Cannabis Business Insurance
Workers’ Compensation
According to the International Risk Management Institute, “Workers’ Compensation Insurance provides coverage for an employer’s two key exposures arising out of injuries sustained by employees.”
Part one of the policy covers the employer’s statutory liabilities under workers’ compensation laws.
Part two of the policy covers liability arising out of employees’ work-related injuries that do not fall under the workers’ compensation statute.
Workers’ Compensation Insurance mandates that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work.* It also usually protects employers from lawsuits by workers injured on the job.
*Insurance Information Institute
When Does a Business Need to Obtain a Workers’ Compensation Insurance Policy?
Many business owners think that as soon as they have more than one worker, they need a Workers’ Compensation Policy. However, Workers’ Compensation only becomes necessary (and legally required) once the first employee is hired – this does not apply to owners/ shareholders or 1099 employees in most cases. Some sole proprietors in high-risk industries may want to obtain a Workers’ Compensation Policy to protect against the cost of work-related injuries.
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Workers’ Compensation Insurance for Cannabis Businesses
What Is Excluded Under a Workers’ Compensation Insurance Policy?
With most cannabis business employees being favorable to cannabis, it is essential for your insured to have discussions with their employees about common exclusions in the company’s Workers’ Compensation Policy:
- Injuries At Work Due To Intoxication Or Substance Abuse
- Intention Injuries
- Outside Of Work
What Coverage Is Provided?
- Medical
- Disability
- Vocational Rehabilitation
- Death Benefits
Consult With an Expert
To learn more about Workers’ Compensation Insurance or to discuss comprehensive solutions for your insurance needs, connect with one of our insurance specialists today.
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