Insurance companies are in the business of assessing risks, which is why learning to manage your business’ risks is so important to keeping your insurance premiums at their lowest. Of course, one of the best ways to keep your insurance costs low is to keep your claims to a minimum. When your farm business makes a lot of claims, your insurance carrier may begin to view you as a bigger risk – and bigger risks naturally are charged higher rates than those who pose less risk to the insurance company.
Maintaining safety standards and ensuring your farm remains in compliance, especially when safety standards change or regulations are updated, is essential to helping you avoid accidents that result in insurance claims, and it’s also important to help your farm business avoid fines and other penalties that arise when your farm falls out of compliance. Your county extension agent and your insurance company are great sources of information about current regulations and compliance issues, and there are plenty of online resources as well, like:
- The National Ag Safety Database (NASD): Developed with the cooperation of the National Institute of Occupational Safety and Health (NIOSH), NASD serves as a clearinghouse for agriculture safety topics and information gleaned from professionals nationwide.
- The United States Department of Agriculture (USDA) also offers a huge list of topics relating to current regulations and compliance issues, as well as plenty of general information that can serve as training tools for your agricultural workers.
- And of course, the S. Department of Labor OSHA site is a treasure trove of information about current safety guidelines in effect for all sorts of ag operations.
Insurance claims don’t just raise premiums – they also represent lost time and lost revenue. Even small accidents can take a big toll on your bottom line, especially when the underlying cause remains uncorrected or undetected. To reduce accidents and improve your bottom line, it’s essential to make security, compliance and loss reduction a part of your every day job activities and to communicate safety protocol to your workers on a regular basis.
At Basi Insurance Services, we don’t sell farm insurance as “just another insurance product;” we have a dedicated farm department with a staff that’s devoted to the unique needs of agriculture businesses, including a safety coordinator who can come out to your site to help ensure your operation is OSHA-compliant. And we can even provide safety training in both English and Spanish to help your workers understand the regulations that affect them and their work. If you have questions about farm insurance or compliance, or you’d like more information on keeping your insurance costs affordable, call Basi Insurance today at 209-847-3065.