What is Hemp Crop Insurance?
Growing help could prove to be a highly profitable venture, but the work isn’t without its risks. Namely, farmers stand to lose a lot of their investment if plants are substantially damaged or destroyed. The plants themselves aren’t cheap, and the initial outlay for plants doesn’t include other expenses associated with growing them. Hemp crop insurance helps farmers in Vermont who are commercially growing this crop protect the investment they’ve made in their plants from certain covered disasters.
Hemp crop insurance is a highly specialized form of coverage, and it’s undergone changes relatively recently (see Federal Crop Insurance). For these reasons, farmers who need this coverage should specifically seek out an insurance agent that specializes in hemp insurance. A specialized agent will be familiar with the risks encountered and protections needed, and they’ll be up to date with the latest developments in the industry.
What Businesses in Vermont Need Hemp Insurance?
Most cultivators who commercially grow this crop in Vermont should carry hemp insurance, for few farmers could afford to recover from a major disaster that destroyed their plants. This includes both businesses cultivating plants traditionally, as well as those using hydroponic or other growing techniques.
Businesses involved in other aspects of the hemp industry, such as processing, manufacturing, distributing or testing, also generally need insurance. Their coverage needs will probably be different from cultivators’ needs, though, and a different type of policy is likely more appropriate. A specialized agent can help businesses determine what specific type of policy is most suitable for their situation.