Insurance For Cannabis Growers in New England, NY, NJ & MD and the Regulatory Landscape for 2024
As the cannabis market continues to expand and develop, insurance companies have been working to identify the changing needs of this new business sector. The current zeitgeist demands operational improvements through robust risk mitigation. Cannabis commerce is ever-evolving due to its recent entry into the marketplace. Partnering with an experienced insurance broker who can navigate the uncharted waters of cannabis cultivation and market conditions is invaluable. Pearson Wallace’s clients rest assured that their businesses have the optimal insurance coverages to keep themselves and their businesses solvent.
Pearson Wallace is leading the way
The past decade has ushered in profound changes regarding cannabis laws: 37 states have legalized medical marijuana. Adult-only recreational use has been legalized in 22 of those states. Pearson Wallace Insurance was among the first brokers to offer indemnification targeted specifically to the cannabis industry in 4 New England states, plus NY, NJ and Maryland.
Pearson Wallace Insurance has long been committed to offering innovative products and service solutions that protect individuals and business entities. PW’s insurance professionals have now expanded their expertise to protecting the cannabis entrepreneur’s assets while proactively reducing the risks involved with growing, distribution, and the many regulatory demands. The fledgling cannabis market is still challenged by a limited number of insurance options; however, there is an industry movement to broaden coverages that anticipate and mitigate the unique risks that exist in the sector.
While the only insurance requirements of the Massachusetts Cannabis Commission are general liability, product liability, and workers compensation, there are other insurance coverages that should be in place to ensure the future success of the cannabis entrepreneur.
Amwins - specialty insurance experts
Pearson Wallace is partnered with Amwins Insurance, a specialty insurance provider, dedicated to keeping stakeholders ahead of potential risks. Amwins Insurance analyzes market conditions and identifies the unique factors that pose threats to a business’s viability. Cannabis insurance encompasses a variety of protections that are truly industry-specific: losses due to lighting, smoke and fire, extraction, crop failure, and other such losses. More-common insurance coverages are recommended for the cannabis industry as well, including cybersecurity, commercial auto, commercial umbrella, and professional liability, among others.
Per the Amwins website: “The regulatory landscape for cannabis is complex and constantly evolving. Amwins has specialists across the country who are well-versed in property, casualty and professional lines coverage for insureds engaged in the cannabis, hemp and CBD supply chain.” Amwins specializes in creative solutions, underwriting for niche markets as well as the more traditional ones.
Pearson Wallace works with cultivators and others to examine best practices for this new economic powerhouse industry, while carefully monitoring how industry trends will affect insurance for growers.
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Pearson Wallace President and Co-Founder Beth Pearson works on the cutting edge of the current and future state of insurance for cannabis businesses.
Contact Beth to get a customized quote to insure your cannabis operation now.