Workers Compensation Coverage for Cannabis Businesses
What is Workers Compensation for Cannabis Businesses?
Workers compensation coverage provides wage and medical benefits to individuals who are injured or who become ill while working. Though workers compensation is mandated in each state, benefits differ depending on the state where your business is based.
What is included in Workers Compensation Coverage?
Carriers provide unlimited limits when it comes to bringing your injured employee back to how they were before the injury
Workers’ compensation coverage has two components. The first is to cover the medical costs to bring an injured employee back to how they were prior to the accident. The amount of coverage for medical payments is limitless. Coverage in this portion also includes lost time, if applicable, and limited to the resident state’s law.
The second side of the coverage is for any liability tied to the employer that contributed to the employee injury. This liability limit varies state to state but in California the mandated limit is $1,000,000. This limit can be increased with an Excess Policy.
Tips for Choosing Workers Compensation Coverage
Review your claims and Safety Procedures
Workers compensation claims revolve around safety in the workplace. While not all claims can be prevented, a strong and successful risk management policy can help ensure you and your employees experience as few claims as possible. At Cannabis Connect we utilize internal resources and 3rd party experts to help you manage safety and claim prevention.
Work with a qualified broker
We can never stress enough how vitally important it is to work with a good broker. They will be able to walk you through the best policies you should adopt for your business. Also, the broker you work with should be well versed in the cannabis industry. This will allow you to not only navigate your workers’ compensation coverage effortlessly but also stay abreast of the laws that govern the cannabis industry as well.
Get a Workers Compensation Quote for Your Cannabis Business
Investing in workers comp insurance is a major investment for any cannabis business. Let us help you. Cannabis Connect Insurance passionately serves the cannabis community – our team of insurance professionals will ensure you’re taken care of. Contact us today so we can put together a quote for your business.
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