If you own a business in the CBD market, you can appreciate the importance of covering your business with an insurance plan. But not all insurance companies accept CBD businesses.
In the business world, it’s best not to leave things to chance. Whether you have a farm or a store, it’s recommended to invest in insurance to guard your business against unforeseen loss.
Some of the common triggers for losses in the world of CBD businesses include defective products, vandalism, accidents, machinery breakdowns, and environmental changes.
CBD may be legal at both the federal and state levels, but there are certain regulations that market players must follow. Most traditional insurance companies avoid CBD businesses.
Since CBD falls in the high-risk category, when looking for a trustworthy insurance company, you’ll need to look a bit harder. But we have compiled a list of quality insurance companies.
Providers of Quality CBD Insurance
CBD business owners can depend on the following insurance companies for great policies:
1. Insurance Canopy
Insurance Canopy provides hemp and CBD business insurance that covers liability on a range of CBD products. One of the requirements is that products must not have more than 0.3% THC.
2. Conifer Insurance
Conifer Insurance has a CBD and hemp insurance program that supports different types of policies for CBD businesses including retail outlets, manufacturers, and extractors.
3. Admiral Insurance Group
This is one of the pioneer providers of CBD insurance. They provide a range of insurance programs that are tailor-made to fit the sensitive needs of the CBD and hemp market.
4. Veracity Insurance
Veracity Insurance offers comprehensive insurance policies to farmers, manufacturers, wholesalers, and retailers in the CBD and hemp industries. They have broad coverage options.
5. HUB International
This company extends a range of insurance programs that protect your business from the moment you plant hemp seeds until you sell your products. Some of their coverage types include crop coverage, property insurance, equipment coverage, and product liability.
Important CBD Insurance Types
When buying insurance policies for your CBD business, you need to be strategic. There are important policies that you need to buy to protect your business against needless losses.
Product Liability: this insurance policy protects your business in the event of customer complaints, which can be severely damaging. Invest in product liability for your topical and ingestible CBD products.
Business insurance coverage: this insurance product protects your assets against losses that may be triggered by both predictable or unforeseen issues like fire, burglary, machine failure, and property damage. This type of coverage ensures your business isn’t bogged down.