Farmers can purchase crop insurance to protect against the risks of weather-related events, such as droughts or floods, that can damage or destroy crops.
Farmers and agribusinesses can purchase business interruption insurance to protect against the risks of unexpected events, such as fires or natural disasters, that can interrupt business operations and result in lost income.
Agribusinesses can purchase livestock insurance to protect against the risks of disease, theft, or other events that can result in the loss of animals.
Farmers and agribusinesses can use marketing contracts to lock in prices for their products, reducing the risks of market fluctuations and price volatility.
Farmers and agribusinesses can diversify their operations by producing multiple crops or products, reducing the risks of losses from a single event or market.
Farmers and agribusinesses can develop contingency plans that outline how they will respond to unexpected events, such as developing emergency plans for natural disasters or disease outbreaks.
Farmers and agribusinesses can engage in financial planning, such as creating a budget, managing cash flow, and maintaining adequate reserves, to help mitigate financial risks and improve their financial stability.
