Every business should be protected and insured. This should include theft, trademarks, intellectual property, or any general liability that would need coverage. If you’re in the cannabis business, you will need the same protection and insurance policies as any other company. The stability and success of your business are one of your priorities.
You never know what kind of unforeseen circumstances could happen that may disrupt or delay your business operations. That said, since most states are starting to legalize cannabis, you should make sure that you have all the coverage you need so that every employee feels safe working there, not to mention that you must protect the image of your brand, too. Read on to learn more about how you can keep your cannabis company protected.
Commercial General Liability Protection
This is one of the important policies that you need because commercial general liability can give your cannabis company coverage against most risks that you as an owner might face. You will have protection against several claims of property damages to third parties that are in your company.
That said, you will have coverage for several bodily injury claims and FOOSH injuries from slips and falls. These types of events can happen randomly and you need the proper coverage to defend yourself and your company against any type of claim. Some people may want to take legal action against you for something as simple as a verbal remark. Overall, having this type of insurance plan can protect your company significantly.
Protection Against Theft
The cannabis business is a high-risk profession and you will need protection against theft. Since your products aren’t fully legal in all states, you might be targeted by criminals. Arizona has seen its fair share of theft cases and other crimes, but no matter where your company is located, you will need a security team full of professional security guards that can keep your facility safe. Advice from the security specialists at www.cuttyprotectionandsecurity.com/ suggests that business owners should assess the benefits of trained security guards and video surveillance before they make the decision. Crimes and theft cases need a good deterrent to prevent them from happening.
If you realize that hiring security guards to patrol and protect your company and the products within it can minimize any chances of theft, it would be worth the cost. Think of it as an investment for the protection of your products and the future of your cannabis business.
Automobile and Cargo Insurance
You must look into the automobile and cargo insurance policies. Your business will need these two policies together because they complete each other. You can expect a cannabis business to manage a fleet of vans that deliver and send several cargo shipments. This is why you need coverage for vehicles in case they endure damages from an accident. This will save you a lot of money because replacing a delivery vehicle isn’t cheap. That said, your business needs insurance coverage for the cargo that you’re transporting.
Make sure that the policy includes the products that are transported in your company and by your company, too. This will give you the protection and coverage you need for lost, stolen, or damaged products. Your cannabis business will sorely need this type of protection in such cases.
Intellectual Property and Trademark Protection
You will need intellectual property and trademark protection for your brands, designs, logos, technology, methods, proprietary cannabis strains, and other business-related aspects. This is because it’s an extremely competitive business and the cannabis market reaches over 26 billion dollars in the US.
Every cannabis business owner and operator should protect their IP because the field is growing and more states are legalizing the manufacturing and sale of cannabis products. You need the right safeguards for your cannabis company. This will protect your rights as an owner. If you have trade secrets, original work, or a specific method of manufacturing your products, you will need them legally patented to protect your rights.
You will need to file a state-level trademark for your brand as well since many states haven’t legalized cannabis yet. If your business secrets have a non-obvious method of creating the products, they will be viable for a proper legal patent.
Patent Defense Coverage
Even cannabis businesses need patent defense coverage for several reasons. The main one is that some companies can file an infringement claim against you. This is possible when your business makes edible cannabis products that resemble other types of food.
For example, you might have a snack and candy company for children that can file a lawsuit against you for selling cannabis-infused brownies or gummy candy. This will need a significant coverage plan that can help you defend yourself against any type of lawsuits.
Further, you might find yourself getting sued by a much larger cannabis company because they hold a patent for a specific method of cannabis oil extraction. Unless you have the proper coverage to litigate and contest this claim, it would be quite expensive and difficult to legally protect your business in this situation to prove the prior art of the extraction method.
Crop Insurance Policies
The crop insurance policy is extremely useful and convenient. You never know what could happen during the growing cycle of your product. It would be wise to have coverage for several indoor and outdoor hazards.
You might need protection against floods, fires, fluctuations in temperature, and impure carbon emissions like soot. Having this type of insurance policy can be the most effective way to mitigate several risks regarding the crops you own.
Cannabis is a highly-debated product that millions of people enjoy. Not only is it good for recreational purposes, but it also has major health and medical benefits. This is why every owner of a cannabis company should have all the proper protection procedures and coverage policies that can keep their business running. There are patents, trademarks, asset protection, and a lot more that you need to look into. If your company is legally protected, your chances of success will be much higher.