General liability insurance provides businesses —like cannabis and hemp farms and dispensaries — with a financial safeguard in a variety of different circumstances. This type of insurance protects policyholders from risks such as property damage, personal injury, and other factors. In short, it helps people working in the cannabis and hemp industry to get back on their feet after an unforeseen emergency. Still, many business owners lack general liability insurance, and 40 percent have no insurance at all. Here are some of the reasons why every cannabis and hemp business owner needs protection.
General liability policies cover a wide range of risks for cannabis and hemp business owners. These include:
This type of insurance provides business owners with cover for their property, equipment, and inventory.
In the event of a natural disaster or another emergency, cannabis and hemp business owners might need to cease operations, which could result in loss of revenue. General liability cover provides them with the funds they need to restore business operations.
There are a number of risks associated with the transportation of cannabis and hemp from a dispensary to a medical organization or store. General liability insurance provides cannabis and hemp business owners with the peace of mind they need.
If an employee becomes injured at work, he or she might not be able to make money. General liability marijuana insurance can provide cannabis and hemp business owners with much-needed funds if this problem arises.
Business owners might want to take out other types of insurance to ensure their business is fully protected. This might include:
The elements can damage crops, which might result in loss of revenue for business owners. General liability insurance lets policyholders protect their crops throughout the year.
Employees are the lifeblood of any business. General liability insurance policyholders can provide their employees with a wide range of benefits, including health insurance.
General liability protection for marijuana businesses owners is a relatively new type of insurance. Still, as cannabis becomes legal in some areas of the United States — experts predict that the U.S. legal cannabis market will hit $25 billion by the year 2025 — more people will take out this type of policy. Cannabis and hemp business owners might also want to consider an industry loan to help cover the costs of their new venture.
There are a number of factors to consider when taking out cannabis general liability insurance. Business owners should choose an insurer who provides them with good value for money and excellent customer service, for example.
Business owners should also check out insurance premiums and find out what’s covered in their policy. Different insurers will have different terms and conditions, so prospective applicants should always do their homework.
As more states legalize marijuana for recreational and medical use, more people will enter the cannabis and hemp industry. General liability insurance provides cannabis and hemp business owners with financial support in the event of a disaster or emergency and can help them protect their business and employees in a wide range of situations.