For farmers in Southwestern and Eastern Ontario, managing risk is a two-front battle. On one side, you have physical risks like barn fires or equipment breakdowns; on the other, you have environmental and market risks like drought or plummeting commodity prices.
To build a solid foundation for your legacy, you need a “Dual-Protection” strategy that combines private Farm Insurance with provincial programs managed by the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA).
The Role of Your Insurance Broker
Private insurance is designed to protect your “Hard Assets” and your legal liability. As your brokers, we find tailored policies that cover:
- Farm Buildings & Property: Protection for barns, silos, and sheds against fire, wind, and specialized perils.
- Farm Equipment & Machinery: Coverage for tractors, combines, and tools against accidents, theft, and physical damage.
- Livestock Insurance: Securing your herd against accidental death, transit risks, and specific illnesses.
- Farm Liability: Essential protection against third-party injuries on your property or environmental pollution claims.
The Role of OMAFRA & Government Programs
While we protect your physical assets, government programs focus on production and income stabilization. These programs are essential for managing the “uncontrollable” variables of farming:
- AgriInsurance (Production Insurance): This program protects you against yield reductions caused by natural perils like drought, frost, or floods.
- AgriStability: This provides support when you experience a large margin decline caused by rising input costs or falling market prices.
- AgriInvest: A matched savings account to help you manage small income declines or make investments to mitigate risk.
How the Two Layers Work Together
Imagine a severe summer storm that destroys a storage shed and ruins standing crops.
- Your Farm Policy: This would respond to the repair or replacement of the shed and any specifically listed farm equipment and machinery inside.
- Your Crop Insurance: This coverage, managed through Agricorp, would compensate you for the loss of the crops themselves.
Without both layers of protection, you might be disappointed to learn that you are not going to be fully indemnified for your losses. This dual-protection strategy ensures that both your physical assets and your harvest are backed by a solid foundation.
Building Your Safety Net with Personalized Attention
At Strong Roots Insurance, we don’t just sell policies; we help you see the big picture by taking the time to ensure the appropriate coverages are in place to meet each individual’s needs. Ensure your farm is ready for anything by speaking to one of our brokers today.
