Hub International has launched cannabis insurance and risk services that offers coverage for cannabis organizations to help them cut down on the risks and liabilities associated with their operations.
The new offering, which will cater to medical and recreational cannabis producers, distributors and retailers, will come under the Agribusiness & Farm Specialty Practice of the US-based insurance broker.
Through the new insurance product, Hub International will be offering customizable insurance solutions and risk services such as general and product liability insurance, crop insurance, employee practices liability and directors & officers insurance, risk management and regulatory compliance assistance, workers’ compensation cost and safety management and others.
HUB Agribusiness & Farm Specialty Practice practice leader Joshua Smart said: “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.
“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 insurance brokerage said that as of now there are 26 carriers insuring the Cannabis industry in one way or another and that it is partnering with standard and surplus lines carriers that are A rated, and are insuring the industry diligently in the best way.
Hub International said that its cannabis insurance and risk services will be managed by its US cannabis segment leader TJ Frost, and Canada cannabis segment leader Phaedra Andrusiak.
Frost said: “There is a huge misunderstanding in the cannabis industry about insurance coverage, which leaves businesses underinsured or even uninsured.
“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.”
Based in Chicago, Hub International offers property and casualty, life and health, employee benefits, investment and risk management products and services.
In April, the insurance brokerage launched SHIELD, a new umbrella/excess risk purchasing group insurance program, targeting the commercial real estate and hospitality businesses. SHIELD Umbrella/Excess liability insurance has been designed to protect companies from catastrophic and unforeseen events.