Now that cannabis/marijuana is legal in most states, insurance companies have had to come up with entirely new rules and policy information to cover its growth, distribution, sales, and use. It’s a whole new world!
If you are considering starting your own cannabis-based business, here are a few of the coverages to consider purchasing, according to The Cannabis Insurance Company (thecannabisinsurancecompany.com):
- Dispensary Insurance
- Protects property and inventory, liability and loss of income
- Cultivation Insurance
- Protects plants, equipment, liability, and business income
- Manufacturing Insurance
- Protects against direct physical loss, professional liability, and general liability
- Building Insurance
- Covers your building and other properties
- Delivery & Transport Insurance
- Protects against theft and damage of your finished product while being transported
- Laboratory Insurance
- Protects your lab against liability and professional liability with the increase of intervention now happening in the industry
- Product Liability
- Provides coverage against bodily injury and property damage that arise out of a defect in the product that you’re selling, manufacturing, or distributing. It can also provide coverage for any damages from mislabeling or failing to implement the proper warning labels on the products.
- Professional Liability Insurance
- Protects professionals against mistakes that end in physical damage and/or bodily injury
- HEMP/CBD Insurance
- Custom coverages for growers, extractors, wholesalers, and retailers of HEMP/CBD products
These are only some of the coverage options available these days, so if you are in the business, please feel free to reach out to our agency to receive a custom-built coverage plan just for you!