You can probably remember a time when marijuana wasn’t legal anywhere, but more states are legalizing the use of marijuana for medical and/or adult use. Now, you can legally use marijuana in Colorado, whether recreational or medical. This brings up a host of important new considerations for people and businesses in, or considering entering, the legal marijuana industry.
The Importance of Insurance
The medical and adult use marijuana industry is growing bigger by the day, but because the legal ins and outs have changed rapidly in states like Colorado, many businesses have not equipped themselves with adequate insurance. Insurance is imperative for any type of business, especially for dispensaries and infused product manufacturers. A range of different plans are available offering financial protection in the event of a power outage, fire and robbery (just to name a few).
Which Colorado Businesses Can Benefit from Marijuana Industry-specific Insurance?
Farmers from Aurora to Colorado Springs can benefit from marijuana growers insurance and protect their harvest from unforeseen accidents. A power outage, fire or robbery are just a few of the dangers that are associated with the industry, and these issues can have devastating consequences. A single crop can be worth millions and a power outage can destroy an entire harvest in a matter of days, but marijuana crop insurance is available. The insurance protects the value of a crop from damages and is the proactive way to ensure financial success.
Dispensaries and manufacturers can also make use of insurance. For example, there are plans available for an infused product manufacturer or a Colorado medical marijuana bakery. Because dispensaries need to maintain an extensive inventory of cannabis, their assets should be protected with a specialized insurance policy. The options are endless, and we will work with our clients to develop the appropriate level of financial protection.
Because the industry is quickly gaining prominence, marijuana property insurance is more important than ever. Business owners can protect their property from routine crime and ensure that the value of their medicine is covered.
Insurance For Medical Marijuana Physicians in Colorado
If you are a physician in Colorado and considering prescribing marijuana or are already doing so, you should consider procuring insurance for medical marijuana.
If you’re considering dispensing, prescribing or selling marijuana in Colorado, make sure you have adequate insurance, as this will help to protect you in the eventuality of any number of unforeseen events that may arise.