In this episode of 'Under the Microscope', host Jenny Germano, a seasoned cannabis consultant, welcomes Alex Hearding from Red Wolf Risk to discuss the intricacies of insurance in the cannabis industry. With over a decade of experience in cannabis operations and insurance risk management, Alex provides an in-depth look at various insurance types, their importance, and the potential pitfalls operators face. The conversation covers general liability, property insurance, product liability, and more, emphasizing the critical need for understanding and incorporating safeguard endorsements into business operations. The episode aims to demystify the complex insurance landscape and offers practical advice for cannabis business operators on managing risks effectively.
For More information, reach out to the host at: ICS Consulting
Guest Info: Alex Hearing, at Red Wolf Risk
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Time Stamps
00:00 Introduction and Host Background
00:32 Guest Introduction: Alex Herding
01:17 Alex's Journey in the Cannabis Industry
03:45 Challenges in Cannabis Insurance
04:44 Understanding Insurance Basics
07:43 Deep Dive into Types of Insurance for Cannabis Businesses
20:05 What is Risk Management in Cannabis
20:43 Understanding Risk in Business
21:33 The Four Ways to Manage the Risks
22:46 How Insurance Should Work vs. The Reality
24:07 The Importance of Safeguard Endorsements
29:34 Compliance vs. Risk Management
34:05 Roles in the Insurance Industry
39:49 Biggest Losses and Claims in the Cannabis Industry
42:50 Final Thoughts
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