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
- 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 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.
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.