Today’s global food and agricultural companies face heightened pressure to be increasingly integrated across the value chain. The application of new technology has helped businesses meet this demand, leading to improved productivity and efficiencies across the supply chain.
Although this digital transformation offers new opportunities for innovation, reach, and scale, it creates new vulnerabilities amid the myriad of risk-related challenges already present across the industry.
The growth of yield has slowed to an unsustainable rate in the face of a rapidly growing global population. Coupled with increasing environmental concerns such as land use issues and extreme weather impacts from droughts and hailstorms, and unforeseen transportation bottlenecks arising from the pandemic, companies within the agricultural sector are exposed on many fronts.
Based on our agricultural industry expertise, our dedicated risk management professionals can assist your business with creating a proactive plan that can help support sustained growth, identify opportunities for investment in new technologies, and lower your total cost of risk. Working together, we can help you protect your people, your property, and your bottom line.
Each business faces risks unique to their day-to-day operations. However, the agricultural industry as a whole is confronted by several major areas of risk, including:
Agricultural companies need to create a proactive risk management program that addresses these risks. Marsh’s specialists can help you identify the steps to take to mitigate the impact of each of these threats and the relevant insurance coverage to reduce your total cost of risk.
Businesses within the agricultural industry possess specialized properties and assets that require specialized insurance coverage to reduce risks to growth and profitability. Some of the most crucial policies include:
Although the assets each agricultural business must consider in their risk management approach significantly vary, more specialized policies such as the above can help mitigate losses and address risk vulnerabilities across the industry as a whole.
A comprehensive approach to risk management not only includes specialized coverage for agricultural-specific assets, but also accounts for common business risks such as:
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.