With the passage of the 2018 Farm Bill, industrial hemp was cleared for widespread production in the United States. It is still tightly restricted, and businesses that produce hemp or derivative products must conform to stringent regulations. The right hemp insurance coverage can help minimize risks in this tightly controlled industry.
Any number of things can go wrong with a hemp crop. Fire, theft, vandalism, or elevated THC test results can all ruin your harvest. Crop insurance covers losses to seeds, plants, harvested and finished stock. You may be limited to coverage for crops that are grown indoors or in greenhouses.
Cannabis, hemp and CBD products require specialized coverage. You may lose products due to conflicting regulations or uneven interpretations or applications of existing ones. Labeling requirements are also rapidly changing, so you might need to pull products off shelves to meet new rules.
Hemp products liability insurance is a good idea for any business that is involved with the manufacture, packaging, warehousing, distribution or transportation of hemp-derived products. It can help cover claims and the legal fees associated with them.
Commercial Property Insurance
This will help you in the event of damage or loss of use of covered portions of your business facility. Various endorsements can allow you to customize your policy for your exact needs.
Don’t settle for a general insurance policy. Your hemp business will be better served by working with an insurance company that specializes in serving the hemp and cannabis industry.