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OG Cannabis Insurance Blog

The insurance game is an ever-changing environment, especially in the Cannabis Dispensary Insurance sector. There are a variety of different factors (e.g. cannabis laws and policies) that can affect the way your insurance works and how you and your business are covered.

The OG Cannabis Insurance blog keeps you up to date on cannabis insurance, laws and policies, and dispensary insurance news so you can be proactive on protecting yourself when the unexpected happens. We update our cannabis insurance blog regularly so check back soon for more posts!

Why Do Cannabis Businesses Need General Liability Insurance

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Businesses must account for legal fees, have business insurance, and consider general liability insurance coverage. At the same time, it might be even more critical in the cannabis industry for many reasons.

In the cannabis industry, business owners may have outdoor or indoor cannabis growing operations. Both cannabis growing methods have their advantages and disadvantages.

Further, it would help if you accounted for the various risks in manufacturing or other industries.

As a business owner, you think of the possible damage that can occur. But predicting the cost of the damage that occurs for infinite reasons is not easy.

Like any other business, a cannabis business also needs insurance. Using insurance can help you save your business and the people inside it. The most common type of insurance for a cannabis business is general liability insurance.

What is Cannabis General Liability Insurance?

Cannabis General Liability Insurance covers bodily injuries, medical expenses, and attorney fees.

General liability insurance can save you from costly lawsuits and adverse effects on your business, like bankruptcy.

Damages can occur to your customers or other people due to your product. It can be superficial damage, or someone might end up at the hospital. These days, it is expensive to pay for your medical bills. And imagine if this happens to many people, and you have to cover that.

Using this insurance will ensure you don’t go bankrupt while trying to pay for your medical expenses.

So how can you protect your business with cannabis general liability insurance? Well, a few frequent damage types can be covered under this insurance. This is how general liability insurance can help your business protect itself.

You Can Avoid Paying Millions for Bodily Injury

You can pay for your medical bills with this insurance without going bankrupt. A simple checkup can easily cost thousands of dollars. And you can save your business from paying that amount of money.

Let’s say 2500 people consumed the cannabis plant you grew. And your product harmed 2000 people among the people who used it. Assuming that one person pays $1000, you will spend $2 million on medical expenses. How ridiculous is that for a medical bill?

You can try general liability insurance to avoid paying millions for a medical bill.

It Will Protect You from Claims of Slander and Violation

A personal injury might occur in your cannabis company. The injured person may file a lawsuit against you and your company.

Your general liability insurance will cover any damages incurred due to an accident.

Your Employees Will Be Protected

Employees are a big part of your cannabis production business. If you don’t treat and protect your employees well, they will turn against you. It would help if you prioritized your employees’ safety during production.

This particular part of general liability insurance is called operational costs. This means that the injuries that may happen during production are covered under operating costs.

Your Insurance Will Cover Any Property Damage Your Business May Cause

Your cannabis business may cause damage to another person’s property. Sometimes it is hard to estimate the cost of the damage.

Another way of causing damage to another person’s property is when you are using rented space. The place you use to manufacture cannabis may be rented.

Let’s say an employee forgot to turn everything off. And fire or other damage occurred. The landlord can sue you for ruining the place. This insurance can cover you in this kind of situation.

Commercial general liability insurance will cover the damage as well as the loss.

You Don’t Pay for the Damage Your Product Causes

There are two ways to approach this. One is that a customer of yours may suffer from a bodily injury. The second is that your product may cause damage to another person’s property.

Your general liability will take care of the medical expenses or property repair costs for you. This, in particular, is called product liability.

It Covers Your Legal Expenses

Dealing with a lawsuit as a business owner is common. But you also know how expensive lawyers or a legal team can be. When you are in the process of a lawsuit, you know how expensive it gets. In addition to the legal team’s cost, there are other court costs you have to deal with.

That’s why general liability insurance can help you save money on your business’s legal activities.

You Can Save Your Business from Being Affected by Excessive Legal Fees Due to Various Actions

This is an issue for most businesses. Your employees may copy a strategy that worked for another company. They may copy it directly without changing much.

So when the company finds out, they will come looking for you. In this case, your insurance will cover possible costs.

In general, your cannabis business includes you, your employees, your customers, and your property. General liability insurance is the type of insurance that can cover all the main parts of your business. It is the basic and most important type of insurance you should get.

You can keep producing and selling your products when all parts of your business are protected. Get your general liability insurance now!

Find Out How OG Cannabis Insurance Can Meet Your Needs

Businesses in the cannabis industry require protection like other businesses in other sectors. At the same time, it is necessary to realize that business liability insurance, whether it is a general liability insurance policy or something besides a general liability coverage option, can certainly help out.

Working with an experienced insurance agency like OG Cannabis Insurance provides you with the peace of mind that you are working with the right partners. The right partners will fully know the policies you require and how to structure them to meet your needs.

We have been able to help many businesses with our general liability insurance coverage options, and we are pleased to help more clients address this crucial need. Contact our insurance coverage team at (877) 473-7979 today to get a quote.

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