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The marijuana and hemp industries are booming. There are many different kinds of businesses related to these products, from plant growers to retailers. Because of the novelty of this industry, the liability factors and regulations are continuously changing. In this kind of business climate, it’s necessary to be ahead of your competition. To do this, a company specializing in these products has to make bold decisions and create new avenues to earn revenue. Managing risk is essential for all hemp and marijuana operations.
Because of the constant innovation in the sector, your business’s needs are not going to be unique. This is why you want to work with an insurance company that will customize solutions for your needs. Here’s a look at the benefits of hemp and marijuana insurance:
- Product liability: Producers must ensure that their products’ labelings reflect the quantities of THC and cannabinoids. While strict quality control is often in place, getting covered for any mishaps is always a good precautionary measure.
- Product recall: Like in any other business, recalling a product is a very expensive process. Having the correct policy can help you mitigate these costs.
- Infestation coverage: Being a grower has risks that can be out of your control. If your crops are affected by pests, you may look at severe losses. Having coverage for these situations will help you get back on track quicker.
Whether you are a grower or a store owner, hemp and marijuana insurance should be a top priority. Contact Prince Insurance to find what plan suits your needs.
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Common questions about Hemp/Marijuana Insurance
Get quick answers to some of the most asked questions about hemp/marijuana insurance. If you have additional questions, please contact us.
Hemp/CBD insurance: what makes it worth getting?
Hemp/CBD insurance will be essential to any business’ strategy for risk management. With assistance, you’ll be able to safeguard your company financially in the event that you are hit with an independent lawsuit. Defense costs and legal fees can hurt you bad enough to shut your business down. However, if you have hemp/CBD coverage, then you won’t need to deal directly with these types of claims on your own.
How does it cost?
Hemp/CBD insurance coverage can be customized to accommodate your business’ needs. Prices are contingent on several factors, including your company’s size, the revenue you bring in, the amount of coverage desired, and a lot more.
Industrial hemp insurance: what is it?
The most common cannabis plant name is “hemp.” It is mostly used to describe cannabis strains that are cultivated for non-drug (industrial) use. There are many reasons industrial hemp is used, including to produce fuel, health-food, construction, plastics (biodegradable), textiles, and paper.