There is a growing demand for cannabis-derived products, whether for medical or recreational purposed. The increase in product development, manufacturing, and distribution creates an entire industry with a unique set of risks. Follow a few basic guidelines to ensure you meet your cannabis business’s insurance needs.
Choose a Company That Understands the Cannabis Industry
Not all insurers will understand the ins and outs of cannabis production. However, rapidly changing regulations and requirements make this a non-negotiable item. Your insurer must understand the unique risks you face, and they should offer coverage for the entire product cycle you oversee. Leading cannabis insurance companies have extensive industry experience and in-depth knowledge of how to best serve cannabis businesses.
Learn How To Minimize Risks
You will face risks that other businesses may not ever have to consider along with routine ones. Work to develop a risk management strategy that keeps your risks within tolerable levels. You will benefit from safer operations procedures, fewer accidents and injuries and lower insurance rates.
Find Coverage That Fits Your Needs
Not all coverage options will apply to your operations, but the right company will be able to meet all your needs. Some examples of coverage may include:
- Crop coverage
- Product and general liability insurance
- Worker’s compensation insurance
Where you buy insurance for your cannabis business matter. Be sure to choose a company that can minimize your risks, meet your coverage needs, and helps you navigate the rules and regulations that apply to your operations.