Unlike Cannabis Insurance Providers, Banks Still Slow to Jump on the Cannabis Bandwagon

October 23, 2019 News

The basic requirements for any business are similar. You need to have a name, capital, insurance coverage, and access to banking institutions. As state governments across the nation start embracing the hemp and cannabis industries, other institutions follow suit. It is understandable that many entities, like banks and insurance companies, are reticent to join in since they are governed by loads of legal regulations. Until recently, many cannabis companies have been at the mercy of fly-by-night merchant services to accept credit or debit cards. As discussed in this news article, even with an excellent reputation,  the products they offer leave them with few resources.

Rest assured that cannabis insurance providers such as the Business Insurance Center are here to help you with obtaining the needed coverage you deserve. We work with growers, manufacturers, and laboratories to established custom-designed policies for much-needed protection in this blossoming industry.

Cannabis Insurance Providers Offer Support, Unlike Banks

The cannabis industry is growing by leaps and bounds, and insurance providers are stepping up to assist this blossoming market. While banks are still hesitant to join in free of recourse by the federal governments, there are hints of bi-partisan participation to alleviate this concern. In the meantime, insurers are ready to help you protect your company with policies, such as:

  • Grower’s: Get protection for those times when Mother Nature is furious and damages or destroys your crop. You can get coverage for all stages of the process, including growing, drying, and curing.
  • Dispensary’s: Unfortunately, no company is safe from thieves. If you operate a dispensary, you ought to consider additional protection through general liability, product liability, property, and fire.
  • Laboratory’s: Any industry that has a research and development department understands the expense that goes into testing new products. Cannabis is no different, and given the disparity between state and federal regulations, you may have a much harder time recovering after an incident.
  • Manufacturer’s: All manufacturing plants face inherent risks. A product can malfunction and cause damage, or even death. Regular manufacturer’s insurance may not give you all the protection you need.

Like any business, you want the best coverages to meet the needs of your company and your employees. At the Business Insurance Center, we work with you to assess your situation and ascertain what gaps you may have. Then we work with you to develop policies to fill those gaps. We offer general liability, workers’ compensation, commercial automobile, and commercial property lines of insurance.

Get the Best Policies for Your Growing Cannabis Enterprise from the Business Insurance Center

While the banking industry struggles behind, you can work with an experienced cannabis insurance provider like the Business Insurance Center. Our team of nationwide brokers stands ready to lend a helping hand to get you the best coverage at reasonable rates. Give us a call today!

Request a quote 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. We serve the entire United States.


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