The cannabis market has been expanding since medical and recreational marijuana was legalized across several states in the U.S. However, the surge in its demand has increased its associated risk factors. So here’s a look into getting the perfect https://www.graystonetx.com/hemp-and-cbd-insurance-in-texas
Insurance Coverages Needed by Cannabis Businesses
The cannabis business faces multiple risks, and purchasing inadequate insurance can leave your business financially vulnerable. Essential insurance coverages for the cannabis business include:
General Liability
This plan covers third-party liability claims of property damage and physical injuries within the business premises.
Product Liability
This coverage protects the business from lawsuits by aggrieved users.
Commercial Property
It covers your business premises against the losses incurred due to damages from theft, break-ins, vandalism, fire, and natural disasters.
Commercial Auto
This plan covers the vehicles used in business operations, including liability claims, injury, and damage due to the accident.
Hired and Non-Owned Insurance
This plan is essential if the business owner and the employees use personal or hired vehicles for business-related activities.
Business Interruption
This plan ensures a flow of income if the business temporarily shuts down for any reason.
Workers’ Compensation
This coverage offers compensation for work-related injuries, illness, lost wages, etc., to your employees.
Cargo Insurance
Transport services use this to protect against loss for damaged or lost cargo in transit.
Crop Insurance
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Errors and Omission
This plan covers liability claims from clients due to business-related errors.
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