What Type of Insurance Do I Need for My Cannabis/Hemp Business?

These days, with so much growth happening in the legal cannabis/hemp field, as a current or potential business owner it becomes increasingly difficult to keep track of all the moving parts associated with running a successful company. Whether you're a seasoned veteran within the cannabis industry, or are just starting out in your knowledge base — there's certainly a great deal to learn and consider. 

Here at botaniCo, our mission is to help the cannabis and hemp industries thrive by providing our members with an array of cost-saving solutions on products and services, as well as resources like cannabis and hemp education, analytics, advocacy and much more. 

As in all other industries, having the right insurance coverage is crucial for every hemp and cannabis business, but which specific coverages are right for you? In this blog, we'll highlight some of the most important insurance coverages currently available. 

Why is Insuring My Cannabis or Hemp Business Important?

Simply put: it doesn't matter whether you're a cannabis or hemp cultivator, dispensary or service, there will always be risk that stems from your products and/or operations - a risk that any savvy business owner will do their best to minimize. Additionally, insuring the facilities in your place of business and protecting your workers are both extremely important factors to keep in mind. 

What Types of Insurance Coverages Should I Consider for My Hemp/Cannabis Business?

Subsequently, it's worth noting that proper cannabis and hemp insurance is unlike any standard insurance policy you may have come across in the past. Because the legal cannabis industry is still relatively new, all the unique risks associated with operating in it must be addressed in the appropriate ways. 

No matter the size or scope of your hemp/cannabis business, having the right insurance coverage can mean the difference between success and failure. Here are just some of the specific coverages you should consider when setting your brand up to be the best it can be: 

• Commercial Auto Insurance - provides coverage for personal injury and auto-related property damage. 
• Crime Insurance - protects your business from loss of assets.
• Equipment Breakdown Insurance - protects your equipment from mechanical or electrical breakdown. 
• Excess Liability Insurance - extends your company's insurance coverage beyond your primary liability policy. 
• General Liability - provides coverage for bodily injury or property damage of others while in your facilities. 
• Loss of Income Insurance - when dealing with business interruption, this coverage assists you with ongoing expenses such as taxes and payroll.
• Product Liability Insurance - provides you with coverage in case of claims regarding bodily injury and property damage that may stem from your products. 
• Property Insurance - provides your business with insurance coverage in the event of damage to your facilities.
• Workers' Compensation Insurance - provides coverage that protects your employees from job-related personal injury. 

botaniCo Supplier Spotlight: Mark Schneiderman Insurance

Looking for the right insurance company for your hemp or cannabis business? Look no further than to one of our esteemed suppliers, Mark Schneiderman Insurance. Their professional experience allows them to best service clients with the packages most suitable for their unique needs. Mark Schneiderman Insurance provides exclusive access to numerous carriers and bundle discounts, striving to provide the most holistic package possible to protect your hemp/cannabis business. 

botaniCo Member Benefits include: 

• All broker fees waived (average value $250)

• Complimentary risk assessment and insurance advising 24/7

• Complimentary evaluation of existing insurance policies, and recommendations from an agent specializing in the cannabis industry.

Want to know more about how botaniCo can help your cannabis or hemp business thrive? Let's Connect!