The study modeled factors that influenced farmers’ participation in agricultural insurance scheme in Kogi State, Nigeria. Specifically, the study identified the sources of risk of major concern among small-scale farmers and identified the determinants of use of agricultural insurance scheme. Using proportionate random sampling technique, 120 insured and 120 uninsured small-scale farmers were randomly selected from a population of 82, 365 farmers for the study. A structured questionnaire was used to collect the required information. Data obtained were analyzed using descriptive statistics and logit model. The major sources of risk among small-scale farmers were ill health/death of household members, market failure, price fluctuation, pest and diseases. The likelihood to participate in agricultural insurance scheme among farmers in the State was significantly influenced by education, farm size, access to credit, farm income, farming experience, access to insurance experts, extension contact, and number of livestock reared. By implication, policy framework towards increasing insurance uptake by crop farmers in the State should prioritize education, increasing access to formal credit, availability of insurance and extension experts.