Hemp insurance is very important. We know operating a business in a rapidly evolving industry sector comes with unique operational structures and liabilities. If you are:
- propagating clones
- cultivating flower
- retailing cannabis products
Your business faces legal risks every day. it’s too much hard work and capital to run your hemp business smoothly and not be insured.
Don’t Settle for a poor insurance program. We strongly encourage you to look for a agent who has a program tailored for your industry. Working with a partner that has experience placing cannabis companies and supporting claims ensures that they will be able to intelligently tailor an insurance program for your business.
Metzger Insurance has avenues to help protect your risk in the industry:
- Farm Insurance & Hemp Crop Insurance
- Hemp Product Liability Insurance
- Cannabis Cultivators,
- Hemp Processors & Manufacturers
- Cannabis & Hemp Testing Labs
- Cannabis / Hemp / Marijuana Landlord Insurance
- Delivery & Transportation of Cannabis Products
- Dispensary Insurance
- Other Ancillary Businesses – Hydroponic Stores, Tobacco/Smoke Head Shops, Smoking Device Manufacturers, Medical Marijuana Physicians, Marijuana Conventions / Events & More.
Coverage you should consider:
- Farm owners and crop insurance are both very important for cultivators.
- Cannabis & Hemp General Liability
- Cannabis & Hemp Products Liability
- Hemp Stock
- Cannabis Property/Crop
- Hemp & Cannabis Property/Cash
- Hemp & Cannabis Crime
- Workers’ Compensation
- Hemp & Cannabis Auto Liability/Physical Damage
- Hemp & Cannabis Cargo
- Directors and Officers
- Errors and Omissions
- Employment Practices
- Cyber Liability
- Hemp & Cannabis Event Insurance
Furthermore, the cannabis industry is projected to grow at a very fast rate. As the industry grows and becomes more regulated, it will become increasingly more difficult for businesses to avoid risk exposure. A minor problem can result in an expensive lawsuit or result in a loss of your business license. The legal status of medical and recreational cannabis is in constant flux and varies wildly from state to state, creating a legal minefield that the right insurance coverage can help you traverse.
Farm and crop insurance is extremely important. We work with RCIS to help protect your investment with one of the world’s top rated crop insurance companies, Rural Community Insurance Services. Incorporating insurance into your input budget will only help protect your investment and provide coverage for your crop and career. Zurich who recently purchased RCIS has been innovating new technologies into our claims processes making it easier and faster to process claims. Here we strive to deliver the best customer service using resources RCIS provides us.
Yearly our growers receive a pocket size map booklet for planting season, RCIS offers a website that growers can visit to print declaration pages, schedules of insurance and simply check a guarantee. As technology advances so does RCIS, as agents we have policy information on each insured in the form of a mobile application. This helps enter claims on the go as well. Something new for 2016 gives growers the ability to electronically sign losses from RCIS’s web page. As farming progresses so do we as agents, we are here to learn about you and your operation and determine what insurance plan works for you. RCIS specializes in Multi-Peril insurance which is subsidized by the federal government along with many other private policies such as hail, green snap, replant just to name a few.
Multiple Peril Crop Insurance (MPCI)
MPCI covers crop losses, including lower yields, caused by natural events, such as:
- Destructive weather (hail, frost, damaging wind).
- Insect damage.
MPCI is federally supported and regulated, and is sold and serviced by private-sector crop insurance companies and agents.
More than 90 percent of farmers who buy crop insurance opt for MPCI. Both the cost of insurance and the amount an insurer will pay for losses are tied to the value of the specific crop. MPCI is available for more than 120 different crops, though not all crops are covered in every geographic area.
MPCI policies must be purchased each growing season by deadlines established by the federal government—and before a crop is planted. If damage occurs early enough in the growing season, the policy may include incentives to replant—or penalties for not doing do.
In areas of the country where hail is a frequent event, farmers often purchase crop-hail policies to protect high-yielding crops. These policies are not part of the Federal Crop Insurance Program; sold by private insurers and regulated by state insurance departments. Many farmers purchase crop-hail coverage as a supplement to MPCI. Crop-hail policies often have a low or even no deductible. Because, unlike drought or blight, hail can completely destroy a portion of crops in one area of a farm but leave other crops undamaged, a hail claim may be less than the amount of the deductible on an MPCI policy.
Crop Revenue Insurance
Farmers can also purchase crop revenue insurance. Therefore helps farmers in years when crops have a low yield and/or the price of the crop is low. The amount that an insurer will pay reflects how much lower a year’s revenues are compared to previous years’ earnings. This insurance helps farmers protect their earnings against drastic swings in crop prices, regardless of the cause.
The 2014 Farm Bill substantially strengthened crop insurance by adding several new products and requiring a number of program revisions that help make crop insurance a primary component of the farm safety net.
Farm Owners Policy
Farms and ranches vary greatly in their size, scope and needs. We offer insurance policies for agribusinesses of all sizes and types. We provide customized protection tailored to each operation. Whether it involves livestock, equine, grain, orchards, vineyards or llamas. Our farm and ranch packaged policy conveniently combines personal, farm, business property and liability coverage into a single policy – simplifying your life and your insurance protection.
- Commercial Auto
- Fire/ Legal
- Equipment breakdown
- Building and Contents
- Farm Machinery
- Farm Income Loss
- Residences and household contents
- Personal Property
- Personal Auto