IMPORTANCE OF FARMER'S INSURANCE
We need to understand who a farmer is, their importance in the agricultural sector and how they contribute to the economy.
WHO IS A FARMER?
A farmer is a person engaged in agricultural, raising living organisms for food or raw materials. A farmer is a person who owns, works on or operate an agricultural enterprise, either commercially or to sustain himself.
IMPORTANCE AND HOW THEY CONTRIBUTE TO OUR ECONOMY
Farmers are an important part of the survival of our various societies because they provide food and fiber that nourishes and clothes us. they make efficient utilization of natural resources and also make use of technological advancement and stone age technologies to achieve this. Agricultural remains a principal force in sustaining the operation and growth of the whole economy and it plays a significant role in the development of the economy as it is the second export earning income for Nigeria and first for some other countries, even highly industrialized countries and farming cannot exist without a farmer. To evaluate the various economic functions, short term, medium and long-term benefits assessment is required.
IMPORTANCE OF FARMERS INSURANCE
Agriculture is among the most profitable investment since it has huge returns gained after a very short time. To be on the safe side, farmers take insurance to safeguard their investments, maximize income and secure their future and the future of their farming proceeds and other farm working machine.
Livestock, crops, farming and harvested proceeds are prevented and protected when farmers take adequate measure, one which is taking an insurance policy. the first major benefits of taking this form of insurance are because it aids in fighting poverty. A natural disaster is unpredictable. When they occur, farmers investment get destroyed. This, in turn, makes them poor. The insurance company compensates them if the farmers have bought the insurance. Farmers again become rich by investing in more agricultural activity and farming by buying the needed machines to aid faster, easier and smooth operation.
Many companies offer such services to farmers. Paying premiums to the insurance company is required for insurance of farmers agricultural business. The insurance company visits your farm, make an inspection of your farm crops, machines, and other structures when the inspection is completed, the insurance company values the farmers business, the farmer gets the quotation on which to pay the premium and insurance is been offered. Ensuring one's agriculture business is a good idea as it gives farmers peace of mind and safeguards them against any calamities that's may befall them in the future.
Having peace of mind is the important benefit of buying agriculture insurance by farmers. Natural disasters are unpredictable since they can happen at any time. For those who have bought insurance premium, they get peace of mind in that if anything happens to their investment, they are sure of compensation from the company providing insurance packages.
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