By Daniel Casciato
Although legalization of cannabis has spread across the country, a major void remains in the industry: insurance for cannabis companies. If you have a cannabis dispensary, grow facility, or processing facility you’re going to need insurance, whether it’s health insurance for your employees or product liability insurance.
Summer Westerbur, founder of Kairos Insurance Group, expanded her company by establishing a Cannabis Division to address the unique challenges facing the cannabis industry’s efforts to provide quality insurance options to its workers while operating in a changing legal and regulatory environment. Her company offers products tailored to the cannabis market, with comprehensive coverage and services designed for those industries’ unique needs and risks—all at extremely competitive premiums.
“We specialize in employee benefits packages, which include health insurance, payroll, disability, life, vision, dental,” she explains. “We also provide product liability, general liability, professional liability, and building insurance, and we can also cover companies for crop insurance for cannabis growth.”
Crop insurance is important because it can protect your investment, from seed to finished product. There are different levels of coverage available that can be adjusted to meet your needs.
It’s also important to use a cannabis-specific carrier for product liability. Product liability insurance is available for both THC products as well as CBD and hemp products. This provides coverage for those consumers who have experienced unintended side effects and wish to take this up with the company. This insurance covers edible marijuana products, marijuana dispensing, tinctures, and more.
The mission of the company is to provide comprehensive insurance coverage and superior service to members of the cannabis community. As an independent agency with access to many carriers, Kairos Insurance Group’s Cannabis Division can design a plan that fits any company’s needs. Their goal is simple, she notes—to provide the best available coverage at the lowest cost so that companies can reinvest the savings in their business.
Westerbur is no stranger to the world of cannabis. A South Florida native, she got her start in the cannabis industry in Colorado when recreational cannabis was legalized. She quickly identified a need within the industry for experienced insurance professionals.
“At that time, medical carriers would not accept cannabis companies,” she says. “We had to fight to get clients covered and get creative to take care of them. Now, it’s a little bit easier with medical cannabis companies, but we still have an issue with disability insurance.”
Westerbur, who moved back to South Florida nearly 18 months ago, was raised in the insurance agency, working at her mother’s agency in Boca Raton, Florida, as a teenager before starting her own agency. Today, she is licensed for cannabis insurance in eight states.
Westerbur’s lengthy experience with insurance for the cannabis industry gives her an advantage over the competition. As a result, she can often go above and beyond to secure policies for clients in a space where it is difficult to obtain the necessary insurance to operate.
“As an independent broker, I’m licensed with all the major carriers, so that means I’m not held captive. I can shop for the best rates and find the best solution for clients,” she says. “We also understand the challenges that cannabis business owners face and specialize in solving those problems.”
Her agency also has experience working with medical dispensaries, hemp farms, CBD stores, and vertically integrated cannabis businesses. In addition, they have experience providing payroll solutions to cannabis businesses with or without banking services.
“Our agents have years of experience working in the cannabis space and will make sure you have the best protection available for your business,” she says.
For more information, visit cannainsurancepro.com or call (719) 331-1832.