The Importance of Marijuana Insurance
Many types of insurance are commonplace in the USA, from personal injury protection to vehicle collision coverage. As the world changes and develops, the insurances that are needed, change with it. While the legality of cannabis growth is still in the early stages, the importance of business insurance for those working in the cannabis industry couldn’t be greater.
From one day to the next, you never know what’s going to happen in a business setting. The cannabis industry stretches from the growth of the product to the sale, and even across specialist schools where the cultivation of medical cannabis is taught. For every area that the cannabis industry is prominent in, insurance needs to be able to cover it.
In 2017, the USA saw one of the most devastating wildfire seasons in recent years, with around 2 million acres ablaze in the September of that year alone. Around 20-25% of all crops in the USA are lost to diseases, pests, and problems post-harvest, each year. Billions in damages were reported as a result of the disastrous 2017 hurricane season, leaving many areas of the US to battle 130mph+ winds and chest-deep rainfall. Just as residents are affected by natural disasters and accidents, so are businesses.
Businesses need to have an assurance that their crops are protected from floods or pests, they need to know that fire is not going to cause their business to suffer a loss that cannot be recovered from, and they need to know that they are covered from everything from equipment breakdown to product recall.
There’s no predicting what emergencies, disasters, and events are going to impact the cannabis industry. The best combat to the unpredictable is to be prepared in case the worst happens. No matter the event or problem, with the right cannabis insurance YOU ARE COVERED.