Hemp and cannabis businesses both represent a tremendous opportunity for entrepreneurs looking to establish a small business and grow it into a legacy, but the uneven nature of the state-level markets for these products presents unique risks. For hemp companies, this is especially frustrating, since the cultivation of industrial hemp and use of it in a variety of industries are both federally legal. Unfortunately, its resemblance to cannabis causes law enforcement to overreach and sometimes introduces risks from theft or vandalism due to mistaken identity. Hemp coverages need to reflect this, as well as your other more traditional business risks.
General Liability Built To Fit Your Business
Like any industry-specific insurance provider, a dedicated hemp and cannabis insurance carrier has the ability to predict your risks more precisely than a business with no specific niche. As a result, you’re covered against the basics like employee and visitor injury, as well as business disruption and criminal activity unique to your business, equipment and vehicle coverage, and other appropriate coverages. It’s a comprehensive policy that brings together product liability, public liability, and other necessary forms of coverage, so you don’t need to keep shopping for a variety of individual carriers for each asset you want to insure. That makes it easy to review and change policy details as your business grows, which is always useful.