Much like any other industry, you may be surprised to learn that you should be investing in CBD business insurance. Business insurance was created to protect the financial assets of a business owner and is essential for any entrepreneur looking to break into the booming CBD industry as a retailer or brand. In fact, all businesses, regardless of the industry they may be in, should consider ensuring they have an insurance policy designed to protect them if an unforeseen problem occurs.
Most businesses aren’t legally required to purchase a general liability insurance policy; however, not doing this could be incredibly risky as one lawsuit can quickly bankrupt your business with hundreds of thousands of dollars in fees or legal costs. Having a sufficient CBD business insurance policy in place can help protect you from these and other potential problems that may devastate your business or end it prematurely before you are able to penetrate the growing CBD market.
On average, CBD oil businesses will spend between $350 to $750 dollars annually to obtain $1 million in general liability coverage. Since the future is uncertain once the FDA becomes involved in the industry, having this insurance plan in place before it may be needed is critical for continued success. Although it is important to note that prices may fluctuate depending on the location you are applying for insurance and what agent or organizations you are obtaining insurance from. Once you find a suitable insurance policy, you may also consider supplementing it with product liability or property insurance depending on the type of business you are operating.
Ready to get started?
No matter what your desired CBD product may be, the experts at Hemp Partners are here to ensure you have the support you need to succeed in this exciting and growing industry. Our team understands the important role a contract manufacturer plays in your business’ success and will work hard to not only provide the high-quality CBD products you need but also the customer service you expect. Contact us today to learn how Hemp Partners can expand your product lines and increase your profit margins with affordable CBD manufacturing.