New free, online tool helps farmers make more informed crop insurance decisions
Crop insurance can seem like a bit of a mystery, can’t it? With tons of terminology to wade through and coverages that seem the same, but are actually quite different, deciding what to take advantage of can make your head spin. Purchasing too much or the wrong type of coverage adds up year after year.
But under-compensating for risk can leave farmers exposed to potentially disastrous outcomes. FBN members told us that they feel like they’re on autopilot when it comes to making insurance decisions each year—rolling over what they did last year without fully exploring the alternatives. Why?
It’s complex and time-consuming. When they do take the time to make new selections, it’s often a biased decision-making process, heavily influenced by their own past experiences, fears for the future, or the way things have always been done on their farm.
A first-of-its-kind, online insurance analysis tool at your fingertips
That’s why FBN has developed a tool that lets you as farmers model the impact of different types and levels of crop insurance coverage based on aggregated data from farms in their area, all online. We’re putting actionable data in your hands to make better business decisions, and crop insurance is one of the most important decisions you makes from a risk management perspective.
Our new tool helps you quickly and easily compare crop insurance coverages side-by-side and see the implications of their decisions, based on 30 years of claims and pricing data. The tool lets you see upfront what the numbers could mean for your bottom line, so you can make more informed decisions as a result.
Available to both members and non-members, this tool provides a quantitative crop insurance analysis for farmers, addressing differences between coverage levels and policies – drilled all the way down to a county level. It utilizes the historical percentage variability in price with annual yield variability by county, providing a deeper level of analysis for each individual farm.
The tool is not a substitute for discussing coverage options with your crop insurance agent, but it does make your coverages easier to understand, while helping you know what questions to ask.
Leveraging easy-to-use data for your coverage
We launched FBN Crop Insurance on the belief that something as important as insurance should be backed by data and deserves careful consideration. In addition to building tech tools, we hired a team of local crop insurance agents across the country. We now offer the full suite of federally subsidized crop insurance products, as well as private products like wind and hail and a range of innovative alternatives.
By simplifying the overly complex steps typically required to research insurance options, and by leveraging easy-to-use data to remove emotion and biases from the selection process, FBN is helping farmers make the best business decisions for their operations.
Ready to speak with an FBN agent?
We are an Equal Opportunity Provider. FBN Crop Insurance is only available in states where FBN Insurance is licensed to operate. FBN membership not required. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan) and are only available where FBN Insurance LLC is licensed. FBN membership is not required to purchase through FBN Insurance. FBN Insurance is currently offered in the following states: AR, IA, IL, IN, KS, MI, MN, MO, MS, MT, ND, NE, OH, OK, SD, TX. Additional states pending.