Much has changed in the cannabis insurance industry. As more cannabis infused products become a new standard, products that are infused and oils, concentrates, edibles; food grade products present an enormous risk to business owners.
In the wake of a significant loss of products the financial strain and implications such as public relations issue on business can be catastrophic for years. Insurance is no longer to be considered a “good idea” – it’s a fundamental need for a “solid business model.”
Important things to remember
As with any good business practice your facilities needs to be in good working order and meet the guidelines for the insurance policy. Product liability insurance offers important protection if your business manufactures, distributes, sells or repairs products. Product liability lawsuits have some of the largest judgements. So, having Product liability insurance is a sound practice in working with partners in the supply chain.
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- No shipping across state lines
- No THC or children’s products (Skin products will require approval)
- THC products can be ordered online, but must be picked up or delivered and paid for in person (not through any postal service or private delivery.)