Content ID

278172

Farmers Business Network Launches Crop Insurance Business

Company officials say FBN Insurance offers farm-tailored risk-management plans.

Farmer’s Business Network, Inc. (FBN), an independent farmer-to-farmer network, is getting into the crop insurance business. Company officials say FBN will offer a full range of crop insurance products and services through its affiliate, FBN Insurance LLC.

FBN officials say FBN Insurance will help farmers mitigate risk, make smarter coverage selection, and reduce the time and hassle that often goes into insurance processing. “Farmers take on an enormous amount of risk to feed and power our nation, and yet no two farms are identical in their risk profiles. Why should they have a one-size-fits-all model when it comes to managing their risk?” said Lucas Strom, FBN insurance head, in a company news release. 

He says FBN Insurance will give farmers the security they need to farm productively, with a personalized crop insurance plan. 

Through the launch of FBN’s insurance agency, farmers may access all insurance products available through federal programs, as well as private offerings such as hail and wind supplemental products, he says. Additional proprietary coverage products will be introduced exclusively to FBN members, according to company officials. 

Tailored Advice 

Having the wrong level of insurance coverage can immensely impact the long-term bottom line, say FBN officials. Whether farmers are overpaying on premiums or undercompensating for risk, FBN Insurance will give farms have the opportunity to use data to match an operation with the right risk mitigation plan, say FBN officials. 

FBN Insurance will provide farmers advice and coverage that’s custom-tailored to their weather patterns, their marketing plans, and their risk tolerance, say FBN officials. Through a network of experienced and local reps and a data set that will help drive better risk analysis, FBN is able to serve its members ahead of the next growing season, FBN officials say. 

Where It’s Offered

Farmers in these states will have immediate access to their local FBN insurance agent, with more states to come. Additional state-specific offerings are also available. 

  • Arkansas
  • Kansas
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • North Dakota
  • Ohio
  • Oklahoma
  • South Dakota
  • Texas
  • Florida
  • Illinois
  • Indiana 
  • Iowa

What Is Offered

FBN Insurance will offer farmers the following, say FBN officials. 

  • FBN will offer a full suite of personalized federally subsidized crop insurance products. 
  • Farmers can now get a free risk assessment from FBN using anonymized and aggregated data (operational data, weather data, and more) to get a holistic risk management strategy personalized for each operation.
  • Nationwide reach with a local team. FBN officials say FBN Insurance has an experienced and localized agent team, backed by FBN data to help farmers make the best decisions for their operations’ unique risk profile.
  • Insurance with ease and simplicity. Through FBN-exclusive technology, FBN will be able to help eliminate tedious paperwork and outdated processes. 

“Farmers face unprecedented industry consolidation, reduced transparency, high costs, and weak prices. Farmers Business Network has put a stake in the ground and is working to create an independent, full profit system for farmers,” said Strom in an FBN news release. “FBN Insurance is one more piece to the puzzle, and farmers now have the opportunity to have a personalized and smarter risk-management system to keep them secure in down years and without dragging on profits when times are good.”

Read more about
Loading...

Talk in Marketing