Cannabis Industry Insurance Solutions
As the American cannabis industry continues to mature and evolve, it has become evident that the sector is in desperate need of more support from insurance outlets and requires financial protections that other commercial areas are readily afforded.
Many life insurance companies have yet to 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 marijuana companies like dispensaries, grow operations, manufacturing firms and testing facilities.
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 key person death benefits as well as key person disability benefits to marijuana companies on owners and key personnel. We also have solutions for business buy/sell coverage and business loan indemnification. These 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.
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.