There is a new farm bill making its way through the halls of Congress. The 2018 Farm Bill amendment is more comprehensive, covering areas of conservation, trade, and nutrition, among others. For example, parts of it will help farmers compete through credits, disaster assistance, and crop insurance. It also works to make healthy food available to a larger group of people and make it affordable. However, some amendments threaten to change how crop insurance works and may even cap premium subsidies.
Potential Cuts to Ag Insurance
A recent article at agweb.com suggests that up to 103 amendments are up for debate. Here are just a few:
- Capping crop insurance premium subsidies
- Streamlining the sign-up process for Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC)
- Reduction of premium subsidies for insurance policies by 15%
- Payment limits for recipients of crop insurance premium subsidies
- Public disclosure of insurance premium subsidies
While not all of these amendments will pass, it is critical that you have the best protection.
Gain Peace of Mind with Tailored Coverage for Your Farming Operation
Running a farm is risky business. There is always the potential of losing income from a poor season. Additionally, possibilities of liability abound when you have employees who get injured. Owning livestock also comes with its share of uncertainty. You need tailored coverage that protects not only your property now but also all the generations that come after. Here are a few types that can give you peace of mind:
- Crop Insurance: When Mother Nature attacks plantations in the field, recovering can be extremely difficult. This policy can help.
- Property and Casualty: Have a farmhand fall from the second story of the barn? This coverage can help if an employee is injured while on the job.
- Livestock Insurance: This policy can help protect your livestock.
- Specialty Coverage: If you grow something different from the regular crops, such as corn or soybeans, you may benefit from a more focused plan.
Protection with the Right Ag Insurance Policy
Keep the property in the family for generations to come with custom designed policies. You are building a legacy. Let us help you. At The Nowell Agency, we understand the needs of agribusiness companies. We utilize the resources from a trusted pool of agencies to provide the protection you require. For over 30 years, we have served US farmers. You take enough risks. Choosing the right broker should not be one of them.