    Advocacy
    So many of the issues that OFBF and its members are advocating for are important to all Ohioans. I look at OFBF as an agricultural watchdog advocating for farmers and rural communities across Ohio.
    Mary Smallsreed's avatar
    Mary Smallsreed

    Trumbull County Farm Bureau

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