CBD and Hemp Store Insurance
You would be hard-pressed to make a trip down a busy San Antonio street without seeing a CBD store amidst the shopping centers. You’ve most likely at least heard of CBD, but do you know what all the fuss is about? According to Harvard Health, cannabidiol, or more popularly known as “CBD,” is extracted from the cannabis or hemp plant, and used to treat common aches and pains, anxiety, and sleep disorders. Many CBD consumers swear by its healing properties, while others disagree with the whole idea of using a hemp-based product altogether. With this new sector of business being so closely related to an illegal substance in Texas, CBD shop owners are finding themselves in need of an insurance plan specifically tailored for this industry and the problems that can arise along the way.
Of course, every business needs to have insurance protection against unfortunate damages such as a fire at the physical location of the business, or a theft of the store. But it’s also worth checking to make sure you are covered and protected against damages during shipping and transit from the CBD manufacturing facility to your physical location. Imagine a shipping truck full of CBD products headed to your store, and the truck is in a terrible accident where all the CBD products are ruined. You are not only out financially from losing the raw materials on the back of the truck, but also the loss of income and profit during the time it takes to restock your shelves with new products. Having an insurance policy in place helps replace the raw materials and the loss of income, leaving you with way fewer worries and removing the risk of possibly losing your business entirely.
CBD is popularly known to alleviate health issues by ingesting the oil directly, which opens the window to legal issues any time people are consuming a product into their bodies. With your business being liable for the products it sells, consumers can sue you and your company if they feel that the product you sold injured them in any capacity. CBD store insurance helps cover the owner for situations when a consumer takes this kind of legal action against you by paying for legal fees required to participate and defend your store in court. Lawyer consulting fees can add up very quickly, so having these funds is essential to not breaking the business bank account.
Aside from the risks of lawsuits due to your products, your business is of course open to legal actions taken by visitors to your store in the event they are injured at your physical location. Slip-and-fall cases filed by consumers are common and expensive, and even though you aren’t defending your actual product in court, you are likely to spend thousands of dollars hiring an attorney to work through that case.
Like any other business, your CBD store faces risks, but we want your main concern to be successful sales and marketing campaigns, not legal fees and other risks. Our professional agents can make sure you are completely covered by working through the details of policy options that comply with local laws, regulations, and licensing.
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