Everyone seems to be talking about cannabis insurance, which is a hot topic. And for good reason! In some form or another, cannabis has always been legal. There are many legal questions, new risks, and unique dangers that come with working in the cannabis industry. Now, a lot of people are wondering if they should work with a cannabis insurance company or not.

Working with an insurance company for cannabis is good for both sides. You get enough money from the company to cover your costs, and the client gets the best service possible. Working with a cannabis insurance company can protect you from risks and mistakes that you didn’t see coming.

How Can A Cannabis Insurance Company Help Protect Your Cannabis Business?

Cannabis insurance is a great way to protect your business from the financial risks associated with cannabis. Cannabis insurance can help your company be safer and more secure in the long run. The cannabis insurance company will cover general, equipment, professional, and product liability, among other types of liability.

Cannabis insurance can help protect your cannabis business against losses caused by:

Product Contamination

If your product becomes contaminated, you might be able to claim on your product liability policy. This could be due to several reasons, including mold and mildew.

Potential Errors

Many potential errors can be made when packaging a product that contains cannabis for sale. For example, if you accidentally leave out one of the ingredients listed on your label, this could cause an issue with your product and potentially lead to a claim against your insurance policy. Professional liability insurance can cover damages caused by wrongly labeled products or products that don’t have warning labels.

Physical Damage to Goods

You can also make a claim on your policy if an accident or act of vandalism causes damage to your property that hurts other people or property nearby.

Advantages of Working with a Cannabis Insurance Company

Cannabis insurance has become a necessity for many businesses that are in the marijuana industry. Not only is cannabis insurance essential for protecting your business from professional liability and property damage, but the policy also helps you stay compliant with regulations. The business income insurance will also protect you from a loss of business income after experiencing property damage.

Here are some of the major benefits of cannabis insurance:

State Compliance Assistance for the Cannabis Industry Regulations

Cannabis insurance can help you avoid regulatory violations and operate within state guidelines. When you use a third-party processor, they will be checked to make sure they are following the laws of the state.

Employee Safety and Security in Cannabis Businesses

Marijuana workers are at risk for workplace injuries, including drug abuse and exposure to pesticides used in growing plants. Workers’ compensation policies cover medical benefits for employees who need treatment for work-related injuries or illnesses, and worker’s compensation claims if an employee is injured on the job.

Cannabis insurance also covers the costs of keeping your buildings and assets safe from theft or damage by employees or other people who might try to steal recreational marijuana plants or products from your business.

Assessments of operational risks and site security in the cannabis industry

Operational hazard assessment covers the cost of damage to property, equipment, or inventory due to negligence during cannabis operations. It also covers other losses, such as lost profits, legal fees, and penalties. A site security assessment considers who owns the property at risk, how they want to be insured, who they want to be covered, and what type of loss they expect.

Business continuity and emergency response planning

Business continuity planning is done to ensure that cannabis operations can continue if there is an interruption in operations due to fire or other natural disasters, power outages, or even employee misconduct. Business continuity planning should include a continuity plan for employees absent from their jobs. The plan should also say how long it will take for employees to come back to work after an interruption so that the business can get back to normal.

Transportation and Fleet Safety Management

Transportation is one of the major expenses for many cannabis companies, especially when trying to get their products from one state to another. Transport insurance will help cover losses caused by accidents that happen while moving cannabis products between states or between warehouses where they are stored before being sent out again.

How to Choose the Right Cannabis Insurance for Your Business Needs

The cannabis industry is growing rapidly, and insurance companies are taking action. Over the past few years, there have been more and more cannabis insurance companies that cover businesses that deal with cannabis.

However, there are many factors that you need to consider when choosing a cannabis insurance company.

Here are some crucial tips on what to look for in an insurance company that provides coverage for cannabis businesses:

How does the company handle claims?

Insurance companies offer various types of policies for different types of claims. Some companies specialize in accident or health care claims, while others specialize in property damage or special events. Before making your final choice, it’s important to know how well a company handles claims.

What kinds of claims does the company handle most often?

Many companies specialize in certain types of coverage and may not handle all kinds of claims equally well. For example, if the company specializes in workplace injuries but doesn’t have experience in handling claims related to mental health issues, in that case, it’s essential to be aware of this to make informed decisions about which policy is right for your business.

What is their financial stability?

One of the most crucial things to consider when choosing a cannabis insurance company is whether they can support their continued operations in the future. You want to ensure they are financially stable and have sufficient reserves to stay in business for the long term. Look into their financial statements to ensure they meet all your expectations.

Get Exclusive Insurance Coverage from OG Cannabis Insurance.

OG Cannabis Insurance is a cannabis insurance company that provides insurance packages to the cannabis industry. They offer a range of insurance products for the legal cannabis industry, such as worker’s compensation, general liability, and property damage coverage.

We aim to offer you the highest level of protection at the lowest possible cost. We are your go-to resource for all of your insurance needs! We offer competitive rates and competitive coverage for your property and liability needs. If you’re looking for a professional, reliable insurance broker, look no further than OG Cannabis Insurance! Contact us at (877) 473-7979 to request a quote.