Attendees of the Farm Risk Ready Session, presented by Nationwide in partnership with Delaware Farm Bureau during Delaware Ag Week in Harrington, learned how failing to prepare for the unexpected can threaten their operations.
Todd Givler of Nationwide emphasized that the most important takeaway is to pause and ask, “What if?” Countless scenarios can disrupt a farm’s livelihood like injury, severe weather, the loss of an employee, market shifts, and more.
Nationwide is encouraging farmers to take time to think through plans for potential risks. Even simple situations, such as working alone, should have a plan. For this example, Givler asked the audience to consider: “Who is your emergency contact? What happens if they don’t answer? What if you don’t have your cell phone or service? What if you’re unconscious?”
It’s also important to have a plan for major risks like weather. Although weather can’t be controlled, its impacts can be mitigated. Farmers should have a plan for hurricanes, tornadoes, floods, and other significant events. Givler noted that the average cost of a major weather event on the East Coast is $250,000, yet nearly half of farmers take a wait-and-see approach leaving themselves vulnerable to extensive losses.
Some recommendations given to attendees were providing regular employee training, completing a full insurance policy review each year, and taking time to reflect on both business and personal risk exposure.
Givler also highlighted that qualifying for insurance is becoming more challenging as global markets tighten. Implementing risk management plans and safety practices can demonstrate to insurers that a farmer is a lower‑risk customer making it easier to secure coverage and potentially even reducing insurance rates.
For more information on Farm Risk Ready, visit nationwide.com/lc/resources/farm-and-agribusiness/articles/farm-risk-ready. For more information on Delaware Farm Bureau, visit defb.org.
