Hemp businesses are unique, because they are often treated like cannabis businesses by insurers and even state law enforcement, but they’re legal at the federal level where cannabis businesses are not. As a result, they’re allowed to operate in areas where cannabis cultivation is still outlawed, and there can be mix-ups due to the similarity between the crops. As a hemp business, your company need a hemp insurance agency that understands these and other risks associated with a cash crop that has an uncanny resemblance to another one, but none of the same purpose.
Cultivation, Distribution, Retail, and More
No matter what role you play in the hemp industry, your risks are colored by the product’s unique circumstances. That’s why you need to work with an insurer who understands both the hemp and cannabis industries. When you have policies written to help you manage those risks, you have more than just financial protection in the event of a settlement. You also have a resource when you incur legal fees defending yourself against false claims. That protection is often the most important, especially in an environment of constant change like those found in emerging industries. Talk to an industry insurer for more information about how to build a comprehensive plan to address your company’s needs.