Why You Need Insurance For Your Marijuana Business

Do you own a cannabis business? One of the smartest things you can do is have specialized cannabis insurance.

The cannabis industry is still relatively new and exciting, but it’s also volatile. Here’s how different types of cannabis businesses can use insurance:

Dispensaries. Burglary, fire, and vandalism are all a possibility. If a disaster occurs, would your dispensary have the monetary cushion to remain afloat?

Cultivators. If you cultivate cannabis, your operation is exposed to possible fire, theft, and equipment breakdown.

Processors/Manufacturers. You face many of the same regulations as manufacturers of everyday products. Manufacturers should never operate without some form of insurance.

Here are the common insurance types available for cannabis businesses:

Product Liability. As a business owner, you can be sued for any damage caused by your products. This liability policy will cover your legal expenses and will cover the medical costs of others who are harmed by your products.

Property & Casualty. This plan covers damage to your business property as well as the contents within it, including furniture, computers, office supplies and your business inventory.

Cargo & Transportation. In the event your inventory or supplies get damaged during transportation, this plan covers this loss.

Worker’s Compensation. As an employer, you’re required to have worker’s compensation insurance. Accidents can happen while your staff is on the job, so this plan will cover their medical care as well as lost wages.

Your marijuana business needs insurance. Contact Kelly Williams Insurance to find the plan that will fit your needs.

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