Importance Of Auto Insurance in Oklahoma City And Norman, OK

Posted by fordinsurance on March 13th, 2023

The use and sale of marijuana and its associated products have been legalized across 38 states of the USA. The growers, dealers, distributors, and dispensers are at several risks, including being slapped with lawsuits and liability claims. It thus makes sense to purchase cannabis insurance in Edmond, OK, and OKC to remain protected from such eventualities. A cannabis-related business is recognized as a small business, with the insurance policy being similar to other types of insurance coverage for small business entities.

The person who feels the need for such insurance must check the concerned fats and be informed before proceeding. It suffices to know that cannabis insurance is a personalized policy that is designed after checking the extent of risks and determining the requirement. It is also important to know that the coverage available against a cannabis business includes the following:-

· Workplace injuries

· Physical injuries caused to others

· Property damage of other individuals

· Crop failure

· Theft

Who requires Cannabis Insurance Policy?

· Cultivators of Cannabis

· People engaged in the transportation and delivery of Cannabis

· Dispensaries selling Cannabis or related products

· Manufacturers

· Distributors & whole sellers

· Physicians prescribing Cannabis containing medicines

· Hydroponic shops

· Testing laboratories

Insurance Coverage

There is no standard insurance policy for cannabis or its products. The insurance carriers combine multiple types of coverage that a small business insurance plan includes. Almost all plans include the cost of claims, damages to the business property, theft, and liability claims or lawsuits. The cannabis business owners' policy usually bundles the primary types of coverage and presents it as a single coverage. The business owner finds this option more affordable than buying each insurance plan separately.

The best cannabis insurance policy includes the following coverage usually:-

· Business Liability

· Commercial Property

· Business Interruption

One may add some of the following to remain protected from every risk conceivable:-

· Cannabis Crop Insurance- This applies to the grower of cannabis. The insurance pays for the loss of crops following a natural disaster or mistakes by an employee

· Commercial Auto Insurance- The vehicle used for transportation of cannabis or related products is covered for bodily injury, property damage, collision, personal injury protection, and medical expenses after an accident as well as for uninsured motorist/underinsured motorist

· Equipment Breakdown Insurance- Compensates for repair and replacement of business equipment

· Product Liability Insurance- Protects the insured person against liability claims of harm caused by the use of cannabis products sold, distributed, or grown by the insured individual

· Workers’ Compensation Insurance- This insurance is a must-provide for employers. It compensates the employees who are injured or fall ill while doing their job

Owning a vehicle is a matter of pride for most individuals. One must purchase auto insurance in Oklahoma City and Norman, OK, simultaneously. The minimum liability coverage is mandatory for the citizens of Oklahoma. One should consider the extent of coverage available before deciding on a particular policy. Having the right coverage protects the car owner from every risk and ensures peace of mind.