The legal marijuana industry is complex, ever-evolving and rapidly growing. If you’re an insurance agent who has recently started offering cannabis insurance to your clients, now is the time to immerse yourself in the industry and truly become an expert. This will set you apart from your competition and will allow you to provide the best service possible to your customers.
Educate yourself on industry history and culture
Cannabis culture is unlike any other and having a firm grasp on the industry’s history will help you to see why. Familiarize yourself with how the industry came about, when and where different laws were passed and who the major influencers, companies and organizations in the space are. Not only will this knowledge help you understand the industry and its culture better, it will help you better understand your clients and their unique needs.
Keep up with industry news
You can never read too much news, especially when you’re part of such a rapidly evolving industry like ours. There are so many places you can obtain industry news such as websites and blogs, industry publications and more. Check out our list of reputable news sources to get you started. Consider setting up an online reading platform such as Feedly or Bloglovin’ that aggregates the content from your saved websites into a feed. Simply scroll through the updates while you’re having your morning cup of coffee. Keeping up with cannabis news not only gives you something to discuss with clients, it positions you as an expert and allows you to make informed decisions on your customer’s behalf based on the state of the industry.
Know the laws
Marijuana laws are complex and are constantly changing. It’s important to have a firm grasp on the laws in the state you’re practicing in and also the laws in other states and nationally. Your knowledge should expand past “common knowledge” or something anyone could find on the internet. A true expert should know the ins and outs and current status on important industry laws and should actively communicate this information to their clients as necessary. Taking it a step further, many industry experts are often involved in advocacy projects or campaigns at the local, state and national levels.
Understand the ins and outs of your insureds
While you don’t need to be an expert in growing marijuana yourself, you must have a strong understanding of the growth and production processes as well how the product is sold or distributed in order to be able to accurately understand your client’s needs and provide them with the best insurance solutions possible.
Meet and talk with as many people in the industry as you can, especially those you already think of as experts. Ask them what it takes to be successful and inquire about how they stay current with the industry.