Absolutely. Theft, fire, and vandalism are often underestimated, as many farmers assume. As the consumer base and profits of adult-use and medical cannabis continues to rise, and the industry becomes more regulated, it will increasingly become more difficult for growers to avoid risk exposure.
Staying in compliance to maintain the license to operate, mitigate claims from clients who use those products, and the prospective financial risk of natural disaster or risk of theft are just a few of the issues cannabis growers face.
Unquestionably, these risks can be financially incapacitating if your business isn’t properly protected when something goes wrong. For the same reason, no business or industry can expect deep-rooted success without having access to healthy and effective risk management solutions. For a grower, time is money, and if the unexpected happens right before the harvest, you’ll want to be compensated for the product loss.
What Can Cannabis Cultivators Do?
Cannabis growers face a wide range of risks and perils to their operations, including but not limited, theft, fire, equipment breakdown, and vandalism. Hemp or marijuana growers require a massive investment in infrastructure. Good yield does not come out that easy; it needs high-quality lighting, seeds, equipment, and a great deal of patience to keep crops healthy at various stages of value.
Fortunately, you can always protect your investment with affordable business insurance. Property and crop instances are some of the most important insurance solutions for growers. When crops are in controlled environments like warehouses or greenhouses, crop insurance is more readily available. With the surge in cannabis cultivators and the Farm Bill, outdoors grows are becoming more of a need that underwriters are presently warming up to.
For cannabis cultivators, a cargo policy or an inland marine would be a smart addition to their inventory safety while in transit as businesses interact with a series of wholesalers and dispensaries.
Here’s a list of suggested coverage any marijuana grower should consider:
Business Income Coverage
Cargo/ Inland Marine
With the right insurance coverage, you will not need to worry about risks surrounding your growing facility, no matter the size. There’s a variety of coverage, deductible, and endorsement options to fit any size grow facility and the exact needs of your business.
A while back, there was no specific cannabis insurance expertise to cover the unique sets of risks the industry was facing. However, the situation has slowly improved, making it easier than ever to create an efficient risk management system by working with the right insurance company that understands the specific needs of your small cannabis farm. There’s a slight chance you might be spoilt for choice when it comes to coverage options, however, some coverage is better than no coverage at all.
If you want to make sure that your business has the exact coverage it needs without any potential softly gaps in coverage, ensure you appeal to experts that offer a free-no strings-attached consultation at any time.