Product Liability Insurance
Product Liability Insurance is integral to almost any kind of business that provides products to customers; it becomes that much more important in the marijuana industry. Any time a company provides a product that customers ingest that company has a responsibility to do its due diligence to insure its products do no harm. Companies with even the best intentions though, run into issues.
Product Liability Insurance provides protection for you and your business against bodily injury and property damage claims from some of the products that you sold, manufactured, or distributed. This particular type of insurance can also protect you and your business from claims arising from damages due to improper product use instruction.
Thousands of injuries per year are attributed to dangerous and defective products. Regardless of whatever good intentions held by the business, no one can guarantee perfection. If you plan to succeed in the cannabis industry it is necessary to protect yourself and your business from harmful claims. Any party in the supply chain associated with your business is vulnerable when it comes to damage claims.
This includes the product manufacturer, importer, or distributor, the wholesaler, and respective retail store. Start your cannabis business off on the right foot and make sure to get product liability insurance.