Insurance Needs Within the Hemp Industry

Hemp Industry

The hemp industry is constantly changing and evolving, and so are the rules and regulations within the industry. For many businesses, that continued flux causes increased risk levels. Research shows that specialized hemp business insurance programs are well-suited to the increased risks of operating a hemp-related business.

Types of Hemp Businesses 

There is a variety of businesses necessary for the hemp industry to function. A few of the most common that can benefit from hemp business insurance include:

  • Growers
  • Harvesters and processors
  • Manufacturers
  • Dispensaries
  • Wholesalers
  • Distributors

Available Hemp Insurance Programs 

Some insurance programs are required by law. Workers’ compensation insurance is required for most businesses. It can replace lost wages and cover medical costs resulting from a covered work-related injury or illness. General business liability is also required in most places. It protects against claims made against the company. It protects your business in case someone claims harm resulting from product use. Product liability may not be required, but is an excellent option for manufacturers of hemp products.

Property coverage is critical in the hemp industry. It covers damage to property caused by covered events, such as vandalism, theft and fire. Crop coverage covers losses of plants, seeds, and seedlings. Vehicle and transportation coverage can pay for repairs to vehicles, reduce liability in an at-fault accident, and replace any product that is damaged or destroyed during transit.

You have myriad choices when finding the right coverage options for a hemp business. Working with an agent who specializes in hemp businesses can help make the process easier to navigate.

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