How Do I Get Premium Financing for my Cannabis Operation?
The financial demands of operating a cannabis business, or any business, can cause companies to look for finance options to help make operating costs like insurance more affordable. While many finance options are available, the best choice is often working with insurance providers to secure financing for insurance premiums.
Insurance Finance Options
If you are looking to finance your insurance policy, rather than making a larger single payment upfront, there are several options available to you to help manage operating costs.
For most businesses in traditional industries, bank loans are the first choice in finance methods for business needs. However, for those in the cannabis space, banking services are largely unavailable. When bank loans can be secured, interest rates may be prohibitively high.
Cannabis Only Lenders
To fill the void left by banks uninterested in the risks associated with the cannabis industry, some industry-specific lenders have emerged to meet demand. While many of these lenders work ethically to help cannabis entities gain funding, some others are less trustworthy. In either case, high interest rates often make these lenders a final option.
Some insurance providers extend an option to finance your insurance premium with payments. These payment options are typically broken down into monthly or quarterly installments, making it easier for cannabis companies to manage costs.
How Do I Get Premium Insurance Financing?
If you are hoping to minimize the upfront costs for your cannabis business but don’t want to take on the high interest associated with loans, then premium financing through CannGen partner Next Wave Premium Finance (NWPF) is your smartest option.
Filling an important demand, NWPF is one of a limited number of finance providers that work with cannabis companies, helping them make critical insurance policies more affordable. NWPF has built a reputation for professionalism and reliability by applying their longstanding experience working with cannabis companies of all sizes to secure financing that works for them.
When you work with CannGen, premium financing is automatically available to your business if you choose that route. Working with NWPF, we are able to offer flexible premium finance agreements with every quote and requote we provide. That means, whether you are a small startup or a large multi-state operator, you will get a finance plan upfront that you know works for you.
Because you don’t need to seek third-party financing from the outside, funding your insurance policy is now a seamless process. There is no searching around for a financial services provider that works with the cannabis industry and no shopping around for a payment plan that fits your business. NWPF starts working with you as soon as you receive your quote to offer a plan that makes sense. Full integration with DocuSign further saves you time by keeping the admin process as digital as possible. You can even pay for your policy through NWPF’s online portal.
Learn more about insurance financing with Next Wave Premium Finance.
Protecting Your Company Against Risk
You can fully insure your cannabis, hemp, or CBD business against risk with a comprehensive insurance policy. If you don’t currently have an insurance provider, it is important that you find a partner with prior experience working with cannabis and hemp companies. They should also have the necessary knowledge of state regulations to ensure your business is fully compliant and covered against potential risk. Contact CannGen here to see what coverages you need to best protect your business.
More Cannabis Industry News
Want to stay up to date on the latest? You can find more on important topics in the cannabis industry on our news page.
Or get more information about comprehensive insurance solutions for the cannabis, CBD, and hemp industries from CannGen here.
Disclaimer: Information shared is for general purposes only.