Cannabis Business Insurance: The protection you need to grow amid continued risk
Despite record growth, the cannabis industry is still stuck in a web of state and federal laws governing the sale of cannabis and CBD products. This makes it difficult for industry businesses to obtain reliable insurance coverage. HUB’s specialized cannabis insurance experts and risk consultants help you manage the emerging risks that face your cannabis business with the right risk transfer and mitigation.
Our industry brokers and risk control specialists offer cannabis insurance and risk consulting services tailored to your needs. We make sure you’re covered, so you can focus on maximizing growth and profit.
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.
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.
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.
Support for Your Current and Emerging Risks
Cannabis insurance is available in Canada and all US states where medical and recreational cannabis is legal. Our dedicated brokers, claims advisors, risk services consultants and employee benefits specialists can advise you on a wide range of insurance and risk management issues.
Let’s work together to develop a tailored cannabis insurance and risk consulting solution to meet your needs.
Safe R&D extraction, employee theft and incorrect product labeling are a few of the risks cannabis businesses face daily. And without adequate organizational development, even explosive growth is a liability. Proper risk management is key to keeping insurance costs low, complying with state laws and reducing the risk of future claims.
HUB Cannabis Risk Services and Claims Management can help your business with:
Regulatory compliance assistance
Worker safety and security
Operational hazard and site security assessments
Business continuity and emergency response planning
When configured correctly, employee benefit packages in the cannabis industry can help reduce high turnover and employee theft. The first step? Examine the needs of your team. Let HUB’s experienced employee benefits team help you build the right EB program for your cannabis business.
Small business benefit packages
Strategic benefits planning
Voluntary benefits
Executive benefits
Health & Performance
HR and Employment Law consulting (US only)
Keep your clients and employees safe Watch our on-demand webinar on COVID-19 and Cannabis Operations
How to reduce risk while growing your cannabis business
Don’t let common cannabis business risks catch you off guard. Learn which exposures affect you most — and learn how to reduce those risks before they happen. Find out when to transfer your business risk to insurance, and which policies are key to doing so. It’s all in this free, downloadable guide.
“When we’re looking to deploy capital, we want to make sure our clients are properly covered. Working with HUB helps us provide effective insurance coverage for the companies we put money behind.“
Luke Stanton
Managing Director
Skytree Capital Partners
Growing Liability for Cannabis Businesses
Learn how HUB helps private equity firms protect their cannabis clients.
