Having the proper risk management procedures, processes,
policies, tools, and resources in place is critical for any
business operation. This holds true across every
industry—from manufacturing and retail to professional
services and agriculture.
At its core, risk management involves identifying, assessing,
and mitigating potential risks to minimize losses and ensure
business continuity.
A routinely used and universally accepted risk management
resource that businesses invest in and secure
is insurance.
Although the cannabis industry is relatively young, cannabis
businesses need insurance, too. Cannabis
businesses—regardless of developmental stage or
size—are not immune from encountering many of the same risks
that traditional businesses do, along with several unique ones.
Those risks can include property damage, employee injuries,
cyberattacks, product liability claims, and regulatory
noncompliance, for example.
