Agriculture Insurance is a Life Saver

Six years ago, Alfred resigned from his well-paying banking job to start his own business. He hired a consultant to do a feasibility study in some industries he liked. After much consideration, he decided to start a poultry farm.

Alfred’s choice of poultry business was obliviously an informed choice, going by the huge available market for poultry products in Nigeria. According to the Poultry Association of Nigeria, the annual demand is 165 million birds, 650,000 metric tonnes of eggs, and 290,000 metric tonnes of meat.

He had a good start; his financial strength and ample managerial experience played a major role in the successful startup of the business. After the first year, Alfred declared a huge profit he ploughed back into the business to enable him to expand and get more equipment.

Soon, Alfred realized that his inability to meet up with demands is responsible for the loss of a major off-taker to a competitor. He decided to increase his output capacity, but this also meant he needed to employ more hands, get a bigger space and invest more money in the business.

After many unsuccessful attempts to raise another 5 million Naira, which was his initial startup capital, Alfred decided to get a bank loan to fund his business expansion. He got N7 million from a commercial bank and started the expansion. His output tripled after two years, and he also enjoyed a tremendous increase in profit.

Around that period, all of a sudden, a big disaster occurred. There was a massive overnight flood that submerged the whole farm due to the opening of the Ogun-Osun River Dam. Alfred lost all his birds, bird feed, and other things kept in the farm store.  He also had an unpaid bank loan on his neck.

Contrary to what many thought, Alfred didn’t contemplate or attempt suicide even for one minute. That was because he had the Leadway Agric Insurance policy, which covered Alfred’s liability in the event of the death of his birds, which may result from fire, flood, windstorm, lightning, accident, or disease outbreak.

Bottom Line

Alfred was able to start his poultry again within one month of the incident after he got his insurance claim.  Leadway paid up his capital and paid the assessed value of birds in the poultry. Agriculture may be a risky business, but that is when you do not have a Leadway Agriculture insurance policy to cover your business.

Ready to get started? Our Agriculture Insurance covers your farm produce, crops, poultry, fish farm, livestock, machinery, equipment, etc. against losses from fire, burglary/housebreaking, lightning, flood, explosion, windstorm, impacts, earthquake, volcanic eruptions, and even plane crashes.