Risk management agency presentation
- 1. 8TH ANNUAL SMALL FARM CONFERENCE PROFITS THROUGH VALUE-ADDED PRODUCTS NOVEMBER 9-10, 2010 Risk Management Agency Opportunities for Small Farmers
- 2. Small and Limited Resource Farmers RMA meets the crop insurance and risk management needs of the Nation’s small and limited-resource farmers and ranchers through a network of public and private- sector partners.
- 3. RMA’s Partners: Assist RMA in its Mission by: Creating new crop insurance and risk management products, Providing Risk Management Education and Outreach, and Ensuring program accessibility and accountability.
- 4. RMA’s Ongoing Commitment For 2010-2011, Agriculture Secretary Vilsack approved $9.6 Million in Partnership Agreements to help small and underserved producers through Risk Management Education and Outreach partnership agreements.
- 5. 2010-2011 Virginia’s Risk Management Education Programs Crop Insurance Training in Virginia:  3 Trainings conducted in conjunction with the Virginia Farm Bureau Federation targeting 300 limited resource farmers to educate them on crop insurance products and program changes  2 Trainings for at least 260 Virginia livestock and vegetable producers. (Loudoun Valley Sheep Producers Association and the VA Potato and Vegetable Growers, INC)
- 6. Risk Management Thoughts to Consider: ï‚—Identify and Understand Your Goals ï‚¡ Are they written down? ï‚¡ Are they reasonable? ï‚¡ Are they measurable? ï‚¡ Are they attainable in this lifetime? ï‚¡ Have I shared my goals with EVERYONE involved in the business and have they shared their goals with me?
- 7. Risk Management Thoughts to Consider: ï‚—Once you know your goals, understand where your risks are. These are the 5 primary sources of risk: ï‚¡ Production Risks ï‚¡ Marketing Risks ï‚¡ Financial Risks ï‚¡ Legal Risks ï‚¡ Human Resource Risks
- 8. Risk Management Thoughts to Consider: ï‚—Once you identify your risks, consider how to address each one. Here are some options: ï‚¡ Retain the risk ï‚¡ Shift/Transfer the risk ï‚¡ Reduce your risk ï‚¡ Self-insure ï‚¡ Avoid the risk
- 9. Risk Management Thoughts to Consider: ï‚—Conduct a SWOT analysis: ï‚¡ Know your strengths ï‚¡ Know your weaknesses ï‚¡ Recognize opportunities as they arise ï‚¡ Understand any threats
- 10. Risk Management Thoughts to Consider: ï‚—Understand your insurance needs: ï‚¡ Liability Insurance ï‚¡ Fire Insurance ï‚¡ Automobile Insurance ï‚¡ Crop Insurance ï‚¡ Crop Hail Insurance
- 11. Risk Management Thoughts to Consider: ï‚—Types of crop insurance programs ï‚¡ Yield Protection ï‚¡ Revenue Protection ï‚¡ Adjusted Gross Revenue ï‚¡ Adjusted Gross Revenue-Lite ï‚¡ Apiculture ï‚¡ Livestock Risk Protection ï‚¡ Pasture, Rangeland and Forage
- 12. Thank You ï‚—For more information go to www.rma.usda.gov Mary Staak Risk Management Specialist Raleigh Regional Office mary.staak@rma.usda.gov