What Does General Liability Insurance Cover for Cannabis Businesses?
Commercial general liability insurance covers a great many things when it comes to injury or damage incurred by a third party as a result of your business in some way, shape, or form. It is a protection from lawsuits which can end up being extremely expensive and have severe negative effects on the business, including (but not limited to) bankruptcy. Most general liability insurance policies cover the following:
Whether it is from a possibly contaminated product, something on the property of your business, or anything else that may harm a customer or other third party, bodily injuries can occur. If they are serious enough, the individual may end up in the hospital, and the medical costs may be the responsibility of your company to cover. A general liability insurance policy can cover any of these related medical costs.
In some circumstances, damage to another person’s property could occur due to the actions or inactions of your business. If this is the case, the commercial general liability insurance policy would cover the damage as well as any loss of use.
The production process of any kind of item can be potentially dangerous to the people who work in or around that process. If your cannabis business is actually in the production or manufacturing aspect of cannabis or CBD products, your general liability insurance would cover the medical costs of injuries incurred as a result of the process.
Causing injury to someone else can take many forms, and it is possible that the injured party could file a variety of different types of lawsuits against you and your company. If you have been accused of causing injury to another individual, your general liability insurance could protect you from claims of libel, slander, violation of another person’s privacy rights, or even unlawfully evicting someone.
If you are a seller of cannabis or CBD products, it is possible that you may not even know if and when one of those products causes property damage or bodily injury to your customers. If someone is injured by your products or their property is damaged by a product or service you have provided, the general liability insurance policy will cover the medical costs or property repair bills.
In order for your cannabis company to survive a lawsuit and not go bankrupt from the actual lawsuit or the court costs, it is essential that you have a comprehensive general liability insurance policy. It will cover the costs associated with hiring a legal team and your defense in court. Even if you are successful in court, your reputation may be damaged and you may incur a potential loss of revenue. The policy would cover this loss of income and any settlements.
At OG Cannabis Insurance, we also cover landlord additional insured endorsement and duty to defend. Our insurance includes:
- Available $2 Million Occurrence / $2 Million Aggregate Limit
- Excess Liability Available up to $4 Million
- Damages to Rented Premises
- Medical Limit
- Defense outside the Policy Limits
If you have any questions or concerns about the limits and inclusions of our general liability policies, contact our experienced cannabis insurance agents.
Do I Need General Liability Insurance?
In the shortest and simplest answer, yes. Your cannabis business most definitely needs to have a thorough, comprehensive general liability insurance policy. There are a few things that general liability does not cover including employee injuries, professional errors (when something which damages a client is certainly your fault), employment practice lawsuits, and damage of your commercial property or building.
However, there are other types of insurance that do cover these items and can be added to your policy, and the commercial general liability insurance is one of the most important types of insurance to ensure that you have made an investment in. From large corporations like Target and Starbucks to small businesses like the local “mom and pop” hardware store, every business needs to have general liability insurance as a protection of their business investments.
Contact OG Cannabis Insurance Today
At OG Cannabis Insurance, your company will be assigned to a specific, dedicated insurance agent/broker, so you will always know who to contact when you have a question or concern that needs to be addressed. Our agents have over 18 years of insurance experience in the cannabis industry, and we are dedicated to making sure that your grow facility, dispensary, laboratory, lounge, or any other cannabis-related business is secured by proper insurance coverage, including general liability insurance.
We offer the fastest quotes in the industry and access to multiple cannabis approved companies. Our policy quotes are fast and easy to understand, so you can get the coverage you need quickly and efficiently. Contact us today to learn more about our commercial general liability insurance coverage and to receive a free quote from our experienced agents.
We provide coverage for cannabis businesses across the United States, including: