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…
One of the unfortunate realities of product-based businesses is that they will all face unique degrees of risk to their finished stock. Whether stock remains in inventory or is in transit for distribution to one or several consumers, the damage or destruction of a finished product can have ramifications for multiple stages of the cannabis supply chain if orders are not fulfilled. Cannabis products that are ready for sale should be insured against known threats, which is why there are risk management requirements in place for dispensaries and other businesses that regularly hold cannabis -related inventory.
Millers Insurance Group can help any cannabis business recoup fair market value for losses to their finished goods in the event of damage or destruction to company property. One type of coverage includes:
Stock and Inventory Coverage – This policy protects against loss from theft, fire and other perils commonly associated with keeping a large amount of inventory on hand. The policy covers all types of property including fixtures and furniture as well as cash on hand and receivables owed by customers. This coverage also includes business interruption insurance if your company’s ability to operate is temporarily suspended due to fire or smoke damage.
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.