Agriculture Risk Management Resources (ARMR)
Safeguarding your farm business and ensuring its success for years to come is likely one of your biggest priorities, and one that you share with many farmers across the country. But with the complexities of ag risk management, it can be difficult to decide exactly how to protect yourself, and your farm, from all the potential risks that exist.
You don’t have to be an expert on risk management to know that some things are inevitable. Unpredictable weather, economic turbulence, and geopolitical issues are just a few of the biggest concerns farmers face when doing business. With a comprehensive farm risk management strategy, you can be better prepared for these uncertainties.
While it’s impossible to see the future, planning for uncertainties that may lie ahead isn’t as challenging as it sounds. Our experienced MNP agriculture risk advisors know how to assess the market and will work closely with you to determine areas of your farm that need a boost of protection. They can help educate and guide you towards a system that will work for your farm and ensure you’re ready for whatever life throws your way.
What’s your challenge?
Managing and planning for risk
Risks like market fluctuations or negative weather events leave your operation vulnerable. A proper agricultural risk management strategy can help you develop a plan to navigate whatever tomorrow brings.
Insuring your farm
Farm insurance, such as crop insurance, can be complex and expensive. Get support for determining what to insure and ensure you’re paying for a plan that covers your needs.
Navigating government programs
Support programs are constantly evolving. Stay ahead of the changes and make sure your operation remains eligible for key programs.
How we can help
Developing comprehensive ag risk management plans
Our farm risk advisors identify the unique risks facing your operation and implement mitigation strategies to protect your farm.
Creating insurance plans that reflect your needs
Effective insurance plans should align to your risks. Our advisors combine the understanding of your farm with knowledge of insurance options to make sure you’re getting the right level of coverage.
Deep knowledge of government programs
We guide farmers through eligibility criteria, application processes, and compliance requirements. We help identify relevant programs like AgriStability or maximize benefits, ensure proper documentation, and facilitate the application process, enabling farmers to access financial support and resources offered by government initiatives.
Frequently asked questions
Ag risk management is of paramount importance for your farm's financial stability and long-term success. At our firm, we can assist you in assessing potential risks, developing comprehensive risk management plans, and implementing strategies to mitigate those risks. With our expertise, we help proactively address uncertainties, protect your farm against financial losses, and make informed decisions to safeguard your profitability.
Insurance plays a crucial role in protecting your farm from unexpected events like natural disasters, accidents, or crop failures. Our team of accountants can evaluate your specific risks, assess insurance options available in the market, and guide you in selecting the right coverage that aligns with your farm's needs and risk tolerance. We work with you to ensure adequate protection for your assets and operations.
Developing a contingency plan is a crucial aspect of risk management. Accountants can work closely with you to create a comprehensive contingency plan that addresses various potential scenarios and their financial implications. We help you identify alternative revenue streams, establish emergency funds, and explore risk-sharing mechanisms to ensure your farm is prepared to navigate unforeseen events and maintain financial stability.
The issue of Contract Buyouts has been a common and contentious issue over the past years and some of the policies have been updated, especially those that relate to the handling of delayed contract settlements. Our team of ARMR specialists are in regular contact with the various administrations and will ensure that your particular settlement situation is applied accordingly and with the appropriate benefit to your AgriStability filing.
As farming operations grow and organizational structures change, it is important to consider all of the relevant impacts that may result instead of only the tax benefits related to proceeding with a re-organization change for your business. We have the expertise and a broad scope of understanding when it comes to avoiding unintentional consequences that can be detrimental to your operation and we can advise accordingly.
Effective risk management in agriculture, through strategies like insurance and diversification, reduces financial stress for farmers, promoting positive mental health. By providing a sense of control over uncertainties and fostering resilience, these practices contribute to improved decision-making and the ability to cope with challenges.
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