If you are the owner of a hemp company, it is extremely important that you have hemp insurance to protect your business. Hemp’s new status as an agricultural crop/business creates an increased risk of errors and damages. This is because there are a variety of unusual challenges to storing, selling, and growing hemp products. There are a number of types of hemp insurance to consider.
Crop Protection Insurance
When it comes to growing hemp, there are a variety of factors that can cause your crops to fail. Some of the things to keep in mind include weather, wildfires, and pests like the hemp borer. In addition, hemp plants are unable to be sold if they test above a THC limit of 0.3%. This issue is unique to hemp growers and creates a strong need for specialized insurance companies that understand the unusual challenges in this industry.
Any company that employs workers needs to have this type of insurance to protect the individuals who work for them. This can apply in the case of injury on the job or illness. Often, states legally require businesses to provide this type of insurance.
This type of coverage protects your business from liability claims. If lawsuits are filed against your company for injury or damage on your premises or from your products, liability coverage can protect against the potential losses.
If you own a hemp company, there are a lot of unique challenges to keep in mind. Having the right hemp insurance can make all the difference.