When laws change, the insurance industry is usually one of the last to get up to speed on things. In the marijuana industry, there is no room for error – one small mistake could shut your business down. For every business, a business life insurance policy is vital. However, even though there’s been a big boom in the marijuana industry, obtaining a marijuana business life insurance policy for a marijuana business still has large obstacles.
Today, 28 states in America have marijuana legalized for medicinal use, and seven states have it legalized for recreational use. Every business requires life insurance for loan collateral, and investors ask for life insurance collateral – this only gets more complicated when it’s in the marijuana industry. Without life insurance buy/sell agreements, partnerships aren’t able to fund succession plans. Many new marijuana businesses today face road blocks trying to find a viable option for life insurance.
Finding the right marijuana life insurance for a business can not only be difficult, but time-consuming. There are millions of dollars from investors waiting to be put to good use in the growing industry, but none can be utilized without life and disability insurance. Traditional insurance markets are not up to speed on new regulations, as many of them go through constant updates and challenges. Fortunately, the international market is more open to the idea of this newfound industry.
The Hinerman Group has a solution for you – We offer international life insurance and disability income underwriters to provide key personnel insurance policies for individuals working in the marijuana industry, or for those who are running a marijuana business. It’s possible to make it in this industry with the right insurance policy to back your business. Contact us today to learn how to clear the hurdles of this rapidly growing industry.