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.

What’s covered:

  • Harvested plants
  • Seeds
  • Seedlings/clones
  • 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. Having a solid insurance policy in place will ensure you’re protected on all fronts.

Tips for Choosing Cannabis Crop Insurance

Get the Proper Coverage Level

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.

Our Partnerships

Blog

Builder’s Risk, Excess Liability Rates Climbing Fast

INSURANCE RATES are rising rapidly for contractors, particularly for builder’s risk and excess liability policies as the cost of claims continues to increase dramatically.While rates for builder’s risk have been averaging 10 to 20%, pricing for excess liability and...

Fudging Payroll Records Can Lead to Fines, Jail

THE OWNERS of a California flooring installation company allegedly underreported their payroll amounts to workers’ compensation insurers to the tune of $30 million. The men are each facing three felony charges. These are the potential consequences for those who...

New Rules Relax COVID-19 Emergency Standard

CAL/OSHA LAST November issued COVID-19 emergency temporary standards, and now the agency has revised those standards to reflect the reduced risk of infection as more people get vaccinated. The revisions provide respite to many businesses ahead of the planned reopening...

As Workplaces Open, Experts Fear Lawsuit Tsunami

AS MORE Americans return to the workplace, employers are now facedwith the difficult issue of transitioning reluctant staff back as well as complaints and legal action from the most reluctant of workers. Already some returning workers have started to sue their...

Department of Labor Backtracks on New Regulation

PRESIDENT BIDEN’S Labor Department has rescinded a Trump-era rule that would have made it easier for businesses to classify workers as independent contractors instead of employees under the federal Fair Labor Standards Act. In the last month of the Trump...

Bureau Files 2.7% Rate Increase for Sept. 1

THE WORKERS’ Compensation Insurance Rating Bureau of California has recommended that benchmark workers’ comp rates be increased by an average of 2.7%, for policies incepting on or after Sept. 1. The recommendation has been sent to Insurance Commissioner Ricardo Lara,...