Home - Managing Risks
Successful farming involves successful risk management. Managing risk on the farm requires an understanding of what the potential risks may be and having a plan in the event they occur. There are several types of risk you should be aware of, including: production, marketing, financial, weather, human resources, and others. You can mitigate many of these risks by diversifying your product mix and marketing outlets, utilizing various insurance options, and making well-informed decisions by having a competent team of trusted advisers consisting of: accounting, legal and industry specific consultants and business planners.
Resources
- Insuring Your Farm: The Basics of Property & Liability Coverage - The Maine Bureau of Insurance [Publications?]
- USDA Risk Management Agency
- USDA Economic Research Service (ERS) – risk management strategies and information about government-sponsored programs
- Cornell Small Farms Program
Who to Contact for Direct Assistance
- Crop Insurance Providers in Maine – from USDA’s Risk Management Agency (RMA)
- Maine Farm Bureau – offers members access to a group health insurance policy for farmers