Cannabis Crop Insurance
What is Cannabis Crop Insurance?
If something were to happen to your crop would you be protected? Cannabis crop insurance provides coverage for your crops from seed to sale from perils such as fire, theft, lightning, wind, hail or failure of your environmental system.
Crops lost due to diseases, climate changes, and fertilization complications are generally not protected by most crop insurance policies. Currently crop insurance is not a requirement for cannabis growers. However, it’s highly recommended that every business owner in the cannabis industry invests in a policy. Cannabis crops take time and care to grow properly. On average, a cannabis crop takes approximately four months to grow until they’re ready for harvest.
At any time, money and human resources poured into that crop could be destroyed with a single fire or equally catastrophic event.
What is included in Cannabis Crop Insurance?
Cannabis crop insurance is perfect for cannabis growers and cultivators. Your crops will be insured through every step of the growth process.
- Harvested plants
- Finished stock
- Flowering plants
- Vegetative plants
There are limits up to $10,000,000 per location. In the event of loss or damage to your crops, your insurance will pay the insured amount at each insured cycle.
What are the benefits of having Cannabis Crop Insurance?
The primary benefit of crop insurance is the coverage they provide for the cannabis crops you’ve taken the time to painstakingly grow. No one can predict when catastrophe will strike. Physical destruction of your crop isn’t the only danger.
Another great benefit of cannabis crop insurance is that it protects against theft. Employee dishonesty can be a problem that can be costly to business owners. I’m not sure if it covers from employee theft, have to ask Danny Having a solid insurance policy in place will ensure you’re protected on all fronts.
Tips for Choosing Cannabis Crop Insurance
Cannabis growers may be curious about the level of coverage they should receive when selecting a crop insurance policy. Often the decision of coverage selection comes down to a trade-off between a higher premium vs. a higher level of protection. Determine the size of your operation to ascertain your coverage level.
At this time, crop coverage for cannabis cultivators are only available for indoor and greenhouse facilities.
Get a Cannabis Crop Insurance Quote
Disaster can strike at any moment – how prepared will you be? Protect yourself and your business by reaching out to Cannabis Connect Insurance, so we can help you find the right policy for your business. Contact us today to receive a quote.