Purple Risk™ is dedicated to providing top-tier insurance solutions to cannabis and hemp businesses. Our founder is an insurance broker and experienced attorney licensed in multiple states with legal medical and adult use marijuana programs.
In the rapidly emerging cannabis industry, it's important to have an experienced risk management partner who specializes in the industry, and who understands the risks associated with your business and the nuances of the cannabis insurance market.
As an independent broker focused exclusively on the cannabis and hemp industry, we can help you meet your insurance budget, satisfy state requirements, and properly safeguard your business with tailored cannabis insurance solutions.
Arising in a shifting and murky environment from a legal and operational perspective, the cannabis sector confronts a unique set of exposures and challenges when securing the right insurance policies.
From increased risk of fire in cultivation and extraction, to heightened financial risk of theft of product or cash, and from mitigating claims of cannabis product liability, to maintaining a fluid supply chain, there are a myriad of hazards your business may face.
Conflicting state and federal laws, varying regulations governing cannabis businesses and products, and the limited number of insurers providing coverage for the industry, also create hurdles to obtaining the right cannabis insurance coverages.
In all states with regulated medical marijuana or adult use programs, some form of cannabis insurance is required to receive a license or for the business to operate in compliance with state laws.
Massachusetts, for example, requires cannabis operators to maintain both general liability and product liability insurance with a $2 million aggregate limit for each policy. And, employers in all states must provide workers' compensation insurance.
Understanding the state and local laws governing your cannabis or hemp business, through the advice of an attorney and insurance broker, is important in navigating the purchase of insurance.
We understand the cannabis insurance market and the challenges facing the growth of your business. And, with access to custom risk management services through exclusive partners, we are ready to serve your unique needs and protect your business with tailored cannabis insurance solutions.
Industry sectors Purple Risk™ serves include the following classifications of cannabis and hemp businesses (among others):
Our relationships with the leading carriers and program managers specializing in the cannabis and hemp industry enable us to meet your insurance budget, satisfy state requirements, and recommend top-tier coverages tailored to your business needs.