Facts About Cannabis Insurance in Edmond, OK and OKC

Posted by fordinsurance on May 12th, 2023

The use of Marijuana has been legalized in multiple states, especially for medicinal purposes. Many businesses are directly engaged with growing or selling cannabis as a result. The business owners carry the same risks as other small businesses. One of the best ways to be protected from financial losses is to consider purchasing the right coverage related to cannabis insurance in Edmond, OK, and OKC.

It is interesting to learn that the cannabis industry across the USA is currently worth a tad less than million. This astounding success can be credited to the growers, manufacturers, suppliers, and dealers, as well as the economy of the nation. Getting the right insurance coverage is essential for all concerned, therefore.

It is essential to be aware of the facts before buying this special insurance plan. It suffices to know that cannabis insurance will protect growers and merchants from various risks, such as product recalls, equipment damage, and liability claims.

Any licensed business dealing with cannabis or its products must carry this insurance coverage. The list of individuals that are expected to be covered by cannabis insurance includes the following:-

· Growers and producers of hemp and cannabis

· Manufacturers of cannabis &-related products

· Owners of medical dispensaries, pharmacies, and general stores

· Wholesalers and distributors

· Micro and artisanal growers of cannabis

· Producers and processors

· Manufacturers of hemp products

· Cannabis advisors

The insured individuals are sure to be eager to learn about the type of risks covered by the insurance plan. It helps to know that the extent of coverage for all types of cannabis and related products as well as businesses, includes the following:-

· Commercial General Liability- Alternatively known as slip & fall insurance, this coverage protects the cannabis business owner from liability claims made by a third party. It also includes product liability coverage for mitigating the financial risks associated with faulty products or processes that result in the compromise of quality

· Commercial Property Insurance- The business premises where the manufacture or preparation and storage of cannabis products is done must be protected perfectly. This particular insurance coverage reduces the monetary risks in the event of a natural disaster, fire, theft, and vandalism

· Stock Inventory- This policy covers the indoors seedlings, plants, and finished products. Business interruption is also included in this insurance plan, with the loss of revenue compensated when affected by fire and/or flooding. The overhead cost, along with the rent and lease payments, are covered, as well as the loss of income for employees when the business closes.

· Equipment Breakdown- The cannabis industry uses specialized equipment for business operations. One must have the required coverage for repair and replacement of damaged cultivator, producer, and/or grower as needed.

· Errors and Omissions (E&O) Insurance: Professionals such as cannabis advisors or medical experts must carry the E&O insurance coverage to be protected from negligence, libel, slander, and delivery lapse allegations

Business owners working individually often find contractor insurance in Edmond, OK, and OKC to be beneficial for reducing their risks.