Give Your Tucson Cannabis Business a Chance Against Operational Liability
Thanks to voter turnout on a 2020 initiative to legalize cannabis for recreational use, Arizona became the 15th state to allow marijuana to be sold for more than just medicinal needs. It is an exciting step for business owners, as new laws in the Sun Belt state decriminalize possession of qualifying amounts of marijuana, and neighboring states no longer siphon off the economic prospects of those wishing to dispense cannabis and hemp products. As you prepare to meet the growing demand for cannabis and THC products, let our experts at HUB Insurance protect your business from the liabilities you will face in the industry.
Tucson Cannabis Insurance for Manufacturing, Distribution, and Retail Operations
The cannabis sector is a constantly evolving landscape of regulatory concerns, and despite medical marijuana legalization since 2010, Arizona laws are still emerging concerning the various components of releasing marijuana products to the public. Rather than get caught in the crosshairs of regulatory compliance or legal liabilities out of a lack of experience or knowledge, let our HUB brokers and risk control specialist located in Tucson craft an insurance coverage plan that addresses your business needs. We specialize in covering the following:
- Any retail or dispensing service for the display or sales of approved products
- Field to finished product facilities that grow, test or process cannabis products
- Laboratory and research facilities for genetic testing and breeding of cannabis plants
- Cross-border exchanges between distributors or wholesalers
- Facilities designed to store or destroy marijuana products
- Third-party services provider technology and equipment solutions for cannabis industry participants
Recommendations for Tucson Cannabis Insurance Coverage
As with any business venture, there are plenty of risks that can impact your success in the cannabis and hemp industry. The right insurance coverage addresses key concerns of property damage, executive decision-making, transportation, theft, and product liability. Our risk service consultants in Tucson recognize the need for comprehensive coverage and will identify the policies that address the core concerns of cannabis operations. These custom recommendations address the following exposures:
- General liability- This coverage is standard for a business in any industry, protecting against the broader risks of advertising injury, personal injury, or property damage.
- Product liability- A foremost coverage to safeguard your supply chain from legal action that alleges a personal injury, death or property damage directly related to your product.
- Care custody and control- Third-party involvement in the distribution process creates liabilities out of the standard coverage of a Tucson cannabis insurance policy, this policy covers related transportation exposures.
- Property and crop- This coverage extends to facilities and locations that care for cannabis and hemp plants where any number of conditions can devastate a crop in a matter of minutes.
- Equipment breakdown- As a broad coverage, this policy addresses malfunctions or breakdowns in equipment components crucial to the harvesting, manufacturing, or distribution of cannabis.
- Management liability- Those in leadership need protection as well, and this coverage provides support in areas of employment practices liability and Directors and Officers liability.
In addition to the exposures unique to cannabis sales and production, there are additional business risks to consider. Our HUB experts in Tucson cannabis insurance also discuss your need for workers’ compensation coverage, your exposure to cybercrime risks or product theft, as well as requirements for automotive coverage of owned or non-owned vehicles. We are a full-service location that takes the complications out of insurance coverage, leaving you more time to prioritize the needs of your business. Contact a Tucson Cannabis insurance broker today to get started!