Growing and selling marijuana are among the fastest-growing industries in the country—but the business is not without its risks. Aside from the developing legality of the industry, businesses selling cannabis face problems like properly growing crops, faulty equipment, and rapidly-changing regulations from state legislatures.
As the owner of a marijuana business, you've decided to rise to and meet the challenge of owning a business in this industry. Whether this is your first time running a company or the latest in a series of ventures, you're one of the pioneers helping to decide the future of marijuana's use in our nation. It's time to start protecting that investment.
Marijuana Insurance Features
Marijuana business insurance is composed of two major parts:
- Business Insurance covers things like a business owner's policy (BOP), worker's compensation, and protection against problems like theft or fire. Business interruption insurance is especially important for you since changing industry regulations might force a temporary shutdown while you scramble to adjust.
- Special Industry Coverage focuses on everything that normal business insurance policies don't cover. If you're doing something particularly new or innovative, there's a good chance it's not covered by the standard policy. Fortunately, your marijuana insurance can be adjusted to cover this and ensure that all of your company is adequately protected.
The laws on marijuana are changing rapidly, and because the federal government has not fully legalized the industry, complying with all current local regulations is important. Your willingness to follow the law is a critical part of demonstrating that the marijuana industry can be trusted, so don't hesitate to talk to a Loomis Insurance Services agent about the best ways of meeting any new regulations. We'll work with you to find a policy that fits your needs—no matter how often the rules change.