As with other farmers, hemp growers face various risks that are inherent to the agricultural industry. Uncertainty with weather, farming conditions and other factors can expose your business to financial threats. Despite industry regulations, market fluctuations and changes also pose risks to the success of your business. You recognize that there are different types of insurance designed to provide specific coverages for the way you work. Consider buying a policy from a hemp insurance company as part of a comprehensive approach to protecting your business.
What Is Hemp Insurance?
Hemp’s status as a relatively new crop means that there are risks in the business that are not fully known or understood. Interruptions to business can result in significant losses that can threaten your company. Hemp insurance coverage can address several aspects of the way you work:
- Crop protection: Losses due to weather or plants that contain more than the legal limit for THC
- Workers’ compensation: Illness and injuries to workers while on the job
- General liability: Injuries or damages while on the premises of your fields and farms
A comprehensive hemp insurance approach can protect your business from financial risks that impact your crops as well as the people involved with your operations.
What Else Should I Consider?
Typical insurance products may not fully address your specific concerns as a hemp farming business. It’s important to choose an insurer that understands the complexities of the cannabis industry. It’s a relatively new industry with special considerations that require an experienced touch.