The legal cannabis industry is expanding, and as more cannabis-related businesses are established, there will be an increased need for insuring these risks. However, because cannabis-related businesses are considered high risk and fall largely to specialty risk and surplus lines carriers, insuring the industry is becoming even more challenging — especially with today’s hard market, regulatory challenges and more carriers electing to pull out of tougher classes of business.
For brokers to successfully tap into cannabis-related business opportunities and to ensure their clients have the right coverage, a level of expertise that goes beyond general commercial lines
business insurance will be required.
In this white paper, we look at what risk managers should know when it comes to insuring this specialty market and the challenges they’ll face when putting cannabis operations on the books.