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If you’re in cannabis I bet you’re a risk taker: rock climbing. snow boarding, kite surfing, does that sound like you? I thought so. But when it comes to taking risk in your business does it make sense to take the risk and not be fully insured? Cannabis is a wacky business and a lot of things can go wrong. That’s why our guest today comes from the insurance industry. Keith Doan is the President & CEO of KRD Risk Management Consulting & Insurance Group, LLC in Frisco Texas. KRD provides business insurance policies that are essential for cannabis companies to manage risks, comply with legal requirements, protect assets, ensure financial stability, and maintain a strong professional reputation. In this episode we go back to MJ Biz Con and discuss cannabis business insurance policies that mitigate risk.
Cannabis Insurance Policies
As a cannabis company having a business insurance policy is of utmost importance. These policies provide four essential steps:
- Adherence to Legal Obligations: Like any responsible business, a cannabis company must comply with legal requirements for insurance coverage, such as workers’ compensation. Meeting these obligations not only prevents fines and penalties but also demonstrates a commitment to ethical business practices.
- Next, Safeguarding Assets and Financial Stability: To protect the company’s investments, business insurance offers coverage for physical assets and provides a financial safety net in case of unexpected events. This protection allows the business to recover and maintain financial health, ensuring continued operation and growth.
- Managing Liability and Industry-Specific Risks: Cannabis companies must navigate unique challenges in their industry, including liability claims and regulatory concerns. Business insurance policies, including general and product liability coverage, help manage these risks, allowing the company to focus on its core mission.
- Lastly, Upholding a Reputable Image: A well-insured cannabis company showcases its commitment to responsible risk management, bolstering its professional reputation. In turn, this attracts customers, investors, and partners who value stability and accountability in the businesses they engage with.
How to Connect with Keith Doan
To learn more click here:
- Email: keith at krdriskmanagementservices.com
- Website: krdrisk.com
- LinkedIn: https://www.linkedin.com/in/keith-doan-fcip-rf-1167a814/
- MJ Biz Con website
Cannabis Advocate Podcast
The Cannabis Advocate podcast advocates for businesses in the cannabis industry and explores the unique challenges they face. Despite hurdles in legislation, regulation, and culture, there are tremendous opportunities for growers, manufacturers and retail sellers of cannabis products. Many of these issues are unique to the cannabis industry. This podcast speaks to these common concerns and shares stories of success.
This is a production of Habanero Media. https://habaneromedia.net
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