What calibrated coverage for cannabis looks like for Lab Testing.
Like other testing facilities, cannabis labs are held to a high standard, primarily because of the many new products rolling out from this industry. And yet, laws and regulations are ever-changing, making it challenging for cannabis labs to maintain compliance. However, if a financial loss occurs due to human error or issues in the testing process, having adequate protection can prevent your cannabis lab from suffering.
A license to succeed.
State lines. Lines of business. Calibrated coverage means lines of insurance that fit your growth plan.
Professional liability coverage like Errors and Omissions can help protect against
Your employees could get hurt on the job, so Workers Compensation coverage will help protect from that legal liability.
A license to succeed.
State lines. Lines of business. Calibrated coverage means lines of insurance that fit your growth plan.
Professional liability coverage like Errors and Omissions can help protect against
Your employees could get hurt on the job, so Workers Compensation coverage will help protect from that legal liability.
Testimonials
Core Coverage
General Liability
General liability offers broad protection against some of the most fundamental risks cannabis companies face. Known as “slip-and-fall” or “all-risk” insurance, this policy covers personal or property damage and bodily injury occurring on the business premises.
Product Liability
Cannabis companies offering tangible products or services risk third-party lawsuits claiming bodily injury or property damage. Product liability insurance covers defense fees and settlements, even for ungrounded claims. This coverage is particularly critical in the cannabis space as testing and manufacturing aren’t regulated at the federal level.
Property
This policy is first-party coverage that protects the Total Insurable Value (TIV) of your operation’s property, reimbursing cannabis companies for direct property losses.
Product Liability
Cannabis companies offering tangible products or services risk third-party lawsuits claiming bodily injury or property damage. Product liability insurance covers defense fees and settlements, even for ungrounded claims. This coverage is particularly critical in the cannabis space as testing and manufacturing aren’t regulated at the federal level.
Employment Practices Liability
Cannabis companies with any number of employees faces the risks of allegations, such as discrimination, wrongful termination, breach of contract, etc. This coverage protects cannabis companies against lawsuits related to employment practices.
General Liability
General liability offers broad protection against some of the most fundamental risks cannabis companies face. Known as “slip-and-fall” or “all-risk” insurance, this policy covers personal or property damage and bodily injury occurring on the business premises.
Product Liability
Cannabis companies offering tangible products or services risk third-party lawsuits claiming bodily injury or property damage. Product liability insurance covers defense fees and settlements, even for ungrounded claims. This coverage is particularly critical in the cannabis space as testing and manufacturing aren’t regulated at the federal level.
Property
This policy is first-party coverage that protects the Total Insurable Value (TIV) of your operation’s property, reimbursing cannabis companies for direct property losses.
Product Liability
Cannabis companies offering tangible products or services risk third-party lawsuits claiming bodily injury or property damage. Product liability insurance covers defense fees and settlements, even for ungrounded claims. This coverage is particularly critical in the cannabis space as testing and manufacturing aren’t regulated at the federal level.
Employment Practices Liability
Cannabis companies with any number of employees faces the risks of allegations, such as discrimination, wrongful termination, breach of contract, etc. This coverage protects cannabis companies against lawsuits related to employment practices.
Lab Testing Specific
Coverage
E&O is important for labs because most of the supply chain relies on the accuracy of these tests.
Employers are typically responsible for their medical costs and lost wages when employees sustain work-related injuries. This policy covers these expenses, protecting employees while simultaneously keeping cannabis companies running smoothly.
Errors & Omissions
E&O is important for labs because most of the supply chain relies on the accuracy of these tests.
Workers’ Compensation
Employers are typically responsible for their medical costs and lost wages when employees sustain work-related injuries. This policy covers these expenses, protecting employees while simultaneously keeping cannabis companies running smoothly.
Types of Cannabis Lab Companies
That Need Insurance
- Sample Collection
- Environmental Testing
- Courier Services
- Cannabinoid Testing
- Nutrients Testing
- Consulting
Sample Collection
Many cannabis testing facilities provide sample collecting services.
Environmental Testing
Maintaining compliance with many regulatory bodies requires routine examination of influential environmental factors, such as pesticides.
Courier Services
Pickup and delivery services provide speedy and efficient support for vital testing procedures.
Cannabinoid Testing
Most states require testing for at least two main properties: THC and CBD.
Nutrients Testing
Some cannabis labs focus on the plants’ immediate environment, including soil, nutrients, and water, to ensure no contamination in any mediums.
Consulting
Cannabis labs often provide consulting services to various other companies and verticals.
Read Our Guide
Learn about, common risks in the Cannabis space and how to mitigate them, including licensing, compliance, funding and insurance strategy.
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FAQ's
The cost of insurance for Cannabis Labs will depend on several things, including the company’s size and development stage. Other factors include:
- Exposures: risks being insured
- Company practices: views on safety, compliance, and risk management
- Program structure: the amount of deductible and willingness for a company to assume more risk
- Claims history: the type and amount of past claims against the company