Common Cannabis Industry Risks

Common Cannabis Industry Risks

Cannabis Insurance

With many states relaxing their rules surrounding cannabis, the industry has exploded in those areas. Cannabis insurance solutions can address the specific risks associated with this growing industry. Here are a few common risks a cannabis business may face.

Property Risks

The cannabis business requires actual property whether the business focuses on growing plants, producing consumable items or selling those items to consumers. Anyone who comes to the property may slip or fall causing themselves harm. As seen on https://www.canngenins.com/, commercial property insurance can help address those risks associated with owning a business.

Employee Risks

Employees must have workers compensation coverage in all 50 states for most businesses. This insurance covers them if they are injured, ill or die due to a job-related event. Check with a local labor board for who falls under the coverage requirements for the state.

Product Risks

Cannabis companies sell a product. Whether you grow it or sell it, the industry relies on a quality product. Unfortunately, things can happen somewhere in the supply chain causing a problem for the end-user. That user may then sue your business for a faulty product. Product liability insurance can cover these risks.

Understanding the risks associated with the industry can help you find the right cannabis insurance solutions for your business. By covering the business’ liabilities, the company can focus on meeting the growing product demand.