CBD Product Liability Insurance can protect your business! The booming CBD business has seen hundreds of new CBD products hit the market in 2018 alone. The industry has boomed since states passed legislation on the legalization of CBD products. These products may need to be sold in retail markets, pharmacies, and online stores in order to reach their full sales potential. To be properly protected from claims and lawsuits, CBD-based companies should consider getting a CBD Product Liability Insurance policy. This is the best way to protect their CBD products. However, the best way to do so is with a CBD Product Liability Insurance policy.
CBD Vape Liquids | CBD Lip Balms & Cosmetics |
Not for us. Product Liability Insurance for many products are simple, however the CBD & Hemp insurance market is much smaller. Likewise, many insurance carriers will not
With Sales under $150,000 – General Liability Insurance Premiums may be as low as $1,000.00.
With sales under $1,000,000 Product Liability Insurance Premiums for Hemp Based CBD Products start as low as $2,000.
Any company or person in charge of the design, manufacture, sale, or distribution of a component or end-user product should have insurance. This includes those who manufacture their own product, even if it is subcontracted to another operation. Even if the operation is in another country. You are still liable if your operation does not technically produce the product but directly imports it, designs it, or puts your name on it. Keep in mind that even if your operation is not technically manufacturing the product, you are liable if you directly import it. If you designed the product, you are liable; and if your name is on the product, you are liable.
Although we are typically asked this question, there is typically no “out of the box” price for the cost of insurance for a CBD products. So, terms like typical, average, customary, standard, normal do not have any bearing. However, premium costs start about $2,000 per year for topical CBD products; and even under $2,500 a year for ingestible CBD products.
Cannabinoid product liability insurance costs are similar to other liability insurance products. Premiums are based on the specific type of product you manufacture, retail, or market. Some products pose very little potential to cause harm or damage and therefore have lower premiums. Others have a higher propensity to be risky and therefore carry higher premiums. An entry-level policy for a CBD product business can be as low as a few thousand dollars per year.
A Product Liability Insurance Policy for CBD Companies is rated on several factors.
When you are shopping for product liability insurance limits, key factors to consider include how much coverage your vendors require and what you stand to lose if sued. Claims or allegations against you can be severe and frequent, so it is recommended to discuss your insurance requirements with vendors or an attorney before making any decisions. The amount of coverage you may need can vary and may depending on your retailer’s requirements.
In addition to product liability insurance for CBD companies, we also offer other coverages such as, Property Insurance, Directors & Officers, Workers Compensation, Inland Marine as well as a full suite of additional insurances.
See why we are rated #1 in the country by Big Commerce and Marijuana Business Daily.
Because your company’s offerings and operations are different from others, underwriting a products liability insurance policy for your product is complicated. If you need a quote for CBD / Hemp Product Liability Insurance Coverage, please complete a product liability quote request . Castle Rock Capacity Insurance Agency currently offers Product Liability Insurance Policy Coverage nationwide. Including but not limited to New York, NY. New Jersey, NJ. California, CA. Massachusetts, MA. Illinois, IL. Florida, FL. Connecticut, CT. Texas, TX. South Carolina, SC. Vermont, VT. Georgia, GA. Colorado, CO. New Mexico, NM. Oregon, OR. Washington, WA. Arizona, AZ. North Carolina, NC. Virginia, Nevada, NV. Colorado, CO. Oklahoma, OK, and Pennsylvania, PA in addition to all other states.