If you own a cannabis business, there is a good chance that you have faced a lot of different challenges. Even though cannabis legislation has been moving in the right direction for cannabis businesses in many places in the past few years, there are still hurdles that you have to worry about. For example, it can be much easier to purchase business insurance for other types of businesses than for cannabis businesses. If you don't currently have cannabis business insurance for your business or if you are preparing to open up a new cannabis business and want to make sure that you start off on the right foot, you will probably want to keep the advice below in mind.
Buy it as Soon as You Can
If you already have an established cannabis business that is not covered by insurance, you should know that you are taking a major risk. The sooner that you can purchase business insurance, the better. Therefore, you should make it a top priority to start looking for cannabis business insurance as soon as possible.
Buy From a Company With Experience in the Cannabis Industry
Many regular insurance companies that offer business insurance don't actually provide coverage for cannabis businesses. Plus, even if you can find a regular insurance company that will provide you with business insurance, you should know that they might not understand the unique needs and challenges that your business faces. Because of these things, you will probably want to look for an insurance company that has experience with providing coverage for businesses in the cannabis industry.
Make Sure You Have Enough Coverage
Regardless of the type of cannabis business that you operate, there is a chance that you have spent a lot of money on building your business. If you have a grow operation, you might have spent a lot of money on equipment and supplies. If you run a dispensary, there is a good chance that you have spent a lot of money buying inventory for your customers. The whole point of having cannabis business insurance is to protect your investment, so make sure that you have ample coverage. Then, if something catastrophic happens to your business -- such as if someone breaks into your dispensary and steals all of your products or if there is a fire at your grow operation -- you can help ensure that you are fully covered.
As a small business owner, I have worked with many consultants throughout the years. I have had service providers prepare my taxes and handle all of my accounting, and I have had consultants help me create training materials and business policies. I've even worked with consultants instead of lawyers when I was creating, reading, or signing business contracts. Along the way, many colleagues have come to me for advice and I've been successful at help them find the consultants they need. So, I figured I would help small businesses around the world determine their consulting needs and ensure that their needs are being met as time goes on – which is how this blog came into fruition. I hope the information found here helps your small business as much as it has helped mine.