How WRS partners with your business in a rapidly changing industry.
Brian Boyanowski is confident.
As part of the leadership of the William R. Seide (WRS) agency, he has helped many businesses in relatively risky industries feel more secure. Whether he has helped them curate a bespoke policy that meets their company’s needs or become a trusted partner throughout their journey, he and his associates have lowered the anxiety of being involved in the owning of many hemp businesses, cannabis dispensaries, vape companies, CBD wholesalers, accessories retailers, and more.
Know the landscape
When businesses are looking for insurance, they should seek out an industry-savvy broker. Brian made it clear that this is the best way they can be sure that if they have to use the insurance, they’ll get paid. And even if they do find a broker that is more in tune with their business, it may put together a policy that is not comprehensive. It may not pay out what they expect when they need it.
“In other types of insurance, like health insurance, you’re likely to use the policy right away,” says Brian. “Almost everyone uses their health insurance within a year. So you get to test the limits and extent of what it covers fairly soon. Whereas the types of coverage that may come up within our industry may go years without ever needing to be used, so you don’t want to be surprised when it comes time to file a claim and find out you’re not as covered as you thought. Our goal is to make sure you get the coverage you need, the kind you can afford, and know what it does and doesn’t cover, so you can rest assured you’ll be backed up when you need it. You don’t want to feel like you’ve got the rug pulled from under you.”
What can be covered
Insurance in the cannabis and cannabis-adjacent industries looks a lot like insurance everywhere else. “But unlike insuring, say, a clothing store, big names like Travelers and Hartford are unlikely to take the risk,” says Brian. “Still, the offerings include, but are not limited to, general liability, property coverage, workers’ compensation, and ancillary coverages based on needs.”
As Brian pointed out, many of these types of coverage would be standard for other businesses, but again, they may take time to get tested. For example, if you have liability coverage that protects you from lawsuits when someone slips and falls on your premises, it may take several years to find out how much it will cover because events like that are rare.
But there are also other types of covered events, like a product liability risk. For example, finding out a product like a brand of kratom that’s made in China caused a bad reaction in a customer, and now you’re being sued. WSR can help you try to find the kind of insurance to protect you against that kind of litigation. Or it can let you know that you are vulnerable to it and should be extra careful about what you’re selling. Either way, you’re armed with knowledge.
“If RFK Jr. or Kash Patel show up at your door, there’s not much we can do,” says Brian, pointing out there’s a limit to what insurance can cover. If federal regulators arrive at your business, you will have to comply or feel the wrath of the government. But whether that’s likely or not, you can do the best you can to keep your business safe. “To stay in compliance with state and local regulations is key. And don’t be an island. Join local communities of similar businesses, because when you stay in the loop, you’re more likely to know when things are changing for better or worse, and not get caught off-guard.”
An Ongoing Connection
Brian explained that he is happy to speak with any business owner. “I will always talk to a client. Sometimes it’s not the right time or the right fit. But things change. A client that is doing $1 million one year can become $100 million the next year. There are also clients who lose business or change their model. We talk about how we need to adjust their insurance program to meet their needs right now.”
He continued, adding how he’s happy to just make the connection. “If a head shop is doing well already, we will be honest and say we can come back later if things change, or suggest ways we could tweak things. Sometimes I tell them not to make any changes and talk to me if something does change. In many circumstances, I’ve saved clients a lot of money or gotten them coverage when they weren’t coming to see us. We helped keep them aligned with trends in the industry. Like with mushrooms, the industry was changing so quickly that their business practices were becoming antiquated faster than they could keep up. We pride ourselves on being at the tip of the spear of this industry; that’s the promise we give to our customers.”
Making your first move
Brian hammered home that learning about the industry and staying in-the-know about current events in business, law, and government are the beginning of staying safe. “The biggest thing a client can do is educate themselves as much as possible,” he says. “Take time to reach out to a broker or agent, make sure you know what you’re buying. The worst situation is you buy an insurance product and then find out you’re not covered. Make sure you know what coverage you’re purchasing, so you’re prepared when a claim comes in.”
Ongoing guidance and support are crucial to a successful insurance policy in risky industries. And with Brian Boyanowski and WSR in your corner, you can rest assured you’ve got a committed coach.
