Agricultural Insurance Benefits to Agribusinesss Entrepreneurs – Best insurance policy in agricultural insurance like crop insurance, livestock insurance, farming insurance, and harvest insurance has many great benefits for farmer entrepreneurs. Agricultural insurance is no only an aid toward fighting poverty, it is also and aid for farmers to recover their lost investment in crops and farm inputs if their farm are insured at a very minimal amount.
Agricultural insurance gives farmers peace of mind especially when the threat of natural calamities becomes real. The insurance protects one’s investments and efforts when cropping failure occurs and lost of livestocks. Insuring crops and livestocks allows farmers to be more open to new technology.
In the Philippines, the Philippine Crop Insurance Corporation (PCIC) is one of the leading crop insurance companies in the country that offers best insurance policy to farmer entrepreneurs.
The PCIC insures up to P52,000 for a hectare of hybrid seed production, P42,000 for commercial production of hybrids and P39,000 for rice commercial production.
For corn, PCIC puts up P40,000 for hybrid corn and P28,000 per hectare for open-pollinated varieties (OPV) of corn.
Aside from crop insurance, when a farmer has his crops insured, he also gets automatic death benefits of up P10,000 for his beneficiaries if he dies and his crops are insured during the cropping term.
The PCIC also insures agricultural assets insurance for tractors, barns and buildings used for storing his agriculture products storage or mills; livestock mortality insurance for swine; cattle, goat and poultry; high value commercial crops like sugarcane, banana, cassava, commercial trees and vegetables; and provides term insurance power packages.
Farmers interested in insuring their rice and/or corn produce can seek help from municipal agricultural officers who are authorized for such inquiries.