The burgeoning CBD industry is creating many new opportunities for businesses, but with these opportunities come risks. CBD insurance can help Massachusetts businesses in this industry protect themselves from a range of risks that they likely face.
CBD insurance offers specialized commercial coverages for businesses operating in the CBD industry. Most policies have several coverages that together give robust property and liability protections.
Most Massachusetts businesses that handle CBD products should consider CBD product insurance. Manufacturers, extractors, wholesalers, distributors and retailers alike might need one of these policies.
Farmers and growers generally need protections that are different from what CBD product insurance provides. Although hemp growers might have some similar coverage needs, a different policy type is usually needed to protect against the risks that come with growing and harvesting crops.
An insurance agent who knows CBD product insurance well will also be able to assist growers in finding a policy that meets their needs well.
CBD product policies can vary in the coverages that they offer, but almost all have some combination of property and liability protections. A few common coverages that many businesses look for are:
CBD product policies can be adapted to cover many different types of products. Policies are generally available for:
This isn’t an exhaustive list. Most other legal CBD products can also be insured through CBD product policies.
Although there are points of commonality, differences between CBD products and cannabis products generally make CBD product policies insufficient for marijuana dispensaries. CBD product policies are primarily for wholesale and retail businesses, and some other highly similar businesses. Dispensaries are usually better served by a marijuana dispensary-specific policy.
The premiums charged for CBD product policies are based on many different factors, and thus vary from one policy to the next. Location, operations, annual sales, chosen terms and past claims are just a handful of the numerous details that can impact cost.
The easiest and most accurate way to find out how much insuring a specific CBD business would cost is to work with an independent insurance agent. An independent agent who’s familiar with these policies will be able to help retailers and wholesalers compare policies from several different insurance companies. The agent can then help businesses select the best available policy based on both coverage terms and premiums.
For help insuring a CBD business that makes, distributes or sells products in Massachusetts, contact the independent insurance agents at Roger Keith & Sons Insurance. Our agents will work closely with you to ensure that your business is well protected by whichever CBD insurance policy you choose.