It’s no secret that the cannabis industry is high-risk, high-reward. It’s also rapidly growing, with new laws and regulatory frameworks being put into place as legalization expands across US states. It’s for this reason that it will be absolutely crucial for business owners to carefully select the right insurance partner. In this fast-paced, constantly changing industry, here’s what you should be looking for in an agent:
When looking for personal insurance, you may go with a one-stop-shop agency that offers a wide array of insurance products for every aspect of your life. However, the marijuana industry is complex and constantly evolving; industry knowledge is crucial. You’ll want to find an agent who specializes in and fully understands the ins and outs of the marijuana industry, especially regarding laws and regulations. Otherwise, you could be paying for coverage that doesn’t fully protect you, leaving you devastated if disaster strikes.
Whether you’re just starting your first cannabis business or you’re a veteran who owns a large multi-faceted company, look for someone who can provide comprehensive coverage for every part of your organization. Some insurance products you’ll want to ensure your chosen agency provides are
- general liability
- product liability
- workers’ compensation
- auto, kidnap and ransom, and
- professional liability.
Each business will have unique goals and challenges, so find an agent that will take the time to work with you and find the absolute best coverage for your needs.
In this continuously changing field, your insurance agency should be a constant. Learn a little bit about the origins of the company and take a look at how long its been around. Ensure that the agency is strong and stable so you can feel confident that you’ll have a long-term partner.
As with any professional service firm, it’s important to feel a sense of trust when working with a cannabis insurance agency. This means finding an agent who is dependable, responsive, thorough and able to answer any questions you may have. In order to start to establish trust, inquire about licenses, education and credentials, and feel free to ask if they have any testimonials or success stories they can share.
Your business has unique needs and financial obligations. Take your time, do your homework and ask questions in order to find the right marijuana insurance agency for you.