Where does HUB offer Cannabis Insurance? 

With specialists in both the U.S. and Canada, HUB is ideally positioned to manage your cross-border cannabis risk. We can help secure a multi-policy coverage that protects your retail, warehouse and extraction outlets both north and south of the border, where cannabis is legal (Canada) and federally illegal (U.S.). This requires a deep understanding of coverage nuances and interdependencies. 

HUB’s industry experts can help you manage domestic cross-border challenges as well. This includes obtaining the right insurance policies and instituting the best risk management practices for cannabis sales and transportation across state lines. 

What types of Cannabis Insurance coverage does HUB Offer?

Our relationships with leading insurance carriers and wholesalers that specialize in cannabis insurance enable us to recommend optimal coverage across sectors. Our deep knowledge of cannabis risk allows us to help you manage exposures and anticipate trends. 

• Cultivation and harvesting: Severe weather across North America can threaten and reduce ROI for cannabis field owners and operators. Parametric coverage and other unique policy alternatives may be an option for your business.
  
  More farmers are setting aside land to grow cannabis, as traditional fruits and vegetables earn less than fair market price. Unlike these traditional crops, cannabis plant growth is not covered by the Federal Crop Insurance Program (FCIP) and will need to be privately insured, which can be costly and is harder to come by, especially with the necessary limits and premiums. Make sure you have the right coverage to transport the cannabis from your grow facility to an extraction or retail dispensary.

  HUB’s dedicated Cannabis team can help you secure the following policies for your cannabis cultivation and harvesting program: 

  • Crop insurance
  • Parametric insurance
  • Product recall insurance
  • General Liability insurance
  • Policy for transportation/distribution of cannabis?  
    
    
• Extraction: Use of hazardous chemicals in cannabis extraction is replete with risk. For business owners, this makes insurance both harder to come by and critical to maintaining safe operations. 

  HUB’s dedicated Cannabis team can help you secure the following policies for your cannabis extraction operation:

  • Property insurance 
  • General Liability insurance 
  • Product recall insurance
  • Policy for regulatory fines/actions
    
    
• Retail and wholesale dispensary: As legalization continues to expand, cannabis retail outlets are moving into neighborhood strip malls and high-traffic retail centers.
  
  Due to the influx of cash into stores and pressures from the underground black market, cannabis retailers face theft and cyber breaches at greater proportions. At the same time, real estate developers and property owners face liability and push back from other tenants due to cannabis renters. 

  HUB’s dedicated cannabis team can help you secure the following policies for your retail dispensary, or for your facility that houses cannabis tenants: 

  • Property insurance
  • General Liability insurance
  • Crime insurance
  • Cyber insurance
    
    
• Ancillary cannabis businesses: Ancillary support businesses providing IT, equipment, transportation and delivery, and consulting services to cannabis businesses will face some of the same risks cannabis businesses do. Because cannabis isn’t federally legal, your existing policies may not cover the products or services you provide.

  HUB’s dedicated cannabis team can help you secure the following policies for your ancillary cannabis business: 

  • Errors and Emissions (E&O) insurance
  • General Liability insurance
  • Umbrella insurance
  • Cyber insurance 
    
    
• Distribution: Interstate transportation can open cannabis organizations up to federal fines and product confiscation. Understanding state and federal interconnectivity can help inform your risk management for distribution. 
• Manufacturing: Rising product recall claims threaten to derail a grower’s mission of delivering quality products. Instituting top risk management practices will be key to safeguarding your products and manufacturing facilities. 
• Wholesale: Distribution outlets face security, theft and inventory challenges. Offloading risk to contracts and insurance can reduce exposure.
• Retail outlets and dispensaries: Cyber breaches and theft are rampant at cannabis retail outlets and dispensaries. Securing the right cyber and crime coverage are key to fortifying your business assets.