GREENWOOD VILLAGE, COLO. – CCIG, one of the nation’s leading business insurance brokerages, announced today it is expanding its agribusiness practice to serve cannabis operations, including growers, distributors and medical and recreational retailers.
A growing number of insurance carriers have recently entered the fast-growing cannabis market, but coverage remains uneven, leaving growers and others in the multibillion-dollar industry vulnerable to losses and often out of compliance with state laws.
Worse still, while nearly 30 states have legalized cannabis in some form, those in the business have found themselves with insurance policies that sometimes won’t cover claims because they’re engaged in an activity that remains illegal under U.S. law.
“Finding the right brokerage that understands the marketplace isn’t easy for cannabis businesses,” said Spencer Mahoney, CCIG’s cannabis practice leader. “We’ve seen a lot of operations that think they’re adequately insured but whose policies leave them exposed to all kinds of risks.”
CCIG has decades of experience in agriculture, health care, transportation and worker safety – all areas that are part and parcel of running a cannabis business. “We understand the complexity of the cannabis industry and can make sure our clients are properly covered,” Mahoney said.
CCIG’s cannabis practice will serve:
- Cannabis cultivation and harvesting operations;
- wholesale and distribution operations and,
- recreational marijuana retail outlets and medical dispensaries.
CCIG, which specializes in providing highly customizable insurance policies and risk management services, has developed a cannabis industry package designed to best manage its clients’ risks. It includes:
- Crop insurance;
- General and Product Liability insurance;
- Employee Practices Liability;
- Directors and Officers insurance;
- Workers’ compensation, and
- Surety bonds.
“Eventually, the insurance industry will view covering the cannabis industry as standard operating procedure,” Mahoney said. “But until then, we can help make sure our clients are covered so that they can stay focused on tending to their bottom lines.”
Based in Greenwood Village, Colo., CCIG employs a team of 95 insurance professionals delivering property, casualty, risk management, employee benefits, life and wealth management services to clients nationwide. Web address: https://thinkccig.com