Agriculture Risk Management Resources (ARMR)

Ag risk management is of paramount importance for your farm's financial stability and long-term success. At our firm, we can assist you in assessing potential risks, developing comprehensive risk management plans, and implementing strategies to mitigate those risks. With our expertise, we help proactively address uncertainties, protect your farm against financial losses, and make informed decisions to safeguard your profitability.

Insurance plays a crucial role in protecting your farm from unexpected events like natural disasters, accidents, or crop failures. Our team of accountants can evaluate your specific risks, assess insurance options available in the market, and guide you in selecting the right coverage that aligns with your farm's needs and risk tolerance. We work with you to ensure adequate protection for your assets and operations.

There are various government programs, grants, and incentives designed to support farmers in managing risks. AgriStability is one example, but the options vary by industry.

As accountants, we have a deep understanding of these programs and can guide you through the complexities of eligibility criteria, application processes, and compliance requirements. We help identify relevant programs, maximize available benefits, and aid in ensuring proper documentation and a smooth application process, allowing you to access the financial support and resources offered by these government initiatives.

Developing a contingency plan is a crucial aspect of risk management. Accountants can work closely with you to create a comprehensive contingency plan that addresses various potential scenarios and their financial implications. We help you identify alternative revenue streams, establish emergency funds, and explore risk-sharing mechanisms to ensure your farm is prepared to navigate unforeseen events and maintain financial stability.

The issue of Contract Buyouts has been a common and contentious issue over the past years and some of the policies have been updated, especially those that relate to the handling of delayed contract settlements.  Our team of ARMR specialists are in regular contact with the various administrations and will ensure that your particular settlement situation is applied accordingly and with the appropriate benefit to your AgriStability filing.

As farming operations grow and organizational structures change, it is important to consider all of the relevant impacts that may result instead of only the tax benefits related to proceeding with a re-organization change for your business.  We have the expertise and a broad scope of understanding when it comes to avoiding unintentional consequences that can be detrimental to your operation and we can advise accordingly.

Effective risk management in agriculture, through strategies like insurance and diversification, reduces financial stress for farmers, promoting positive mental health. By providing a sense of control over uncertainties and fostering resilience, these practices contribute to improved decision-making and the ability to cope with challenges.