The cannabis industry has seen tremendous growth. At the same time, regulations and requirements have been changing to accommodate the growth and maintain safety standards. Those create an increased risk for manufacturers and growers. Cannabis commercial product liability insurance can help minimize them.
Beyond General Liability
Your general business and product liability policy protects against a wide array of claims. However, it may not help you recoup costs if a product has to be removed from shelves or if ingredients fail to meet specifications. That is where cannabis commercial product liability insurance comes in. It offers special coverage that can protect your business form industry-specific risks.
What coverage you need will depend on what types of products you produce. As seen on https://www.canngenins.com, coverage can extend to CBD, cannabis and non-cannabis products. You may also be able to have it in effect retroactively to meet regulatory requirements. Deductibles and coverage limits can be tailored to meet the needs of your individual business.
Coverage for the Entire Industry
Product liability insurance isn’t just for manufacturers. It can also be a valuable addition to other businesses throughout the supply chain, including growers, harvesters, warehouses, distributors and retail outlets.
If your business falls within the cannabis industry, you must take steps to protect it from risks. The coverage provided by cannabis commercial product liability insurance can help.