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As the cannabis industry is emerging, it is facing some growing pains as are most businesses, but in this industry, insurance, banking and regulations are the most challenging for new entrepreneurs.
Business owners face issues because of the lack of resources and guidance. Most of them will try to stay within the realm of mandated compliance, but without the knowledge that training offers, it is usually very hard. As the industry is emerging and businesses grow, there are new regulations being created. And so, business owners have to remain vigilant.
Fortunately, some states get stakeholders to help them to even start the discussion about insurance, banking and regulations. One of the stakeholders is the marijuana insurance agency. If you run any business, you have to think about insurance and the same thing is true for marijuana insurance.
The Business Owners
More business owners are going into the marijuana industry and the right insurance coverage is needed to deal with the high risk. The fact that legal marijuana is such an innovative concept, there is always constant developments and changes to consider. For that reason, it is crucial to choose the right types and levels of marijuana insurance coverage. We have put together a concise list of the things to look for when you are choosing a marijuana insurance agency. Let us dig in.
Becoming Familiar with Marijuana as a Business
Choosing your marijuana insurance as a business owner means that you will be fully covered to deal with any mishaps. It will be easier to have more choices as more states become legal and more people seek insurance, you will have more agencies and policies available to you. It might not be best to choose a one-stop marijuana insurance agency.
It is a better option to go for a marijuana insurance agency that specializes in various types of coverage for the cannabis industry. One of the reasons is that the specialty allows the marijuana insurance agency to be highly familiar with all the regulations associated with the cannabis industry and be able to help you reduce the risk of running a cannabis business.
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Comprehensive Coverage Options
The insurance coverage for marijuana business owners could be very diverse. Why? Well, there are various types of businesses and so one type of insurance might not fit. For instance, a marijuana dispensary won't find crop coverage to be a benefit unless this is a cultivation business. However, the marijuana grower should consider crop coverage.
Be sure that the marijuana insurance agency has various options for coverage that cater to your precise business model. You should have comprehensive coverage options such as:
- Business auto coverage
- Cargo protection
- Crop and property coverage
- Product liability
- General liability
- Worker's compensation
- Coverage for breakdown of equipment
- Dependable Service
If you live or do business in an area where marijuana has newly become legal, it will be difficult to establish or determine how you should insure your business. Be sure to research and find a marijuana insurance agency that you find reliable for the right coverage. Check to ensure that the company has a good reputation overall and that the company is stable in the cannabis industry.
There are over 300,000 jobs in the cannabis industry. CTU trained me for one of them!
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Be sure to speak to agents to get a feel for how they can assist you. Be sure that they are familiar with all your questions and can provide the right solutions. Let your instinct guide you and if you are not sure, shop around until you find the right marijuana insurance agency.
Find out what the requirements of your state are because each state has their own regulations for insurance coverage. If you want to learn more about choosing a marijuana insurance agency, visit Cannabis Training University's cannabis education courses.