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22 THE RURAL VOICE
cover the losses you might have
while your business is shutdown by
some insurable event. Cruickshank
and Wigood emphasized this is an
important form of insurance but
admitted it's not often purchased by
farmers. It's a form or insurance that
is often misunderstood, but many
non-farm businesses take the
coverage. It means there will still be
money available to pay ongoing bills
even if the normal source of income
is interrupted.
There are different forms of this
type of insurance. Cruickshank and
Wigood felt full business interruption
coverage is best. It provides payment
for "profit" of the operation plus
ongoing expenses called standing
charges. It requires completion of a
worksheet, likely filled out with the
help of your accountant, to determine
the appropriate amount of coverage.
This coverage will continue to pay
even after the insured property is
restored, until earnings have reached
the pre -loss level. That will generally
mean for a 12 -month period but it
could be longer in a case such as a
laying hen operation when new stock
must be raised to the productive age.
For layer/breeders a little used
form of insurance called
contingent business
interruption insurance could be
important, Cruickshank and Wigood
said. This provides for loss of your
income from something that happens
on someone else's farm. For instance,
if someone is growing pullets for
your operation and they suffer a loss
in the 18th week of growing the
birds, you can't easily buy 18 -week-
old birds and will have an income
loss until replacement birds can be
sourced. This might also be
applicable for pork producers in a
loop.
In another area of income
protection, you may want to look at
disability insurance, advises
Winslade, especially if you don't
take advantage of voluntary coverage
under the Workplace Safety and
Insurance Board. If you're injured, or
if you have a health problem that
prevents you from working, your
farm business may be able to replace
you for a short time but can you
afford to hire a replacement and still
keep up your normal drawings from
the business?