Farm Succession Planning in Alberta

Farm Insurance in AlbertaPart of owning a farm is that connection to family and the dream that one day the ‘kids will take over’. But our modern Canadian agriculture industry means thinking differently and with so many career options available, resolving family disputes and planning for this change in ownership (and control) of the family farm has become essential.

At Thomson Schindle Green Insurance Company or Team TSG, we proudly offer the farm and ranch industry specialized products that simplify the purchasing of insurance, and as financial advisors, can help you build that comprehensive succession plan – especially if you are worried retirement, being disabled due to an accident or illness, or are questioning what happens to the family and the farm after you pass away. Read more

Farm Insurance and Halloween Harvest

Agriculture is big business in Alberta. For farmers it brings many satisfying rewards as well as numerous risks. At Thomson Schindle Green Insurance and Financial Services Ltd, we’re proud to offer the farm and ranch industry specialized products with the broadest coverage at the most competitive rates that simplifies the purchasing of insurance to mitigate that risk.

Autumn is one of the busiest, and riskiest times of the year for farmers with the rush to harvest and prepare the land and equipment forfarm insurance edmonton its winter hibernation. It’s also time to celebrate the year’s efforts with Thanksgiving and Halloween. For farmers, this can mean increased risk from people picking pumpkins or corn on your farm, or trick-or-treaters going door-to-door at dusk.

According to Statistics Canada in 2011, Canadians saw 3,734,401 potential trick-or-treaters aged five to 14 (not all at one house thankfully); there were 88,400 tonnes of pumpkins and squash grown in Canada; and, Canadians spent $355.9 million on candy, confectionary and snack foods in October. Read more

The Importance of Farm Insurance in Alberta

The TSG Insurance Team is proud to offer Albertans specialized farm and ranch insurance that makes purchasing simple. We offer broad coverage at the most competitive rates for a host of needs including: your farm home; personal contents like antiques; farm buildings, automobiles, and equipment including contents and tools; livestock (including leaf cutter bees) and custom farming; as well as your commercial operations – protecting you from fraud, crime, or employee dishonesty, third-party losses, and business income replacement due to losses caused by an insured peril.

In Alberta, this is becoming increasingly important as the provincial government works to bring in new workplace safety rules under Bill 6, the Increased Protection for Farm and Ranch Workers Act, which makes Worker Compensation Board coverage mandatory for the agricultural sector.

According to a November 2015 CBC News article, the “rules would apply to all farm and ranch workers, whether they are paid or not. Occupational Health and Safety legislation already applies to all other industries in the Alberta.” Read more

Farm Insurance in Alberta

Agriculture is big business in Alberta. Thomson Schindle Green Insurance & Financial Services Ltd is proud to offer the farm and ranch industry specialized products with the broadest coverage at the most competitive rates that simplifies the purchasing of insurance.

According to Alberta Agriculture and Forestry there are several different definitions of a farm depending on who the owner(s) will be interacting with: To be considered a farm for the Alberta Farm Fuel benefit the farm business must have $10,000 or more of gross annual farm production; For the municipality they will need to have the property in agricultural production for it to be taxed at the farm property tax rate; For income tax purposes the Canada Revenue Agency you are a farmer if you claim income from farming activity, as example.

When it comes to insuring your farm, the consideration should be equally as broad. In Alberta, many family farms, ranches, dairies, and other small farm businesses make up a vibrant and significant part of the economy. Significant loss of equipment, structures, crops or livestock can devastate the business and end generations of investment.

Agriculture has many unique aspects, but the brokers at Thomson Schindle Green Insurance & Financial Services Ltd thoroughly understand the business and can guide you to appropriate coverage. Here are some items to consider.

By far, the biggest mistake made by farm owners is failing to identify all operations that will take place on the farm or planning in advance for operations – crops, livestock, employees, equipment, and sales to public or wholesalers. Then there needs to be a consideration of who access the property – workers, visitors, children, and other family. There are vehicles, how equipment is used, leased or owned, and land and building uses to consider. You need to understand your liability and manage the risk on your farm.

Only by identifying all operations can the farm be properly insured. Endorsements and riders for certain operations are very affordable and provide excellent coverage for the risk. In addition to the basic farm policy, other types of insurance may be necessary or considered.

  • If you have employees other than family members, you will need workers’ compensation insurance.
  • Many farms now offer tours, petting zoos, seasonal events or allow the public to pick their own fruit or vegetables that may require a separate business policy.
  • Crop and livestock insurance protects the farmer from a loss from a seasonal disaster.
  • Health, life, and disability insurance will help maintain quality employees and provide family health coverage.

Contact our Alberta Insurance Brokers

Thomson Schindle Green Insurance & Financial Services Ltd is here to answer important planning questions for your farm and ranch insurance solutions in order to ease your mind.

Contact our team to get started, at 1-800-830-9423 for more information or visit one of our offices brokers in Calgary, Medicine Hat, Brooks and Bassano.