Marijuana Business Insurance Solutions
The U.S. legal cannabis industry has been enduring some growing pains. Several years ago, when many states legalized the sale of marijuana and THC products for medicinal as well as recreational use, sales and market share exploded. Corporate and state government revenue projections were outstanding. Investors were lining up, tens of thousands of new jobs were being created, the market was booming.
But in the post-pandemic era, the cannabis fervor has become more subdued. Government regulations and taxation have hindered the many start-up businesses that eventually oversaturated the market.
As the American cannabis industry continues to mature, evolve and correct itself, it has become evident that the industry is in desperate need of more support from insurance outlets and requires financial protections that other commercial sectors are readily afforded.
Domestic life insurance companies have yet to fully embrace the cannabis industry and fail to allow any kind of financial indemnification insurance on marijuana businesses themselves due to federal government objectives. Even more-liberal markets like Lloyd’s have refrained from offering business coverage to cannabis companies.
Petersen International, in partnership with a specialty-market carrier, has engineered some fantastic solutions for those seeking insurance despite their vocational exposure to the cannabis industry. We are able to offer high-limit death benefits to marijuana companies for business insurances including key person coverage, business loan indemnification as well buy/sell insurance. These business insurance plans are simplified issue, requiring no intrusive medical exams, blood draws or urinalyses. And they can be underwritten and approved quickly which helps address the often-short contract timeline constraints required by lenders and investors on startup and expanding businesses. Additionally, underwriters are open to the consideration of permanent total disability benefits on top of the death benefits.
The Petersen International program allows for policy premiums to be paid by credit card which is helpful to cannabis businesses that have historically been unable to easily acquire banking representation and corporate checking accounts.
Petersen International is the country’s main resource for key person insurance solutions for marijuana companies. To learn more about these products, give us a call at (800)345-8816.