Disclaimer: To protect confidentiality, company names and insurance carriers are not disclosed in these case studies. The details provided are generalized to illustrate our expertise and results. Have questions? Call us at: 1-833-374-7475

Background

A cannabis multi-state brand specializing in the production of THC and hemp-derived beverages, this company is the largest operator in their space, with $70M+ in annual revenue, 40+ employees, and an annual insurance spend exceeding $150,000. Experiencing rapid growth, they recognized that their long-standing partnership with their initial insurance broker no longer met their evolving needs. To ensure their insurance program aligned with their growth trajectory, the company initiated a Request for Proposal (RFP) to evaluate additional broker options.

Concerns

• The company was growing rapidly and had been with their broker since inception. They wanted to ensure their insurance program was adequately structured to protect them both now and in the future as they scaled.
• They were managing multiple policies with different effective dates and sought to consolidate coverage, particularly for their THC and hemp-derived products, into a single policy.

Our Process

• Tailored Proposal: Addressed their concerns by offering tailored solutions and innovative ideas that competing brokers did not provide, helping to streamline their operations and support their growth.
• Thorough Risk Analysis: Conducted a thorough risk analysis of their existing program and presented a detailed proposal demonstrating why our team was the best fit for their organization.

Results

• Broker of Choice: Outperformed top brokers in the RFP process, earning the company’s trust through tailored solutions and expertise.
• Streamlined Coverage: Secured a consolidated policy covering both THC and hemp-derived products, eliminating the need for separate policies.
• Cost-Effective Renewals: Negotiated renewals for existing policies at flat or reduced rates, despite the company’s rapid growth.

By addressing the beverage company’s need for streamlined coverage, we secured a consolidated policy for THC and hemp-derived products and negotiated renewals at flat or reduced rates despite their rapid growth.

Looking for cannabis beverage insurance? Contact Frontier Risk today for customized solutions.