Section 1: Identifying risk

Understanding your farm's daily operations is crucial, but assessing its vulnerabilities in the event of disruptions is equally important. These questions dive into the core elements that ensure your farm's success, even in the face of a disruption.

Number 1
To what extent have you identified the top risks or potential disruptions to your farm?
Number 2
To what extent are you aware of the financial impact these risks or disruptions could have on your farm?
Number 3
To what extent do you know how long you can stay operational if a key revenue source gets disrupted?

Your section 1 risk identification score is: XX

Understanding your risk score

Needs attention – Score of 3-6

Based on your answers, your risk identification and planning need some attention, and that’s OK. Use the Nationwide 5 steps to build a more resilient farm and get started on a path to protecting your farm from tomorrow’s disruptions.

In the works – Score of 7-12

Congratulations, you’ve taken some of the first steps toward identifying risks! But remember that planning for risk and recovering from disruptions is an ongoing effort. The Nationwide 5 steps to build a more resilient farm can provide valuable information to protect your business from risk and disruptions.

Section 2: Managing and preventing risk

Running a farm comes with risks such as such as loss of market, disease outbreak, loss of a major supplier or distributor, transition risk, etc. These risks have the potential to cause a significant disruption to your farm. The following statements explore how well you’re set up to manage potential risks and business disruptions.

Number 1
I’ve stopped activities that pose a risk to my farm.
Number 2
I’ve made changes to reduce the likelihood of a loss or disruption to farm operations.
Number 3
I’ve transferred my risk by purchasing insurance.

Your section 2 managing and preventing risk score is: XX

Understanding your risk score

Needs attention – Score of 3-6

Based on your answers, managing and preventing risk may not have been a priority. That’s understandable, because handling risk can be complicated. Using the Nationwide 5 steps to build a more resilient farm, you can explore ways to better manage and prevent risk.

In the works – Score of 7-12

Congratulations, you’ve taken some of the first steps toward managing and preventing risk! But remember that it’s an ongoing effort. The Nationwide 5 steps to build a more resilient farm can provide valuable information to help you manage and prevent risk.

Section 3: Contingency planning

When a disruption happens, having a plan in place can make all the difference in terms of getting your farm operation back up and running. Please rate the following statement to help us determine your farm’s readiness.

Number 1
I have a list of backup suppliers for things like fertilizer, seed, feed, animal health products, etc.
Number 2
My farm has backups for critical equipment, facilities, technology, etc.
Number 3
I have a list of alternative customers/markets in the event that my current customer/market can no longer acquire my product.
Number 4
I am aware of the necessary steps to minimize downtime and revenue loss following a disruption.

Your section 3 contingency planning score is: XX

Understanding your risk score

Needs attention – Score of 4-8

Based on your answers, contingency planning for your farm may need attention, and that’s OK. Using the Nationwide 5 steps to build a more resilient farm, you can learn how to create contingency plans to help get your farm back up and running in the event of a business disruption.

In the works – Score of 9-16

Congratulations, you’ve taken some steps to create contingency plans for your farm business. The Nationwide 5 steps to build a more resilient farm can provide valuable information to help write or refine your farm’s contingency plans and get your farm back up and running in the event of a business disruption.

Section 4: Communicating the plan

Once contingency plans for a farm’s highest-ranked threats and risks are in place, it’s important to communicate your plan to those who will be involved in the plan’s implementation.

Number 1
My family members and employees are informed of the contingency plans.
Number 2
I have trained my family members and employees on the contingency plans.

Your section 4 communicating the plan score is: XX

Understanding your risk score

Needs attention – Score of 2-4

Based on your answers, you may need some help developing a farm communications plan, and that’s OK. Using the Nationwide 5 steps to build a more resilient farm, you can get started on a path to protecting your farm from tomorrow’s disruptions and ensuring that your family members and employees know what to do if a disruption happens.

In the works – Score of 5-8

Congratulations, you’ve taken some of the first steps toward communicating your plan to those who will be involved in the implementation of the contingency plans. The Nationwide 5 steps to build a more resilient farm can provide valuable information to help ensure your family members and employees are ready to respond if a disruption occurs.

Total Results

Overall score: XX

Needs attention – Score of 12-24

Based on your answers, your risk identification and planning need some attention, and that’s OK. Use the Nationwide 5 steps to build a more resilient farm and get started on a path to protecting your farm from tomorrow’s disruptions.

In the works – Score of 25-48

Congratulations, you’ve taken some of the first steps toward identifying risks! But remember that planning for risk and recovering from disruptions is an ongoing effort. The Nationwide 5 steps to build a more resilient farm can provide valuable information to protect your business from risk and disruptions.

Your individual category results:

Identifying risks: In the worksNeeds attention XX
Risk identification goes beyond potential harm to your operation. The process helps uncover key income-generating activities, resources, dependencies and relationships. Of course, it determines the amount of time you could continue to operate without one of these key pieces. Identifying these pieces is essential in building a resilient farm.

Managing and preventing risk: In the worksNeeds attention XX
Once you identify your risks, you can develop and evaluate risk management strategies. Assessing the mitigation strategies in place and uncovering others you might consider will help create an income-resilient operation. The Nationwide Risk Management library can provide valuable information to help you manage and prevent risk.

Contingency planning: In the worksNeeds attention XX
A strong contingency plan consists of backups for major suppliers, primary contractors, processes or equipment, and installing risk management solutions. Setting contingency plans in motion can give peace of mind that your income and property are protected while also meeting requirements established by customers or state regulations.

Communicating the plan: In the worksNeeds attention XX
Sharing the plan with family members and employees is imperative. Everyone in the farm operation should be informed and receive training if needed. Plans should be revisited annually to address new risks and changes to the business or personnel.

Learn more about Farm Risk Ready