Does Your Cannabis Grow Operation Have the Right Insurance?

Does Your Cannabis Grow Operation Have the Right Insurance?

Canavilis Insurance

Not all business insurance is created equally, and not all of it was designed with the same business model in mind. In no industry is this more true than cannabis production in states that have legalized its operations. Cannabis growers face many of the same environmental risks as any other farmer, but they also face risks stemming from the complex relationship to regulatory oversight they enjoy and from the perception of the industry by core business service providers, including bankers and transporters. That’s why it’s not enough to simply carry general liability and business risk insurance. Your operation needs something that anticipates its unique needs instead.

Insurance Designed for the Cannabis Industry

Specifically designed marijuana grow op coverage is a good idea that goes beyond general liability insurance and basic agriculture insurance. How? It’s simple. The plan is underwritten by experts who understand the industry, which means its provisions also include limits that truly reflect the value of the crop, as well as risk definitions that reflect the way your operation grows. With so many different production paths and varietals out there, cannabis has a range of market values unlike most other agricultural products, as well as unique risks to its cultivation that are based in the specific choices about indoor/outdoor production, growing medium, and other industry-specific choices. You might also need general liability or agricultural coverage to be fully covered, but you definitely need to look into what a cannabis-specific policy can do.