As a decision-maker on a farm, you will need to manage many risks. Price and production risks are some of the most challenging risks to manage. Factors can include market prices, feed costs or operating costs involved in raising livestock. Insurance for swine producers was created as a cost-effective means to aid farmers in managing or reducing the impact of these risks.
Coverage options are based on different types of income-based losses. Producers have the option to focus on price, gross margin or revenue, depending on the policy. Each policy has its own set of criteria for eligibility and potential payouts.
Bulletin E-3509: Insurance Options for Swine Growers from Michigan State University Extension reviews the basics of livestock insurance options and presents how their use can benefit your farm. This includes understanding the differences between policies, the ways each provides protection, and the advantages offered by each. The bulletin also reviews how the USDA’s Risk Management Agency provides beginning farmers with additional benefits to assist in managing risks.
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The DEMaND Series (Developing and Educating Managers and New Decision-makers) helps the next generation of farm operators learn about financial and business management strategies. These strategies help individuals grow in their capacity to meet the complex needs and challenges of managing a successful farm business. Whether individuals represent a succession of generations, transition from employee to owner, or are new to farming, the DEMaND series offers a fresh look at farm management.
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