An Unexpected Silver Lining Amid the Outbreak – Cannabis Finds Its Footing

April 13, 2020 Blog

Now is the Time to Boost Your Cannabis Insurance

The year 2020 is shaping up to be an unforgettable one. The coronavirus (COVID-19) has taken over all news outlets. People are switching from commuting to the office to working from home at their kitchen table. Workers in healthcare, groceries, and transportation are stretched thin as they help the ill and ensure the shelves are stocked. While there is a bleak side with the millions of people out of work while we fight this virus, there is a silver lining for one industry that cannot be overlooked.

The cannabis industry is expanding as dispensaries, growers, and other areas see an influx of cannabis users ready to make a purchase. With this sudden and unexpected growth, you must instill best practices and have the right amount of cannabis insurance. The team at The Business Insurance Center assists small businesses like yours with the proper coverage to withstand any storm. If you haven’t reviewed your policies lately, there is no time like the present.

4 Types of Coverages You Should Have for Your Cannabis Business

When you first started, you might have thought you didn’t need much coverage. If you are a one-person shop, you may think there is not much use for too many policies, but that is incorrect. As this pandemic has proven, you can never be too prepared. Here are the key coverages you should have:

  1. General Liability: The very least amount of coverage that you need is general liability. This policy offers protection in the event of third-party bodily injury or property damage. It can also help with claims of libel, slander, or wrongful eviction.
  2. Workers’ Compensation: You need to utilize safety measures like social distancing and handwashing, but you also need a policy that can help your employees. If they were to be injured or become ill on the job, this coverage assists with medical payments and lost income for your team. It can offer coverage for accidents, occupational illness, repetitive stress injury, and disability.
  3. Property Insurance: Not everything is covered with a general liability policy. For example, if your building is destroyed, you need something more. Property insurance coverage kicks in for damage to buildings, exterior signs, fences and landscaping, furniture, computers and equipment, inventory, and essential documents.
  4. Cyber Risk: The cannabis industry is not the only one skyrocketing during this time. Cybercriminals have upped their game with phishing emails and other ways to access your customers’ data. It pays to have the extra protection in the event of a breach of your computer systems.

Protect Your Blossoming Enterprise with the Right Cannabis Insurance

In these unprecedented times, it is essential to protect not only your company but also your employees. Seek the services of a knowledgeable broker from the Business Insurance Center. We have decades of experience, which gives us the advantage of knowing what’s available for your specific business requirements. Get the best coverage for your organization with our help.

Request a quote online or call and speak about cannabis insurance with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.

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