The risks involved in the hemp and cannabis industries are well-known, and they are mostly the result of inconsistent regulation. As a result, most business owners who produce or work with hemp products know to call insurers who have been covering companies like theirs since the federal government fully legalized industrial hemp production. What’s less well-known is that the third party contractors working in the industry also benefit when they go to hemp insurance companies for coverage, rather than relying on general business insurance or worse, no insurance at all.
Independent Contractors, Independent Risks
Some liabilities associated with the work of harvesting or processing cannabis are assumed by the site owner when you travel to another company’s facilities to work. If you’re a third-party contractor, you also assume a healthy portion of your own risk though. This is especially true with regard to professional liability, business interference, and other risks that apply directly to your role within the manufacturing or harvesting process. Many third-party contractors forego business insurance, especially if they perceive themselves as self-employed operators because they don’t see themselves as a business. If you’re a third-party contractor, make sure you have the coverage you need to protect yourself and your business. It doesn’t matter if you work alone or you manage a hemp industry staffing company, you need industry-specific insurance.