Building a Risk Management Toolkit for New and Beginning Farmers

Everyone has heard of risk management. In fact, there are so many insurance commercials on television that you have a difficult time ignoring risk management.

Risk management takes on many forms. Most new farms rarely produce only one crop. Producing a variety of crops, commonly called diversification, is just one of many risk management strategies you can employ. Other risk management strategies include crop rotation and the use of a variety of insurance products.

Diversification

Diversification is one of the most used risk management tools. Many farms may say, “I grow vegetables, so I am not...