Insurance broker Hub International announces cannabis risk services
SAN JUAN – Chicago-based insurance broker Hub International announced Wednesday that it has added services under its Agribusiness & Farm Specialty Practice for medical and recreational cannabis producers, distributors and retailers.
“Currently there are 26 carriers that are insuring the Cannabis industry in one way or another. HUB is working with standard and surplus lines carriers that are A rated,” HUB said.
The global cannabis market is expanding as 29 states, the District of Columbia, Guam and Puerto Rico have legalized marijuana for medicinal purposes, and eight states allow it for recreational use. Meanwhile, Canada recently made its recreational use legal as well. “In fact, Canada has nearly 100 cannabis producers.” HUB’s release emphasized.
“Cannabis is a thriving business, and there is a strong appetite to debunk common misconceptions of the industry, understand the risks and obtain proper and adequate insurance coverage,” said Joshua Smart, practice leader, HUB Agribusiness & Farm Specialty Practice. “At HUB, we are offering a comprehensive insurance solution for businesses in the U.S. and Canada. We have a deep knowledge of the cannabis industry to insure its unique risks, so that our clients can continue to grow and thrive”
The new insurance and risk services will be managed by TJ Frost in the U.S. and Phaedra Andrusiak in Canada.
“There is a huge misunderstanding in the cannabis industry about insurance coverage, which leaves businesses underinsured or even uninsured,” Frost said in the release. “Proof of insurance demonstrates operational maturity and is a key step in establishing ongoing financial and banking relationships, which clients need to keep growing their business.”
Among the services HUB listed were:
- General and Product Liability insurance
- Employee Practices Liability and Directors & Officers insurance
- Crop insurance
- Workers’ Compensation cost and safety management
- Transportation insurance and fleet safety management
- Crisis coverage, including crime and cyber attacks
- Risk management and regulatory compliance assistance
- Operational hazard and site security assessments
- Claims management and advocacy services
- Employee benefits strategic planning and compliance