The widespread economic changes due to the ongoing pandemic continue to affect the cannabis industry, and those effects are not all positive or negative. The cannabis business landscape is affected much like many other retail businesses by reduced disposable income, but because many people rely on cannabis as medicine, it is also protected as a vital industry in many of the states with legal marketplaces. As the pandemic moves forward, these forces will push and pull on demand for the product in ways that are not yet predictable, which is why it might be time to review your insurance coverage.
Insurance Designed Around the Cannabis Industry
Updating your coverage to reflect changes to your business’s value in a time of uncertainty just makes sense. When the business landscape is changing this unpredictably, protection against interruption and disasters could make all the difference. Employee protection and public liability are also key areas of risk for most businesses that remain open to support the needs of the public at this time. Luckily, there are options designed around the unique role cannabis plays in health and medicine as well as those who participate in recreational marketplaces. It’s also a good idea to remember to update coverage whenever you expand the scope of your operation, because new opportunities also bring new risks.