Although medical cannabis has been legal in New York since 2014, the industry is still navigating through stormy waters. Being as young as the medical cannabis industry is, there's bound to be some confusion and some risk. For those looking for insurance for the cannabis industry in New York, you're wise to do so. Let's talk about that.
Why an Insurance Is Important
The medical cannabis industry in New York still involves a great deal of risk in this so-called "green rush". Some of those risks:
Crops must be grown properly to comply with regulations
Costly equipment could malfunction, which could likewise affect the growth
The industry is still volatile, and regulations change rapidly
Remaining uncovered in such challenging times is dangerous. So let's look at some providers.
Typically, you'll want to look for brokerages, but the options as far as brokers are not as vast as with agents. The list here contains both brokerages and agencies (or some hybrid). In addition, not all of these insurance companies are based in New York, but they all cover companies in New York. Finally, the numbers in the list do not rank the companies. There is no particular order except to count.
Based in Bayside, NY, JFA is licensed in all 50 states to broker insurance for pretty much anything you can think of, including the medical marijuana industry of New York.
When looking at insurance for the cannabis industry, an important point to look at is whether or not the coverage is tailored. The broker's job is to find the best possible coverage for his or her client, not to complete a transaction as Bethan Moorcraft writes for Insurance Business magazine. To do that, they must have a high level of industry knowledge, which is rare in the cannabis industry as it's shifting every day. That means staying abreast of changes.
That's one thing that JFA seems to have going for it. They tailor their coverage. Not only that, they regularly review the coverage to see if it needs adjustment. That's why JFA makes this list.
Pujols has simplified its coverage by breaking it into two constituent parts: business insurance and specialty insurance. The business insurance covers things that would be standard in the industry, whereas specialty industry coverage covers anything that a standard policy probably wouldn't. Pujols says that this is necessary especially if you're doing something innovative that a typical plan wouldn't cover. Covering the unexpected is a good feature to look for in insurance for the cannabis industry in New York one that is in a vulnerable position in its infancy.
Although Bloom doesn't identify as a brokerage, it claims to operate like one. That is, they do not work for particular insurance companies, but for clients. Like most on this list, the company operates nationwide, but it is also based in New York. That's good news for the cannabis industry in New York. Their coverage includes:
MFE is a top-rated brokerage and competitively priced. It also offers some of the best overall coverage in the entire industry. Although, the company uses brokerage in its name, it's in fact, an agency with its own carriers represented. Nonetheless, it's an independent agency, and the fact that its coverage is so comprehensive and its pricing so competitive means it belongs on this list of insurance companies for the cannabis industry in New York.
Cannasure is the only company on this list that focuses exclusively on the cannabis industry. Remember what we said about tailored coverage? None are better than Cannasure at this. They've got 10 years of industry experience, which is ancient when considering how long medical cannabis has been legal in New York. It's coverage is comprehensive and even covers hemp and CBD oil. Cannasure has both agents and brokers.
Insurance for the cannabis industry in New York is important. The volatile industry requires care and attention. All of the brokers and agencies on this list provide that sort of care and attention. Now that you have a place to start when it comes to finding great insurance, consider learning about employee benefits for your industry.