Cannabis is a growing industry in Canada. Not only are there more cannabis businesses now than ever, but there’s also more customer demand for Health Canada approved and regulated products including oils, gummies, hard candies etc. Cannabis processors operate a unique and highly regulated business, but just like many other businesses you need to ensure your business is protected against risks that might put a stop to your operations.
Cannabis insurance is a special segment of the overall insurance marketplace and the limited number of insurers offering the product have designed special products to protect your business against risks like product liability claims, lawsuits alleging property damage, and/or bodily injury. You can also protect your business against risks like equipment breakdowns and product recalls. Regardless of what insurance products and how much of them you decide to purchase cannabis processor insurance is essential to mitigate potential financial loss from these and many other unexpected incidents.
With ALIGNED, you can find affordable, comprehensive cannabis processors insurance for your business. Our specialists work closely with each of you to understand your business risks and concerns and find the best insurance options for you to choose from. Once we do the hard work and shop around, all you have to do is choose which insurance policy you want. It’s really that simple!
Why Is Cannabis Processors Insurance Important?
Whether you operate a large cannabis facility or run a boutique processing facility, insurance is important to protect your business against unexpected events. Even if you’ve been in the industry for a long time or don’t think you’d run into any incidents, you should always have insurance so you’re not caught with significant financial loss.
- A customer slips and falls in your facility and sues for their injuries.
- Faulty wiring and temperature equipment damage the inventory in your facility.
- Equipment breakdown due to electrical arcing forces your business to stop operating temporarily until the expensive and specialized equipment can be replaced.
- Mislabeled products cause an injury or other lawsuits due to consumption.
What Does Cannabis Processors Insurance Include?
Commercial General Liability Insurance – also called CGL insurance, provides coverage for injuries, bodily harm, and property damages occurring to a third party during your business operations.
Product Liability Coverage – product liability insurance protects your business against liability and damages resulting from the products you process and sell.
Commercial Property Insurance – protects your assets against damage in the event of a fire, vandalism, flood, or other natural accident beyond your control. It’s especially beneficial to preserve your high valued seeds, plants, and finished products.
Equipment Breakdown Insurance – equipment breakdown insurance covers repairs and replacements from physical damage resulting from insured perils like electrical arcing etc. that are beyond your control.
Business Interruption Insurance – provides compensation if your business closes temporarily because of an unexpected insured event.
Find The Right Cannabis Processors Insurance From ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.