As the owner and operator of a business in the cannabis industry, it is important for the safety and security of your company’s future that you have the right protections in place. Because the cannabis industry is still relatively new when it comes to cannabis businesses being out in the open as legal operations, there are still many grey areas about what can and cannot be insured or federally required. What matters the most, though, is the fact that every business, no matter the industry, needs to have the insurance coverages that suit the company and protect its most important assets.

Cannabis companies most assuredly need to have insurance in place to protect them from anything that may happen in or around their business. The types of insurance that cannabis operations need depend entirely on the kind of business that they operate. For example, a retail smoke shop is unlikely to need crop insurance, so it is essential that you have the right insurance coverage for your business.

At OG Cannabis Insurance, we will work with your directly to ensure that you know your insurance options, have undergone risk management to determine your particular needs and ensure they are properly covered, and develop a custom insurance policy just for you. We are also here to answer your questions about insurance for your cannabis products and federal law concerning cannabis and debunk some of the myths that we hear on a regular basis.

Common Myths in the Cannabis Industry about Insurance

Only a handful of states have (or are considering) legalized the use of recreational marijuana, and it is still federally illegal. Even the use of accepted medical marijuana seems to prove difficult in certain areas of the country. That often makes businesses in the cannabis industry have questions about their insurance policies and what can be covered even with the current federal laws in place. Here are some of the most common myths about cannabis insurance:

Cannabis Insurance Is Expensive

Business insurance of any kind is not necessarily cheap, and cannabis insurance is on par with the rest of the business world. The thing that may make some insurance policies more expensive, however, is the inclusion of coverage types that are unnecessary for particular operations. It is common, though, that most businesses will have an insurance policy that includes the following:

• coverage for their products (liability coverage), equipment, and business income 
• property insurance
• general liability insurance
• auto and cargo insurance for work vehicles
• workers’ compensation insurance

At OG Cannabis Insurance, we will take into consideration the type of cannabis operation you have and design an insurance policy for you that meets your specific needs without any extraneous coverages that will simply cost you money.

Product Liability Coverage Is Not Necessary

In your industry, product liability insurance is essential! Both the products themselves (consumables such as cookies, brownies, candies, drinks, energy drinks, and extracts), as well as the means to manufacture these products, need to be covered in your policy. Even a crop/cultivation/grow business needs to have product liability insurance just in case something happens to the crop such as a weather disaster.

My Marijuana-Related or Cannabis Business Cannot Get Coverage from Insurance Companies

The cannabis, CBD, and marijuana-related industry is rapidly growing, but the lack of federal funding and legal support for the industry does create problems for businesses when they take a loss. Some insurance companies may not insure your business because of the legal issues involved in the industry, and that is why OG Cannabis Insurance is here.

OG Cannabis Insurance has been in the industry for over 18 years, and we have an in-depth understanding of the legal issues and challenges that cannabis-based businesses face. Our policies ensure that your company will not be left in the cold trying to survive should something catastrophic happen. From workers’ compensation to health insurance and even a life insurance policy for you and your employees, we can make sure you are fully insured.

My Landlord’s Insurance Will Cover Losses in My Cannabis Operation

When an individual is renting a house from a landlord, the owner of the house will have their own insurance policies in place to cover certain things. However, the renter also needs to have renter’s insurance coverages to cover incidents that may occur on the property. The renter cannot assume that the landlord will have enough insurance (or the type of insurance) that will cover losses that the renter incurs if something catastrophic happens. The same is true in business

If you are leasing space from an owner for your cannabis business, you cannot assume that the landlord’s insurance will cover your losses. As a business owner, only your cannabis-related particular insurance coverage will be able to help you recover from substantial losses or other risks and prevent you from facing something terrible such as bankruptcy or the loss of the business entirely. The right insurers will provide you with coverage that is able to protect your investment, your equipment, and your livelihood.

Call the Cannabis Insurance Professionals at OG Cannabis Insurance!

If you have cannabis or marijuana-related business and are looking to make sure you have the right insurance protection for your company, call OG Cannabis Insurance for more information about our custom policies. We will help you determine the right amount of coverage for your business, show you how to make claims should the need arise, and demonstrate how important it is to have the protection that a good policy can provide.

Contact us today at (877) 473-7979 for a custom policy for your marijuana-based company! The health and security of your company are a top priority for you, and our insurance agents will work with you directly to ensure that your policy is everything it needs to be and nothing extraneous. Other insurance companies may offer policies that seem great and are cheap, but you need to read the fine print to find out limits and other negative factors. With OG Cannabis Insurance, we give you the coverage you want with nothing hidden.