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.
Auto accidents and physical injuries that happen to transporters are taken care of by vehicle insurance. 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. 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. The worker’s compensation insurance helps you to dictate the tasks, working hours and so on of the employee because they will no longer be independent contractors.
Cargo insurance cover protects the cargo in transit from being lost or damaged. Do not buy this insurance if you are transporting small quantities if marijuana because that is not necessary.
Equipment insurance protects the tools and machines that you use like computers. The insurer will repair or replace the machinery and tools.
Marijuana growers should consider getting crop insurance whether they are companies or individuals. You get financial help if the crop is damaged by factors like diseases, pests, floods, drought and more. 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. Your company will get so many losses of your property gets damaged.