Cannabis is a lucrative business, whether you are a cannabis grower or manufacturer of cannabis products. Protect the company from risks that will make it close for a while or completely by taking various types of cannabis insurance. Compare the terms and conditions of various cannabis insurance company from several insurers and the costs of these policies to find the appropriate insurer and policy. These are the essential cannabis insurance a cannabis company should have.
Crop insurance is for marijuana growers. You need to protect yourself from losses that arise from rises that damage cannabis while it is still on the farm. These risks include diseases, pests, floods, drought, and more. Cannabis farming or any other type of farming is risky because you will not have control over most of the factors that may lower the quality or quantity of your harvest. You need crop insurance to take care of the losses.
Property insurance protects the company's property, such as office premises and the warehouse from risks like theft of the appliances, natural disasters, fire, and more. Damaged property is a huge loss to the company that it can cripple the operations of the business for some time.
You need a vehicle insurance cover to protect the employees you have hired to transport your marijuana. Auto accidents and physical injuries can happen to transporters. The insurance will take care of the casualties’ medical expenses. It also finances the repair expenses of the trucks, cars, and motorcycles, whichever you decide to use. If the trucks, cars, and motorcycles are stolen, the insurance will replace them.
Equipment insurance protects the tools and machines of the company, such as computers, production equipment, warehouse equipment, and tools, and more from damages and theft. The insurer will repair or replace the damaged machinery and tools. Learn more about cannabis here.
Workers' compensation insurance is essential for cannabis growing companies and companies that process cannabis products. It offers employer protection from extra medical costs when an employee gets injured in the workplace. Medical expenses for employees who get into accidents are an added cost to the company. Some companies try to avoid these expenses by hiring independent contractors, but they get caught because authorities investigate to determine if the contracted experts qualify as independent contractors. Workers' compensation insurance is the best option because the policy will pay a bigger percentage of these medical expenses.
Cargo insurance covers cannabis cargo from being lost or damaged while it is in transit. It is beneficial for large shipments. Losing part of a large cargo means losing millions of dollars. Do not buy this insurance if you are transporting small quantities if marijuana because that will be costly. The insurance will cost more than the amount of money you will lose if part of a small marijuana cargo is lost or damaged. Discover more at https://en.wikipedia.org/wiki/Cannabis_(drug).
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