Cannabis Is Big Business – Does Your Insurance Provider Have You Covered?

April 11, 2019 Blog

Businesses ebb and flow. One day your profits are soaring, the next they plummet. The cannabis industry is facing unprecedented growth as states nationwide navigate the murky waters of legal and illegal versions of the plant family. This growth in uncharted territory can make it hard for a business owner to get the appropriate insurance coverage.

At the Business Insurance Center, our knowledgeable brokers are ready to help you get the cannabis policy you need. We partner with a variety of providers to give you the best coverage at a fair rate. We work with growers, dispensaries, manufacturers, extractors, landlords, physicians, and laboratories throughout the industry and nationwide. We understand the nuances of this delicate and thriving market.

Why You Should Choose Cannabis Insurance Providers

With state and federal governments jumping onboard the cannabis industry, insurance companies are falling behind. Until recently, obtaining a policy specific to your needs was hard to come by, but things are changing. Still, it pays to work with the right provider to cover your needs. Here are a few reasons to consider:

  • Consumer Class Action Lawsuits May Rise: As with any product, there are always liability issues to keep in mind. As the cannabis industry and adult users grow, the potential is more significant for class action suits. Each state has varying types of rules and regulations making it hard to follow. If one state’s cannabis regulation is overlooked, you are opening yourself up for legal action to be taken against you. If you are uninsured or underinsured, you are at risk of losing everything.
  • Medical Doctors Face a New Type of Malpractice: There is the opportunity for patients to self-medicate, causing interactions with other drugs. Additionally, there is a vicious cycle of “cannabis hyperemesis syndrome” where heavy pot users have extremely high concentrations of cannabinoids in their system that it is making them sick. Add mental health problems or substance abuse issues, and it makes a doctor’s job even harder to treat or prescribe a cannabis regimen.
  • An Extraordinary Plant Deserves Extraordinary Protection: Not just any plant, cannabis has been around for thousands of years. One derivative; hemp, is used as fuel, food, and medicine. Its fibers are used for canvas, rope, and linens. CBD oil is used for medicinal and health reasons. It is an extremely versatile plant.

Dependable Cannabis Insurance Provider for a Growing Industry

Get dependable protection for an ever-changing industry. The experienced brokers from the Business Insurance Center understand the cannabis sector and your unique needs. They are ready to sit down with you and design a tailored policy. Since 1984, we have helped business owners like you grow their companies and serve their customers. We can help you navigate the complex area of cannabis insurance.

Request a quote for cannabis business insurance or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. Contact us for any of your business insurance needs at (888) 585-0511. We serve the entire United States.

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