Most people know that marijuana-based substances come in many forms, but not many realize how popular some of these alternate forms are becoming. Cannabis-infused edibles, oils, waxes and tinctures are a huge part of the expanding cannabis industry, and manufacturers of these products are popping up across North America.
Just like any other business, these producers need to be insured, and they need packages that are specifically tailored to their personal needs. We offer specialized marijuana infused product insurance that predicts the issues and accidents you will need to be protected against.
Some of our packages include different areas of typical liability, like general liability, product liability and workers comp. These areas are not specific to Michigan cannabis infused product manufacturers insurance, but they are necessary aspects of any comprehensive approach to insurance. They help ensure that your business is prevented against lawsuits stemming from facility neglect or negligence, unhappy customers in the marketplace and injured employees. These basic packages are often required by state law, and it will be difficult finding a building to lease or maintaining any semblance of a business without them.
Other areas are more specific to the cannabis infused product industry itself. For example, Medical insurance offers coverage for the actual marijuana plants you utilize to manufacture your infused goods. Losing your supply could be devastating to the bottom line of your business, so it's important to make sure you insure your product against loss due to accident or willful destruction.
Another useful type of insurance for marijuana infused products is transportation insurance. Very few manufacturers grow, produce, manufacture, box and ship their infused products all in the same space. It is immensely helpful to purchase commercial automotive liability so as to protect your product and shipments when they're out on the road.
Insurance for cannabis infused product manufacturers often includes certain types of policies that protect renters and owners of buildings. Building insurance, which is coverage for the actual building that the business is housed in, is typically required in a triple net lease, but other types of insurance may not be. One of these is Business Equipment insurance. This is the policy you need to get for all of your expensive manufacturing equipment: whether you want to protect your furniture, your fixtures, or your technological systems, Business Equipment insurance is crucial for cannabis infused product companies whose bottom line depends on working gear.
Finally, business income/extra expense policies are designed to cover you for anything else that could possibly go wrong. Property loss? Theft? Unexpected breakdown of machinery? This tranche of insurance will ensure that you're back on your feet in no time, with much less lost income than you would otherwise have.
Are you a producer or manufacturer interested in exploring marijuana infused product insurance? If you're looking to make inroads in this rapidly growing industry, you need to act now. Request a quote from us, or call one of our representatives to find out more about your various options. We'll be happy to help you find your perfect plan.
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