Cannabis business owners who have workers or employees should consider cannabis worker’s compensation insurance. The reason for this decision is that there is a high possibility of worker’s compensation risks.

The risks vary in the cannabis industry, including farms, dispensaries, and manufacturers. Employees on a cannabis farm, for example, may sustain injuries from heavy machinery. Workers may also sustain injuries as a result of fires or violence during theft incidents. Getting sick from mold, pesticides, or other toxic reactions between water and electricity are all things that could happen to your employees.

Workers’ compensation insurance is an expensive investment for any cannabis company. This kind of insurance policy covers medical costs, death, long-term care, disability, and lost wages. Cannabis workers’ compensation insurance rates are determined by factors such as your total payroll and the type of cannabis work. By classifying job responsibilities within the organization, the payroll is used to figure out pay rates.

What Does Workers’ Compensation Insurance Coverage Do In The Cannabis Industry?

Worker’s compensation insurance is essential in the cannabis industry to protect your employees in the event of workplace injuries or illnesses. If you do not have insurance coverage for your employees, your business is at risk of financial failure in the future. This is because you will be responsible for covering your medical expenses if you do not have insurance.

You should also make certain that your employees are safe and healthy. Worker’s compensation insurance has two parts: coverage for the employer’s liability and the company’s part in the employee getting sick or hurt; and coverage for the employee’s medical costs.

Medical expense insurance pays for the cost of treating an injured employee. It also covers lost time if applicable and is limited to the laws of the resident state. Insurance coverage for an employer’s liability is determined by the state in which your business is located, but it can also be increased. Injuries caused by broken or misused equipment, burns or other injuries caused by fire or corrosive substances, injuries caused by bending or lifting, and injuries caused by tripping, slipping, or falling are all covered.

What Are The Benefits Of Workers’ Compensation Insurance For Cannabis Businesses?

Cannabis worker’s compensation insurance has some advantages for employers; it helps protect your company’s future. You will be liable for any injury or illness that occurs at your workplace if you do not have coverage. This could lead to business failure because you will be forced to use your money to pay medical bills or even fines after your employee sues you. Here are some of the advantages of this type of insurance:

Protecting Your Employees

Employees don’t contribute to the fund. The coverage protects your employees by covering the following:

 Medical Expenses

The insurance covers all costs associated with your employee’s injury, including transportation and surgery, as well as other medical expenses. If you do not have workers’ compensation insurance, you will have to cover the costs on your own.

Missed Wages During Recovery

It pays a portion of the wages lost while a worker gets better after getting sick or hurt on the job.

Compensation for Fatal Injuries

If an employee dies as a result of workplace injuries or illness, worker’s compensation pays for funeral expenses as well as benefits for dependents.

Protects the employer from work-related injury lawsuits.

It includes coverage to limit the employer’s liability if an employee is injured or becomes ill on the job. It will protect the employer from lawsuits from workers who say they were hurt because of the employer’s carelessness.

Comply with the State Regulations

As an employer, you are required to have worker’s compensation insurance. This is one way to make sure you are following state laws.

Avoid Fines

Employees have the right to sue their employer if they are not compensated for an injury or illness at work. Employers can avoid fines by purchasing cannabis worker’s compensation insurance.

How To Get Workers’ Compensation Insurance For Your Cannabis Business?

Cannabis workers’ compensation insurance can be obtained from an insurance company or an insurance agent. To apply for worker’s compensation insurance, you must provide a state business license. During the application process, you must correctly place your business in the cannabis industry, give your company a long-term point of contact, and get answers to your initial questions.

Why Choose Our Insurance Services For Your Cannabis Business?

OG Cannabis Insurance is a trusted cannabis insurance company in the country. We assist cannabis businesses in determining the amount of coverage required in any US state. We understand the process and requirements for your business and state.

All of our cannabis compensation coverage has the following features: payroll integration, low deposit/low rate, acceptance of new venture businesses, acceptance of a gap in coverage, coverage from multiple states, access to multiple carriers, acceptance of all cannabis businesses, access to state funds if needed, and acceptance of high MOD/high claim frequency.

We provide the quickest quotes by simplifying the cannabis and hemp insurance quote process. We understand the cannabis insurance industry and strive to provide the best protection possible. We’ve been in the insurance business for a long time and have the knowledge and relationships with carriers that are needed to find coverage for all parts of the complex cannabis business.

You should feel safe working with us because we are licensed and insured. Our agents are certified to better understand their jobs. Get in touch with our team for quality cannabis workers’ compensation insurance services as well as pricing and package information. We also offer insurance for cannabis labs and testing, cannabis manufacturers, marijuana crop cultivators, general liability, and cannabis product liability. Contact us at (877) 473-7979 today!