If you work in an emerging industry where regulation is complex, nonexistent, or contradictory across jurisdictions, finding the right insurance can be difficult. Today’s insurance trends include an expanding demand for coverage for cannabis industry businesses, but finding the insurers who are ready for that marketplace can be difficult. That’s because while many states are working hard to build a well-regulated industry, federal regulation is lagging and a lot of companies in the financial sector take their cues from that regulation. Luckily, companies like Program Business are working to provide for the industry.
Get Protected From Foreseeable Risk
Between liability insurance, crop coverage, disaster insurance, and other unique risks specific to the cannabis industry, growers and other professionals need to be working with companies that are not only interested in their business, but knowledgeable about its model. That’s why finding the providers who make this their niche is important, but it’s also why you need to take your time and do the research into all the policy options they have. Growers in different states will have different operating regulations to observe, and the climate and other risks might be different depending on where you are growing. You owe it to your new company to work with people who understand the crop, just like other farmers.