Cannabis Insurance in Tecumseh, Michigan
This article is an overview of the types of insurance you need for your Michigan Cannabis Business. The Cannabis Industry brings business risks that can be managed by getting the right insurance coverage without excess cost. Product manufacturers, marijuana growers, and dispensary owners all need different coverage. Also, look for a licensed agent with an office located near you.
Even though the legal Cannabis Industry is relatively new, many commercial insurance firms now offer Cannabis Insurance that covers some of the risks unique to medical marijuana firms. What needs to be covered depends on the type of business and what marijuana products they sell.
Buying insurance is a form of risk management. Events that impact profits may be avoided or insured against. Accidents and “Acts of God” can damage property and severely disrupt the company’s operations. Businesses may purchase comprehensive coverage or coverage for a certain aspect of their operations. Being covered against common disasters in the industry is a must.
Cannabis industry insurance is generally of two types – liability and loss – that protect against loss of income and offer compensation if something goes wrong. Most coverages protect from either liability for accidents and defects or insurance against loss from theft, fire, and natural disasters. Note that landlords also need protection for their property.
- General Liability
This is what you buy to protect yourself if a third party suffers personal injury or property damage. This coverage also protects you from copyright and libel charges. This coverage protects the company against slip-and-fall injuries. It may be carried by a property owner to cover their lessees, or the lessee may be required to purchase this insurance. No business in Michigan should operate for long without any general or product liability coverage.
- Product Liability
Dispensaries that sell either CBD or medical marijuana products in Michigan would want to consider liability coverage. Likewise, manufacturers in the state will also want to consider protecting themselves. The cannabis industry is exactly like other industries in many ways, including product manufacturers being liable for defective product claims. You want to buy additional product recall insurance. Losses and damages to products are not included.
- Plant and Crop Insurance
The cannabis industry is based on an agricultural crop as all cannabis and CBD and hemp products from plants. No marijuana business that grows plants should operate without at least some insurance against fire, flood, or pest damage. This commercial insurance covers losses and protects the major source of business income for many companies. Indoor growth operations have been easier to cover in the past, but this may be changing across the country. Growers need to shop for cannabis insurance that covers their crops.
- Dispensary Insurance
This coverage is for businesses that sell marijuana products. A dispensary has risks related to customers, vendors, equipment, and products. The coverages you need to protect your dispensary program will span product and general liability risks. This is a specialized topic in the industry, so call and speak with one of our agents.
What Do You Need Cannabis Insurance?
Cannabis insurance needs vary based on what the company does. Some amount of liability covered is a must. Product recall coverage is important for a manufacturer. Growers need insurance from a specialist insurance firm. Property coverage is also crucial for building owners so they are protected against losses from theft, vandalism, and natural disasters. Landlords just cover their buildings or land. Look into comprehensive or blanket policies at OG Cannabis Insurance. We have been in the insurance business for over 20 years and we provide all of the insurance coverage you need for your Cannabis Business in Tecumseh, MI.
CBD and Cannabis Insurance in Tecumseh, Michigan
As with any company, your marijuana-based business needs to be insured against loss. Insurance is a complex aspect of business management, but an essential one. Make sure you get the right amount of insurance by discussing the coverages you need with cannabis insurance experts in Tecumseh, MI today. Our program is available to any business operating in Michigan. Our office has experience covering all aspects of
Cannabis Business Operations in Michigan. Protect your business and give us a call at OG Cannabis Insurance today for a custom quote!