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Massachusetts businesses that are involved in CBD-related commercial activities have high profit potentials, but they’re also exposed to a range of risks that many general insurance policies aren’t designed to protect against. CBD insurance helps protect these businesses form a variety of risks they face.
CBD insurance is a unique form of business insurance that’s designed to protect businesses which make and/or sell CBD- or hemp-based products. The insurance is still fairly new, so it’s important to work with a specialized insurance agent when comparing policies and selecting coverages. A knowledgeable agent will understand what risks businesses in the industry face and know what protections are currently available. They’ll also be current with insurance developments related to the CBD industry, so they can provide informed and up-to-date recommendations.
The majority of Massachusetts businesses that are involved in processing, manufacturing or distributing CBD- or hemp-based products should have CBD product insurance. This is normally the most appropriate type of insurance for such businesses, and not having insurance can leave a business dangerously exposed to potential risks.
Cultivators who grow hemp also usually need insurance, but the risks they’re exposed to are different from what processors, manufacturers and distributors face. Thus, cultivators frequently are better protected with a slightly different form of insurance. An agent can help growers find a policy that’s right for them.
CBD product policies frequently offer several different protections so that they can provide robust coverage. Some of the protections that a specific policy may provide include:
CBD product insurance can be procured for a variety of different CBD- and hemp-based products. Depending on a policy’s specific terms, conditions and exclusions, the policy might insure the following:
Businesses that have unique products can speak with an experienced agent about the best way to insure their goods.
Like most insurance policies, CBD policies’ premiums are normally based on businesses’ individual needs and risk factors. Some of the factors that might influence how much a policy costs include the business’ location, type of products made or sold, annual sales, distribution area, chosen coverages and limits, and past claims history.
Despite the many factors that influence price, policies tend to be affordable when compared to the potential expenses that a major claim could result in.
An independent insurance agent can help businesses check how much a policy that’s suited to their situation would cost. Independent insurance agents generally aren’t tied to a single insurance company, so they can usually request quotes for policies from multiple companies. Having several quotes provides an accurate picture of precisely what coverages are available and how much they would cost.
For help finding CBD insurance, contact the independent insurance agents of The Feingold Companies. Our agents have worked with many Massachusetts companies, and they’re ready to assist your CBD-based business with its insurance needs.