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World Insurance Associates or “World” is a unique insurance and financial services organization offering top products and services from major providers, combined with attentive service from local agents.

More recently, they’ve developed a cannabis arm, helping to tailor cannabis insurance plans that protect businesses from injury caused by cannabis products, damage to property or crops, environmental or pollution mishaps, stolen customer data, and much more.

Colleen Parsons (pictured third from the left), Co-Founder of Women of World, an internal group of World Insurance, is also leading the charge in the New York cannabis industry and is a main figure within the World Cannabis Practice. 

As they enter this market, World Insurance is going the extra mile to serve its clients. From tailored packages to a cannabis partner suite, they are professionals who truly care about protecting cannabis businesses. As a proud sponsor of the 2024 TeeHC Open, the World team sat down with us to talk about their step into cannabis.

What inspired you to start offering insurance products for cannabis businesses?

The World team found a gap in the way cannabis business owners were being retained by their insurance agents. As they told us, they “saw an opportunity to create long-lasting relationships in an ever-growing industry.” At the end of the day, trust and genuine working relationships are the foundations of business success.

For each specialized industry that World Insurance serves, they staff insurance agents with a deep knowledge of that market. Whether it’s personal or professional, cannabis has played a positive role for the agents on the cannabis insurance team at World.  “We wanted to bring sensible solutions to an industry that a lot of us have past experience with.” 

What helped you grow the most in your first few years of business?

Michael DeNault, an industry expert at the company, told us, “Self-education surrounding the plant and the products made from it truly helped my growth, since I combined my recent studies about insurance and risk management with my passion for the plant.”

This intimate knowledge of the plant and industry that Michael and his peers have helped World Insurance better serve and understand cannabis business needs. “I was fortunate enough to join World and find like-minded professionals to join our team to service other states.”

How important is networking to you and your business?

Whether it’s building relationships with prospective clients or nurturing existing relationships with current clients, networking is an invaluable tool. In a high-risk, capital-intensive industry like cannabis, insurance, banking, and other specialized services needs to understand the nuance and the day-to-day volatility of each individual client. 

For this reason, the World team said, “Networking is everything. Our team is comprised of some of the best networkers and salespeople in the industry, and our biggest strength is our voice and our story. The more we network, the better off our team becomes.”

What’s your best piece of advice for other entrepreneurs?

“Don’t be afraid to venture into the unknown. You may end up creating a path that others will want to follow. Also, DON’T WAIT! If there is an opportunity, jump on it.”

World Insurance at the 2024 TeeHC Open

World Insurance and its team members are paving the way in the cannabis insurance world, creating thoughtful, high-value insurance products and services that truly serve our industry. With a genuine focus on helping cannabis businesses, networking events like the TeeHC Open are an amazing opportunity for the team to absorb insights from industry titans and provide value to up-and-comers. 

“We’re most looking forward to connecting with current clients [and] future clients, and telling folks about how World Insurance and our partners are long-term advisors for the cannabis industry.”

Don’t miss out on this opportunity to learn from World, some of the best insurance experts in the industry.