The hemp industry is growing quicker than ever before, creating countless business opportunities across the USA. Unfortunately, running a hemp business is not without risks. Losses can occur and it is vital that you have the proper protection in place so you don’t have to cover anything out of pocket. A big part of this protection is having the correct hemp insurance coverages.
Insurance Options for Hemp Crops
In 2018, the Farm Bill was passed and hemp crops were classified as an agricultural commodity. This enabled hemp farmers/growers to finally purchase insurance for their crops. If you are a hemp farmer, your best option could be MPCI or multiple peril crop insurance. This type of insurance provides protection against multiple threats including:
- High Winds
- Insect damage
Hemp farmers can also obtain crop revenue coverage for years where prices drop or your yield is less than anticipated.
Other Types of Hemp Business Coverage
If you are not a hemp farmer, but you work in some other aspect of the hemp industry, there are options available for you. Some of these include:
- General liability
- Product liability
- Premises liability
- Equipment coverage
- Loss of income coverage
- Cyber liability insurance
Running a hemp business does not come without risks. Purchasing hemp insurance coverage can make all the difference!