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…
Goods-in-process insurance (also known as work-in-progress or WIP) is a type of insurance that covers goods in the process of being manufactured, assembled or installed. The coverage applies to goods at any stage of production from raw materials to finished goods and can include products that are designed, produced or marketed by the insured. This coverage is often used for high-value projects or ones that have a lot at stake if they fail.
Cannabis Products at Any Stage of the Supply Chain Can Have Protection Within Goods-in-Process Insurance
From the time they are first harvested to their final packaging, cannabis goods-in-process remain in a vulnerable state. Given the fragility of these not-yet finished goods, businesses often find it necessary to insure themselves against the risks associated with various stages of cannabis production. The quality standards of manufacturing facilities can often become exposed to failure by a wide variety of risk factors such as invasive pests, air filtration issues, compromised growth conditions, and other infrastructural shortcomings. Millers Insurance Group helps clients with manufacturing interests across the cannabis industry find coverage for the risks their businesses assume for their goods-in-process that have not yet become finished stock.
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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.