The last few years have seen a huge shift in public attitude toward recreational marijuana. With more and more states legalizing the sale of cannabis, entrepreneurs everywhere are preparing to capitalize upon this emerging industry. Naturally, there are precautions that need to be taken to see continued success in this field. Since there are a lot of grey areas connected to this industry, you need to have ample insurance for the road ahead.
What Your Insurance Covers
Having appropriate cannabis insurance is absolutely crucial. At the current time, cannabis is still illegal on a federal level. When your product travels across state lines and enters territory where marijuana is not legal, you could be in a very complicated legal and financial predicament. Thankfully, comprehensive insurance can protect you from the most common concerns of those working in this industry. No matter what level of the supply chain your business is connected to, you can find coverage that helps your company stay atop of this prospering business area. When selecting insurance, be sure to consider:
- Protection for employees like workers’ comp coverage
- Directors & officers coverage
- Coverage for seized assets or goods
Research Your Options
By thinking through your insurance needs, you can see better results from your foray into the cannabis industry. Conduct some in-depth research to make an informed decision for your future.