Insurance for cannabis businesses can be a thorny topic, because many legacy insurers prefer to avoid the industry. Luckily, there are companies that have made legal marijuana grow op insurance the center of their business, and they have policies designed to protect you from all kinds of risk. Traditional crop insurance covers losses due to foreseeable mishaps like extreme weather events, but cannabis growers also face unique forms of business interference from both criminals and overreaching law enforcement. So how do you find an insurer who can help you manage that risk?
Work With Compliance Experts
In any industry, the key to maintaining cost-effective insurance is compliance with best practices for safety and with local regulation. Cannabis businesses are no different. Cannabis insurance experts have guidelines for any given operation they cover, and compliance with those guidelines is essential for your coverage to work out. Sometimes, that means instituting certain security precautions regarding site access or hiring practices. Other times, it just means making sure you’re within the current state regulations for a grow operation. By demonstrating that compliance you keep your costs down while making it easy to defend your business while providing robust financial protection in the event of an accident where you do have liability. It’s a tight rope to walk, but cannabis insurers have decades of experience helping companies like yours.