What You Should Know About This Year
A company or individual who is in cannabis business needs insurance. There are many types of cannabis insurance hence ask insurance experts to help you choose the right ones. Analyze the terms and conditions and the costs of these cannabis insurances from several insurers to settle on the right one. Cannabis insurances that are recommended for cannabis companies are discussed below.
Commercial general liability insurance will protect your cannabis business against the general risks that are associated with a business. These risks include damage to property, employees injuries and more.
Transporters of marijuana are protected from car accidents and physical injuries. This insurance will pay the medical expenses of the casualties. The repairs of the trucks, cars, and motorcycles, whichever your company uses are also covered by this insurance. If the trucks, cars, and motorcycles are stolen, the insurance will replace them.
Workers compensation insurance offers the employer protection when an employee gets injured in the workplace. You will lose a lot of money paying medical bills for employees who get injured at the place of work. Hiring independent contractors can save you from these costs but when an accident happens there will be an investigation to establish that the specialist fits an independent contractor. You need to have a workers compensation insurance for it will take care of these expenses on behalf of the company help you cut on unplanned expenses. The worker’s compensation insurance helps you to dictate the tasks, working hours and so on of the employee because they will no longer be independent contractors.
You need to have insurance to cover your crop from damage and getting lost when it is being shipped. Do not buy this insurance if you are transporting small quantities if marijuana because that is not necessary.
Protect your tools and machineries like computers from damages and theft by acquiring equipment insurance. The insurance will pay for replacement or repairs of the tools and machinery.
Crop insurance is for companies and individuals who grow marijuana. In case of situations like diseases, pests, floods, drought and more, the insurance will provide you with finances to invest in the crop so that you get better yields. Farming is risky because you will not have control over most of the factors that may lower the quality or quantity of your harvest hence you need crop insurance to take care of the losses.
Property insurance takes care of the risks that face your property such as theft of the appliances, natural disasters, fire and more. Losing your property can be a huge set back to the company.