Hemp Crop Insurance in New Hampshire


What is hemp crop insurance?

Growing hemp requires making sizeable investments in both plants and infrastructure, and all of that investment could be jeopardized if a crop is lost. Hemp crop insurance may help New Hampshire growers protect their crops (and investments) from potential losses.

Hemp crop insurance provides specialized crop coverage for hemp farms. The insurance may protect against many different potential causes of crop failure.

What New Hampshire businesses should have hemp insurance?

Most commercial farmers in New Hampshire who grow hemp should consider hemp insurance. Conventional growers and hydroponic growers alike might need this type of policy.

Other businesses within the hemp, CBD, and medical marijuana industries normally need different types of insurance policies. For farms, though, hemp insurance is becoming increasingly essential.

What coverages do hemp policies make available?

Hemp insurance first and foremost usually protects against crop failure, but policies can also offer a variety of other coverages. Some of the more notable protections are:

  • Crop Coverage may cover seeds, seedlings/clones, vegetative and flowering plants, harvested plants, and finished stock.
  • Commercial Property Coverage, which might cover buildings, equipment, and supplies
  • General Liability Coverage, which might cover accidents that occur on a farm’s property
  • Commercial Auto Coverage, which may cover the usage of vehicles owned by the business.
  • Excess Liability Coverage, which may be available for the farms needing up to $4 million in additional liability coverage.

Can hemp plants be covered by the Federal Crop Insurance Program?

Although hemp is now generally eligible for the Federal Crop Insurance program, it still usually isn’t covered alongside other plants. Growers that have hemp plants and other plants typically need at least two different crop insurance policies.

An agent who’s familiar with hemp crop policies can also help with insuring other types of crops. 

How much do hemp crop policies cost?

Premiums for hemp crop policies vary significantly based on how much coverage is needed.  HPM Insurance has access to a hemp crop insurance carrier that charges a minimum of $500 (so a low-volume grower) to up to $25 million coverage capacity.

Because premiums for these policies vary so much, it’s especially important to work with an independent insurance agent when searching for a policy. Independent insurance agents have the freedom to help businesses compare policy options from several different insurance companies. Independent agents aren’t beholden to any one insurer; however, the availability of carriers willing to cover the hemp industry is limited.

How can hemp farmers in New Hampshire get hemp crop insurance?

If you need help finding crop insurance for hemp plants, contact the independent insurance agents at HPM Insurance. We’ve worked with many New Hampshire farms over the years and have access to a carrier able to provide for the business insurance needs of most hemp farmers in the state. We’ll work closely with you to identify your farm’s unique hemp coverage needs and work to find the most suitable policy.