Why CBD/Hemp Insurance is Essential
Why Product Liability Insurance is NecessaryIt’s not just manufacturers who take this risk. Importers, distributors, and even retailers can also be held liable if a customer is injured from the product malfunction. You might be liable if your business name is on the product, if your business has repaired or made changes to the product
specialized for Hemp and CBD
Manufacturers, Distributors, Wholesalers and Retailers face a complex regulatory environment and broad range of exposures. With access to multiple A rated binding and brokerage markets, we can provide your clients with tailored coverage to meet the complex requirements in this demanding and dynamic industry.
Protect your business
General liability insurance (GL), often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations.
Product Liability insurance offers protection in the case of third-party claims (such as bodily injury or property damage) resulting from use of a covered product.
If your business sells products and someone is injured by the use of the products, your company may be named in the lawsuit. Product Liability will pay for your legal defense and, if your company is found to be negligent, it will pay the injured third party.
Protect your team members
Workers’ compensation insurance, commonly known as workers’ comp, is insurance that covers medical expenses and a portion of lost wages for employees who become injured or ill on the job. Coverage also includes employee rehabilitation and death benefits.
Choosing to forgo workers’ comp coverage puts your business at high financial risk. Not only can you face a lawsuit for workplace injuries, but you’ll likely be fined for breaking the law.
Each state has its own unique set of workers’ compensation laws that employers must follow. These regulations help ensure that employers provide coverage for the cost of work-related injuries or occupational diseases, regardless of employee negligence.
An employee can only receive benefits if their injury or illness relates to their job duties or employment. Workers’ comp insurance could cover injuries caused by lifting heavy equipment, slipping on a wet or oily surface, or sustaining injury due to fires or explosions.
If an employee isn’t acting within the scope of their employment and becomes injured, such as playing football with friends on a day off, workers’ compensation insurance won’t cover them.