Today’s economic climate is uncertain because of a combination of macroeconomic factors like the global pandemic, which makes accurate and up to date insurance coverage important for every business. For the hemp industry, it’s even more important because while industrial hemp is legal at the federal level and useful as a cash crop in many applications, the regulation of it’s botanical cousin cannabis is uneven and hard to navigate. Since the two products can often be mistaken for one another, especially while growing, it’s vital that hemp businesses have coverage that reflects all their risks, including the risk of business interference from parties mistaking one product for another. That’s only one type of protection you need, though, and that’s why it’s important you work with an experienced insurance provider.
Policies Needed by Hemp Companies
Like most businesses, your company will need coverage to handle general liability and appropriate protections for workers. In most states, you’ll also want to make sure you have the standard forms of agricultural insurance generally, as well as specific hemp industry coverage that acknowledge the unique problems and solutions present in your sector. You can pursue these as separate forms of coverage if you want, but often you can find savings by shopping for a provider capable of putting together a single comprehensive plan to meet your insurance needs.