With the increasing popularity and legality of marijuana across the United States, the cannabis industry is growing every year. Studies have shown that the health benefits of cannabis often surpass any other medically prescribed drug. Now more than ever, people of every age and background are opting for cannabis as a low-risk, high-reward alternative to other medications.
Many small business owners are realizing how lucrative the cannabis industry is. While opening a cannabis-related business may sound promising, there are plenty of risks that occur within the industry due to local and federal laws. The best form of protection against these legal risks is purchasing a cannabis insurance policy. Here are 3 types of cannabis insurance plans.
Cannabis product liability insurance protects businesses against claims of injury or damage due to the usage of their marijuana products. This insurance is recommended for businesses like dispensaries, manufacturers, processors, and wholesalers.
Workers' compensation insurance protects workers who may be injured on the job. This in turn protects businesses from a major financial loss due to medical bills.
Similar to product liability, general liability insurance protects businesses against claims of bodily injury or property damage. This protects against lawsuits from any third parties, such as a customer who may become injured at your business.