When running a cannabis or hemp business, you must have the right insurance policies in place. Doing so allows you to protect your venture from financial challenges and ensures its strength while dealing with unforeseen events.

But due to the complexity of the marijuana industry, knowing about the most suitable insurance policies for your cannabis business can be complex. With that being said, it is not impossible if you have the right information at hand.

To help you through this learning curve, the following information can guide you through the types of insurance policies that you can get for your cannabis and hemp business.

If you are looking for help with insurance coverage, product liability coverage, general liability coverage, CBD product liability insurance, and other types of insurance coverage for medical marijuana dispensaries, our team is here for you.

Reach out to our team at OG Cannabis insurance today.

Workers’ Compensation Insurance

Except for Texas, all states require private employers to hold workers’ compensation insurance. But even in Texas, businesses choose to get this policy because it covers medical expenses and lost wages for employees injured or sick during their work. In exchange, employees have to agree that they would not pursue legal action against the employer.

Some states have regulations that outline workers’ compensation insurance if you have a set number of employees. Other states mention that you should have this insurance regardless of how many employees you have on your payroll. However, to protect your cannabis and hemp business, you can easily get this insurance for all employees regardless of these requirements.

If you are looking to participate within the cannabis industry, it is best to account for everything from professional liability to business interruption and more. This helps minimize liabilities and ensure that you continue to operate a successful business operation in the hemp industry. The critical idea is to account for legal costs, fees, and more with the right insurance provider.

Commercial General Liability Insurance

Cannabis General Liability Insurance policy covers your marijuana business from third-party claims for being injured on your premises as well as consumer claims of being harmed by using your products. This also covers property damage to third parties and saves you from having to foot those costs whenever such a situation arises during your business operations.

This coverage can also extend to various aspects such as libel and slander towards a third party. Since such claims can often cost a fortune in legal and compensation costs, this insurance type becomes a highly important element for every cannabis and hemp business. In turn, you can rest assured that you don’t have to face the costs of unwanted lawsuits.

Commercial Property Insurance

When running a cannabis venture, you need to be wary of several operational risks, such as property damage from unforeseen and man-made events. This includes fire incidents and storm damage and the damage that occurred through theft and vandalism. This makes it important for you to have commercial property insurance in place.

You can easily find coverage for all of these instances through a comprehensive commercial property insurance policy. This insurance covers your premises, equipment, and other business property, which provides you with an extensive form of financial coverage during highly challenging situations. This makes it an essential type of insurance to have for your cannabis and hemp business.

Commercial Auto Insurance

To protect your business vehicles from property damage and third-party liability claims, you should look into commercial auto insurance. This insurance policy can cover your fleet of vehicles to ensure that if they get into an accident, you don’t have to foot the bill for property damage or bodily injury for your vehicle, its passengers, as well as any third-party vehicle and its passengers.

This coverage also covers your vehicle in physical damage outside of accidents. These instances can include but are not limited to theft, vandalism, and fire instances. This makes it a highly crucial policy to have that could cover your vehicles and any employees traveling within them.

Crop Insurance

This niche insurance policy covers your cannabis business if you grow your plants to sell them off. This is an intricate policy, but through the right provider, you can breeze through its fine print and make sure that you are covered under all sorts of unforeseen instances that are a risk to your business. Generally, crop insurance can protect you against losses due to environmental factors, as well as natural disasters.

If your business grows its cannabis or hemp plants, this insurance policy is incredibly important for your venture’s long-term health. If you ever get into a situation where you are unable to secure the yield that you require due to unfortunate events, this policy can come to your aid and allow you to support your business during a difficult time.

It is Important to Understand and Prioritize Your Requirements

There are various situations such as personal injury, general liability, product liability, financial loss, business practices, cannabis supply chain, outdoor crops, and more. Different segments pose a higher risk in hemp industries; cannabis entrepreneurs are aware of this.

Before you decide about getting certain insurance policies, ensure that you have the requirements outlined and prioritized from the get-go. For instance, you don’t need crop insurance if your business does not grow its cannabis plants but only sources related products. But regardless of the subset of your venture, it would always need workers’ compensation insurance.

Similarly, you can also customize any available insurance policies to fit your requirements. For instance, if you live in an area prone to floods, you can look into getting flood insurance that is separate from commercial property insurance. By considering these factors, you can easily find a set of insurance policies that seamlessly fit in line with your needs.

At OG Cannabis Insurance, our experts ensure that the process to purchase your required insurance policies is as comfortable as the promise that insurance brings to the table. Our team understands your needs through a detailed consultation and suggests all the policies that address them to the last detail.

Our team at OG Cannabis Insurance knows about the various issues that cannabis businesses face; we ensure to bring the best policies the insurance industry offers.

To see how our solutions can help, don’t hesitate to contact us at (877) 473-7979 for a free quote today. We will be glad to hear from you and find suitable insurance policies for you right away.