The Red River Valley Sugarbeet Growers Association along with growers from ACSC, MinnDak and SMBSC established the Red River Valley Farmers Insurance Pool, Inc., in 1980 to provide worker’s compensation insurance coverage at competitive and affordable rates.
The Farmers Insurance Pool has functioned to achieve the savings that have made us a competitive provider of worker’s compensation insurance to our growers in Minnesota. Although the office is physically located near Fargo North Dakota, we are recognized as a State of Minnesota Non-Profit organization.
Our early years could best be described as a large group of policyholders purchasing worker’s comp insurance through a broker on a commission basis to receive a volume discount. As the sugarbeet growers in the Pool developed a track record with low loss ratio as compared to other companies purchasing worker’s compensation, the Pool was able to leverage ourselves to lower the rates charged by the insurance carrier.
The Pool then identified a savings for our policyholders by requesting several brokers to provide quotes from various insurance carriers and to bid for the worker’s compensation business on a negotiated fixed rate versus a commission base fee. This action resulted in savings on brokerage fees as well as insurance rates.
In 1997, the Pool moved forward by securing an agency license and hired a licensed agent to serve as manager and insurance administrator. Since becoming an agency, we have secured our own quotes without assistance of a broker, resulting in net savings of over half the cost of what a broker had charged.
Today, known as Agrasure. we continue to cater not only to sugarbeet operations, but also grain farm and row crop operations, no matter if you have full time, part time or seasonal labor. Agrasures’ goal is to continue our long-standing worker’s comp coverage and service to growers in the entire State of Minnesota.