...'cause they can get hurt
Cannabis and medical marijuana is an exciting industry in the midst of rapid growth, but there's a lot of hands-on specialized labor involved in the growing and cultivation process.
From growing and harvesting the plants in the green houses to extracting the oils in production, a lot of specialized labor, knowledge and skill are required.
Like all other processes involving machinery, accidents can happen, which means cannabis and insurance go hand in hand. Make sure your workers are protected with workers' comp insurance for your cannabis company.
Workers' comp insurance covers both the employer and the injured worker. Like all types of insurance, it acts as a safety net in case of an accident.
If a worker gets hurt on the job, the insurance company will help cover the costs associated with their care so the worker is well taken care of until they return to work.
Since the company had a workers comp policy, they do not need to pay anything towards the bills.
The National Council of Compensation Insurance (NCCI) sets a fixed rate for every industry.
The rate is based on the level of risk for that job description.
Premiums are primarily calculated by using your payroll numbers and your NCCI class code.
0035 - Cannabis Farming
4825 - Processing of Cannabis into CBD Oil or Products
8045 - Cannabis Dispensary - Retail
8047 - Cannabis Dispensary - Wholesale
8832 - Medical Cannabis/Marijuana
Classify your workers correctly
For example - Employees who do clerical work have a different code (8810). Lumping them together with manual labors will increase your premium.
Don't underestimate your payroll
You will be expected to pay the difference at the end of the policy.
Have a clear process to report claims
...and make sure your employees know about it. This will make the entire experience easier for all involved.
Report every incident
- even if it didn't result in a large injury. Some things which seem insignificant can snowball into costly issues.
Prepare for your audit
Every policy is audited at the end of 12 months. Keep your payroll records and files neat so you don't have issues later!
How quickly can I get my certificate of insurance?
Certificates are usually issued 24 hours after the policy is bound.
Let us know if you need it quicker and we will rush it.
We grow and cultivate cannabis. Occasionally, our employees also deliver our product to local dispensaries. Are our drivers included in our workers compensation policy?
Yes. However it is important that the underwriters are aware that employees do sometimes make these deliveries.
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