Policy exclusions—An exclusion to a policy removes coverage from the insurance. Each cannabis insurance coverage has its specialized exclusions making no two policies the same; this is where the risk comes into play. Be sure to inform your clients that if there’s a specific exclusion, your insurance company doesn’t have to defend any claims under such. This could put them at risk substantially.  

Product liability—The potential for product liability claims is high in the cannabis industry. Due to limited clinical research on cannabis, long-term health effects and the legal ability to consume it increase the risk of product liability claims. These risks are likely to persist for manufacturers, wholesalers and retailers in the future.   

Educate yourself on the history and culture. How the cannabis industry came to be, when major laws were passed, who influenced the space and the large companies involved are all important to know when it comes to cannabis. Like most coverages, having more knowledge will help you better understand your clients and their unique industry needs.  

Know the laws. Cannabis laws are complex and constantly changing. It’s important to have a grasp on these laws at both a local and national level. This should expand past common knowledge to be the of most benefit to your clients.  

Network. Talk to and learn from as many people in the industry as you can. Seek out the experts to learn how they stay up to date with the industry.