WHAT YOU CAN DO TO PROTECT YOUR BUSINESS The cannabis industry is fraught with liability for business owners: changing regulations, counterfeiting, compliance, and cyber security to…
Errors & omissions insurance is an important part of any business’s risk management strategy. Errors & omissions insurance is a special type of liability insurance that protects you from errors or mistakes made in professional services, such as court costs or settlement fees.
It may be difficult to imagine that your cannabis business could make a mistake that would lead to a lawsuit. However, it happens more often than you might expect. For example, if a dispensary provides bad advice about the effects of certain strains or products on customers, they could find themselves being sued for negligence or breach of contract.
In addition to mistakes made by your employees, errors also occur when someone else’s work product is used by your company. This includes contractors who build your website or design logos and other graphics for your business marketing materials.
Why You Need Errors & Omissions Insurance
If you are operating in the cannabis industry and want to protect yourself from costly lawsuits arising from errors and omissions, then you need errors & omissions insurance coverage. This type of policy will help pay for legal fees incurred during a lawsuit as well as settlement fees if there is a settlement agreement between parties involved in a case arising out of an error or omission on your part.
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Certainly, every stage of the cannabis supply chain has unique liabilities and risks.
However, Millers Insurance Group’s range of coverage and policies will address the needs of cannabusinesses at any level of the marijuana industry.