Laboratories
Laboratories play a very important role in ensuring the safety and quality of all types of cannabis goods. Lab businesses need many of the common insurance coverages, but lab testing poses its own set of risks. In addition to covering specialized lab equipment, tools, & laboratories should also have Professional Liability (Sometimes referred to as Errors & Omissions) to protect them. Labs can accidentally make mistakes or falsely report metrics they are testing such as potency or strain. These can be costly errors and having professional lability coverage is crucial when working with the cannabis products and can often cover financial losses to the lab’s customer such as a dispensary or cultivator.
Recommended Coverages
Typically required by law, protects your business from lawsuits for bodily injury. As well as property damage to others, personal injury and other situations that may arise including slander, libel, copyright infringement and more.
Coverage against loss from fire, theft & vandalism, protecting your investment in buildings, and tenant advances. As well as business personal property, the manufacturing equipment, inventory, crop & finished stock. Property coverage also provides loss of business income.
Product Liability
Protects your business from claims when the customers hold you liable for bodily injury and or property damage that takes place from various consumption of marijuana flowers, edibles, and concentrates.
Professional Liability ( E & O)
Covers any mistakes or errors made in the testing process. From incorrect testing metrics to false reporting, Professional Liability will protect your business..
If you have employees, you need cannabis workers compensation. It is the right of your employee to have compensation for injuries, for short-term as well as long-term disability if hurt while on the job. It is mandated by law and regulated by the state.
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