The Importance of General Liability Insurance for the Hemp Industry
General liability insurance is standard coverage for businesses, and it is no less important for the hemp industry. Though hemp became a legal crop with the passage of the U.S. 2018 Farm Bill, there is still a great deal of confusion and a lot of growing pains for this nascent industry, which can make it difficult to know what protections are necessary.
Hemp Business Risks
Regardless of where in the product chain your business resides, there are inherent risks in the hemp market. Growers, manufacturers, wholesalers, and retailers are all subject to a regulatory structure that is undergoing consistent changes. Companies also face the same risks as almost every other business industry.
Hemp general liability coverage offers protection from standard business hazards as well as those that arise from the unique status and conditions of the hemp industry. Coverage for your business should include:
- Medical expenses for third-party injuries
- Third-party property damage expenses
- Advertising injury expenses for claims against your business
- Court costs, administrative fees, and settlements for claims against your company
It is important to obtain insurance from a company that specializes in the hemp industry. As experts note, hemp general liability coverage is sometimes offered under a bundled package that is tailored specifically to your hemp business. This provides the added benefit of ensuring you have every type of coverage your company needs. Protect yourself from the potential for financial devastation with adequate insurance for your hemp industry business.