As it stands today, more than 50% of states have legalized medical or recreational marijuana in some form, and the demand for cannabis and hemp products is skyrocketing. In fact, legal sales throughout the U.S. grew by 30% in 2016 alone! All this demand means two things: cannabis businesses and properties are busier than ever before, and it’s time for them to take extra precautions to protect themselves. Unfortunately, cannabis is still federally recognized as an illegal substance. This division between state and federal status can often make it difficult for cannabis businesses to access comprehensive and affordable insurance coverage, and individual policyholders often grapple with restrictive and narrow plans.
Fortunately for cannabis and hemp businesses, specialty insurance companies have emerged and made accessing insurance coverage somewhat easier for cannabis and hemp companies, although it’s still far from mainstream.
There are many risks associated with cannabis and hemp businesses and its important to take the necessary precautions to protect your enterprise. Contact Skyfront Insurance for a free, no obligation, risk assessment and insurance quote today.
Some of our extensive cannabis & hemp property and business insurance products include:
- General Liability;
- Product Withdrawal/Recall;
- Product Liability Insurance;
- Equipment Breakdown;
- Cannabis & Hemp Real Estate;
- Crop Loss;
- Workers’ Compensation;
- Distribution / Transportation / Cargo;
- Business Interruption;
- Property Coverage;
- Wrap Up Liability;
- Earthquake and Flood Coverage; and
- Many Other Products.