BOCA RATON, FL.; JULY 19, 2021 – Rahn & Associates, an international bespoke insurance broker focused solely on providing specialty lines of insurance products and services for highly regulated and complex industries, announced today that it launched new risk management solutions for the burgeoning psychedelic medicinal industry.

 

While states across the country consider how best to address the mental health and opioid crisis facing our nation, psychedelic medicines are being extensively researched and reported as being a game-changing therapy for PTSD, suicide, chronic pain, and other illnesses. As a result, the psychedelic medicinal industry is booming as several companies, including pharmaceutical manufacturers, treatment centers and clinics. Businesses offering wellness and nutraceutical products using psychoactive ingredients such as micro-dosing psilocybin, have entered the space, are researching new therapies, raising outside capital and planning to go public.

 

As with any niche industry still in its infancy, the risks are high. Psychedelic medicinal businesses are finding it difficult to find the right coverages or any coverage at all in this current hardened insurance market, leaving them exposed to a wide spectrum of risks, many of which are unforeseen at this early stage of development. Complicating matters, each state has their own set of laws, which are rapidly evolving. In response, Rahn & Associates developed a risk management program that offers premium access to specialty lines of insurance products, including Directors & Officers Liability (including Excess Liability,) Product Liability, Professional Liability, IP Defense/Enforcement, Cyber Defense/Data Breach and other insurance coverages.

 

“We are seeing an immediate need to provide customized risk management solutions for public and private psychedelic medicinal companies, including those operating in cannabis and nascent industries, that are deemed high-risk,” said Eric Rahn, Managing Director. “Purchasing only General Liability Insurance from some major, traditional insurance company won’t work in the complex world of psychedelic medicine. Insurance companies presently servicing the industry continue to charge huge premiums for coverages that are a critical foundation to protecting their business operations. With our new psychedelic medicinal insurance solutions, business can finally access the coverages they need to protect their business, attract, and retain qualified officers and directors, and bring new and innovative treatments to market.”

 

If you have questions regarding the specific products or treatments your business provides and what is required to be adequately protected, please contact Rahn & Associates for a consultation at (954) 790-6604 or email eric@rahn-associates.com.

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