By: Guest Writer Aaron Cohen, Risk Management Consultant at Insurance Office of America
It is safe to say that 2020 has been a taxing year, and the insurance sector has found it no different. Currently, the insurance market is in turmoil largely due to reduced interest rates impacting carriers’ bond-heavy investment portfolios, and dwindling underwriting profits paying out fire, wind, hail, and looting claims.
All of which boils down to increased insurance premiums and limited carrier bandwidth, which you, the policyholder, have to foot the bill. Looking at the cannabis industry, we have seen:
Looking at the insurance market, there is a lot to discuss, so here is what we are seeing in the management liability sector.
Directors & Officers Liability
Employment Practices Liability
Here are some suggestions for what can you do to reduce or at least maintain your current insurance costs:
Aaron Cohen is a risk management consultant and part of the cannabis industry specialists team at Insurance Office of America. Aaron brings a multifaceted approach to risk management and insurance, specializing in the cannabis and hemp industry, while also engaging in other sectors including commercial property, consumer packaged goods, gaming, and restaurant.
Cannabis business operators may contact Aaron regarding insurance coverage by email at Aaron.Cohen@ioausa.com or by phone at (323) 951-4216. Please visit Insurance Office of America’s website for further information: https://www.ioausa.com/brokers/aaron-cohen/.
This information is provided as a public educational service and is not intended as legal advice. For specific questions related to cannabis business licensing and regulatory compliance, please contact an attorney at Katchko, Vitiello & Karikomi, PC.