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Better Manage Risk on Your Farm

As you prepare for the 2017 growing season, consider how keeping a handle on repair costs can help improve your farm’s risk management plan.

With so many variables in farming and today’s tighter margins, it’s important to focus on what you can control. In other words, it’s time to ramp up your risk management. And there’s no better time to start than today.

Risk management involves choosing strategies and tools designed to reduce the financial effects of the uncertainties of weather, yields, prices, government policies, global economies, human factors and other conditions that can cause dramatic fluctuations in farm income.1

Resources

A good place to begin building a risk management plan is by talking to your accountant, ag lender or financial planner. Your state’s Extension service or the ag economics or farm management at your state’s land-grant university also can provide localized support.

The Ag Risk & Farm Management Library collects, categorizes and organizes thousands of agriculture risk and farm management documents, videos and presentations. You’ll find documents organized by production, marketing, financial, legal and human risk topics. You also can access hundreds of crop and livestock budgets from more than 30 states.

Purchased Protection Plans

Case IH can help manage risk on your farm through Purchased Protection Plans.* These plans help you control repair costs by protecting your equipment beyond the base warranty period. This can help reduce or eliminate possible significant repair costs — thus, prepare more accurate operating budgets while managing other fixed expenses. Consider these advantages:

  • Peace of mind — extended equipment protection.
  • Flexible options — flexible payment and term options; customized plans to meet your individual needs.
  • Dependable service — eligible repairs completed by authorized service technicians using genuine OEM parts.
  • Transferable protection — new equipment plans may be transferred to a new owner at no charge.

Learn more about Purchased Protection Plans in the fall issue of Farm Forum and Canadian Farming. And then talk to your Case IH dealer about customizing a plan specific to your operation. It can be an important piece of your farm’s risk management plan.

*CNH Industrial Insurance Agency Inc. is an AmTrust Financial company. The precise protection afforded is subject to the terms, conditions and exclusions of the contract as issued.

LEARN MORE HERE
Full issue: Farm Forum
Full issue: Canadian Farming

RESOURCES
1About Risk Management Education. Extension Risk Management Education website. http://extensionrme.org/About.aspx. Accessed December 22, 2016.
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