A comprehensive approach to risk management not only includes specialized coverage for agricultural-specific assets, but also accounts for common business risks such as:
- Cyber: Any computer-based processes used for day-to-day operations are at risk of being hacked. As artificial intelligence and autonomous technology become increasingly widespread in the agricultural industry, leaders will need to consider what coverage and risk management strategies are needed to protect the information and processes potentially being exposed to third-party actors.
- Workers’ compensation: The role of workers’ compensation insurance, where available, or similar coverages is complex but vital within the agricultural industry, as the sector is one of the largest in terms of annual workers’ compensation claims. Employers will need to mitigate the risk of and plan for claims as a result of incidents such as vehicle hazards, heat exposure, slips and falls, and any injuries sustained while working with equipment.
- Business interruption: Business interruption insurance covers the loss of income suffered after a disaster or adverse incident. Proactive planning against business interruptions should extend to pandemic-related closures and losses and account for coverage against livestock diseases including African swine fever and avian influenza.
For today’s agricultural businesses, maintaining operations is essential to remaining profitable and keeping up with high global and local consumer demands. At Marsh, we can help you create a proactive risk management program to mitigate risk, defend your assets, and invest for the future.