Why You Should Consider Purchasing Insurance For Your Cannabis Business

Cannabis Business

Selling and growing cannabis are some of the fastest-growing industries in the country. However, this business does not come without risks. Some of these risks can include:

  • faulty equipment
  • rapidly-changing state regulations
  • improperly growing crops
  • theft
  • weather risks/wildfires

When facing these potential losses, those in the cannabis business need to make sure that they are properly prepared. This is where cannabis business insurance comes in. There are a variety of different insurance coverage options to consider.

Property Insurance

Property insurance provides protection for your business in the case of fire, theft, vandalism, and natural disasters. If one of these worst case scenarios occurs, you want to be able to survive financially.

Medicine Coverage

This type of coverage provides protection for the cannabis you sell. This coverage applies while the cannabis is in the shop and while it is being transported.

Business Income Coverage

Business income coverage provides protection in the case of income interruption. For example, if your business is interrupted by a natural disaster, this type of insurance can make sure you continue receiving income while you get back on your feet.

Owning a cannabis business is a complicated endeavor with many nuances to keep in mind. Having the correct insurance can make all the difference when things don’t go as planned.

Finding a Life Insurance Policy When You Consume Cannabis

Consume Cannabis

Marijuana is now legal in either recreational or medicinal form as a licensed industry in most states. Over 30 states have some restricted access to medicinal cannabis that does not provide for a medicinal support industry. It’s clear that social and legal attitudes have changed, but for many consumers, support services like insurance are a little slower to respond. As a result, not every company has a responsive approach to coverage that a cannabis consumer needs. Some still regard it as an illegal substance, due to its federal legal status. Luckily, there are insurers who are moving to make realistic risk assessments about cannabis use, especially in light of its positive effects for patients with a select range of medical needs.

Insurance That Understands Cannabis

Buying life insurance marijuana consumer policies can mean searching a little for a carrier, but when you find one, you’ll find the industry has a range of approaches. Some providers simply treat smoking cannabis the same as smoking tobacco to simplify things, but the more responsive companies rate the client’s risk according to how much cannabis is consumed, the method of ingestion, and even whether they use is recreational or medical in some cases. That means a policy that better reflects your lifestyle, one that has costs and coverage provisions more in line with a realistic assessment of your daily risks.