In recent years, the legal cannabis industry has rapidly expanded throughout the United States. If you are one of the multitude of cultivators, manufacturers, suppliers, wholesalers or retailers that have found a place in this new economy, you need the reassurance of knowing that you have strong insurance benefits that are ready to have your back in case any challenges ever arise in your operations.
With the help of the committed, knowledgeable experts at Oak Tree Insurance Services, you’ll be able to build the quality benefits portfolio that offers you security, affordability and customized protection to ensure your business never faces a stressful, unaffordable recovery just because a problem occurred.
Understanding Cannabis Insurance
With the rapid expansion of legal cannabis rights in America, a supply chain has sprung up to deliver multiple products to market. Businesses of all sorts, ranging from growers to retailers, have found this not only a lucrative industry to enter, but also one that has a high chance of future growth.
However, cannabis and CBD products bring with them a lot of liabilities, and you have to follow a lot of regulations in order to operate legally. Still, you can’t guarantee that you won’t face a problem that could cause a halt in operations, lost income, or worse, harm others. However, if you have a customized insurance portfolio, you’ll have a security blanket to keep your business safe against any problem that might occur at any time.
What Coverage do Cannabis Businesses Need?
You want to create the insurance portfolio that is custom-tailored to your business. Our agents are glad to help you combine numerous benefits in ways that will perfect your risk management strategy.
Essential coverage that will always come in handy includes:
· General Liability Insurance: This covers the business in the event it is at-fault for property damage or bodily injuries done to another party, such as a client or vendor.
· Product Liability Insurance: Because cannabis products can be dangerous when consumed, you must make sure your product does not pose an undue risk to the user. However, if something does go wrong, and your product harms the user, then you could face a lawsuit. This coverage ensures you can compensate the client and settle your legal costs.
· Property Insurance: If something damages physical property, such as your building, inventory or possessions, then this coverage can help you repair or replace them.
· Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
· Workers Compensation Insurance: If an employee gets hurt on the job, they are often eligible for workers compensation. It will provide them supplementary income during their recovery.
· Errors & Omissions Insurance: Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
· Crop Insurance: If you cultivate cannabis, then this coverage can help you replace damaged crops in case of an unexpected loss.
· Crime Coverage: Should an employee or other party steal from your business, then this coverage can pay for your losses.
Other policies that you will likely need to carry include:
· Commercial Auto Insurance
· Hired/Non-owned Auto Liability Coverage
· Motor Truck Cargo/Inland Marine Insurance
· Employment Practices Liability Insurance (EPLI)
· Directors & Officers (D&O) Insurance
· Cyber Liability Insurance
· Commercial Umbrella Insurance
How Do I Know What Coverage I Need?
We get it, there are a lot of different insurance options available to the cannabis industry. It probably doesn’t seem obvious which ones are the right ones for you. That’s where we come in. Our agents understand the myriad of liabilities associated with this industry, and we’re dedicated to bringing you the personalized service that will guarantee you effective benefits when you need them most. In this high-risk industry, you can’t leave anything to chance, and we’re here to make sure you never have to feel the uncertainty of not knowing whether you have the right benefits.
About Oak Tree Insurance Services
Oak Tree Insurance Services is a team of experts who are dedicated to our customers first, and the big insurance companies second. To us, there’s nothing that matters more than your satisfaction, and we know how to take your insurance concerns and turn them into results that will always deliver you security that you deserve, without the hassle.
Call us at (718) 514-7288 or request your free quote online today.