CBD Insurance in New Hampshire
Businesses in the emerging CBD industry have great potential, but that potential can get caught up in state and federal laws and requirements that oversee the sale of CBD products. To help your CBD business navigate the many obstacles, HPM Insurance has teamed up with one of the nation's top cannabis and CBD insurance companies, who understand the nature of your business and the risks it faces.
What is NH CBD Insurance?
CBD insurance policies are specialized commercial policies that have been designed specifically for businesses that make or sell CBD and hemp products. To offer a variety of protections, most of these policies are package policies and come with several coverages which get bundled together.
Because the CBD industry is relatively new, businesses that need this type of insurance should look for an agent specializing in CBD and hemp product insurance. A specialized agent will know what protections these types of policies offer, and they’ll have the expertise necessary to help a business select the best available policy.
What Businesses in New Hampshire Need CBD Insurance?
Broadly speaking, a New Hampshire business that processes, manufactures, distributes, or sells CBD or hemp products should carry CBD insurance. This may also include businesses that contract with CBD businesses such as landlords, packaging, or shipping, as many mainstream insurance companies avoid such risks.
What Coverages Can CBD Product Insurance Provide?
The exact coverages included in CBD product insurance policies can vary, and businesses can frequently adjust their policy's included coverages depending on their need. However, there are a few common coverages that most CBD businesses should consider, such as:
Commercial Property and Crop Coverage can protect owned buildings, supplies, equipment, and crops.
General Liability can cover damage and injury caused by common accidents
Product Liability Coverage may cover damage and injury caused by CBD and hemp products
- Worker's Compensation coverage, as required by law for employees with job-related injuries and illnesses sustained
- Excess Liability/Commercial Umbrella for coverage above the limits provided by underlying liability policies
- Directors and Officers coverage can protect the directors and officers, leaders, and board members from personal losses if sued as a result of being part of the organization.
- Commercial Auto and Transportation can include private passenger vehicles, fleets, trucks, or hired and non-owned autos
What Type of NH Businesses Should Consider CBD Insurance?
|Laboratories||Lessor's Risk/ Building Owners|
|Non-storefront delivery||Ancillary Businesses|
What Products Does CBD Product Liability Coverage Commonly Include?
Depending on the terms, conditions, and exclusions within a policy, a CBD policy’s product liability coverage might extend to many different products. These could include products that a business manufactures, distributes, sells, or handles in some other capacity.
Some examples of CBD and hemp products that a policy might cover include:
Tinctures and oils
Cosmetic products, such as hair care products and lip balms
Skincare products, such as topical lotions, creams, gels, and salves
Foods and dietary supplements, such as gummies and snacks
Drinks, such as infused drinks and drink mixes
Animal products, such as pet treats
What Factors Affect CBD Insurance Premiums?
Insurance companies look at different factors when setting rates for CBD product policies including operational activities, experience, trade association affiliations, annual sales information, and claims history are just some of the facts that can influence how much insurance costs. Also, coverage limits and deductibles impact the policy’s rate.
The good news is that even if you have a start-up CBD business, you should be able to get insurance as the industry is so relatively new, many CBD businesses are start-ups.
How Can Businesses in New Hampshire Get CBD Insurance?
To get help insuring a NH business in the CBD industry, contact the independent insurance agents at HPM Insurance. Our team has access to a carrier very familiar with the many risks your business faces and is willing to work with you to find you the coverage you need to succeed. Contact HPM Insurance today!