Cannabis business should get insurance. There are many types of cannabis insurance hence ask insurance experts to help you choose the right ones. Compare the terms and policies and the costs of these cannabis insurances to find the appropriate insurer. Cannabis insurances that are recommended for cannabis companies are discussed below.
Commercial general liability insurance will protect your cannabis business against the general risks that are associated with a business. Some of the risks that are under this cover are damages to property and injuries of employees.
Transporters of marijuana are protected from car accidents and physical injuries. The insurance will take care of the casualties’ medical expenses. It also finances the repair expenses of the trucks, cars, and motorcycles, whichever you decide to use. When the trucks, cars, and motorcycles are stolen, the insurer is obliged to replace them.
Workers compensation insurance offers the employer protection when an employee gets injured in the workplace. The employer will spend a lot of money on medical expenses when an employee gets injured depending on the policies of the company. Most companies hire independent contractors to run away from these costs, but there will be an investigation to prove that the person fits that category. You need to have a workers compensation insurance for it will take care of these expenses on behalf of the company help you cut on unplanned expenses. It is difficult to control some of the activities of the independent contractor like their working hours, but a workers compensation insurance makes the person cease being an independent contractor and become your employee.
Cargo insurance cover protects the cargo in transit from being lost or damaged. It is cost-effective to buy this insurance for lump sum shipments.
Choose to have equipment insurance to cover the costs of damaged or stolen tools and machinery that you use such as the processors. The insurer will repair or replace the machinery and tools.
Marijuana growers should consider getting crop insurance whether they are companies or individuals. In case of situations like diseases, pests, floods, drought and more, the insurance will provide you with finances to invest in the crop so that you get better yields. Since you have to power to control most of the risks that your crops can be attacked with, get crop insurance to avoid huge losses.
Property insurance takes care of the risks that face your property such as theft of the appliances, natural disasters, fire and more. Damaged property is a huge loss to the company that it can cripple the operations of the business for a specific time.