The booming cannabis industry has led to a growing interest in manufacturing CBD and hemp products. While many of the risks faced by business owners are similar to other plant-based industries, cannabis producers face some unique challenges. The right insurance coverage can help you overcome them.
How Can I Minimize Risk?
Maintaining safe and clean work areas and adopting careful manufacturing procedures are the best ways to minimize risk. Having proper insurance coverage can help protect you from accidents and injuries that happen despite taking precautions.
What Are the Biggest CBD Risks?
A major risk among CBD producers is THC levels. These are tested through routine inspections at the farm and during processing, and any products exceeding maximum levels are destroyed. You could potentially lose your entire crop in a single day.
CBD manufacturers open up risk by making unproven claims about their products as well. This is not allowed under FDA regulations.
What Coverage Is Available?
Just like with any business, you will need to follow the rules that apply in your state and municipality. The industry experts at https://www.canngenins.com/ share that these insurance products can help manage your cannabis industry risk:
- CBD manufacturer insurance
- Crop coverage
- Product liability
- Workers compensation
- Commercial property
Finding the right mix of standard business and CBD manufacturer insurance