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. This insurance covers against risks like damage to property, employee injuries and more.
Transporters of marijuana are protected from car accidents and physical injuries. The insurance will take care of the casualties’ medical expenses. The repairs of the trucks, cars, and motorcycles, whichever your company uses are also covered by this insurance. 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. Medical expenses for employees who get into accidents is an added cost to the company, depending on its policy. You can avoid these expenses by hiring independent contractors, but in such cases, the authorities will investigate to determine if the expert qualifies as an independent contractor. These extra expenses can be avoided by getting a workers compensation insurance to pay for them when they occur. 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.
Equipment insurance protects the tools and machines that you use like computers. The insurance will pay for replacement or repairs of the tools and machinery.
Crop insurance is for companies and individuals who grow marijuana. 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. Farming is risky because you will not have control over most of the factors that may lower the quality or quantity of your harvest hence you need crop insurance to take care of the losses.
Your company property such as the office premises and the warehouse require property insurance to protect them against factors that can destroy them such as trucks, cars, and motorcycles. Losing your property can be a huge set back to the company.