A legally operating cannabis business has a unique challenge other types of businesses don't have. The threat of search and seizure is always there.
San Francisco, CA (PRWEB) June 16, 2016
As more states legalize cannabis and legitimate cannabis businesses enter the marketplace in the U.S., raids and seizure of valuable property by law enforcement are still prevalent. New coverage is now available from CBZ Insurance Services to protect companies from this threat.
In late January, Fox 5 reported on one California medical marijuana distributor raided by law enforcement. (http://fox5sandiego.com/2016/01/28/hash-oil-business-halts-operations-as-detectives-search-lab/). The distributor, based in San Diego, manufactures cannabis oil cartridges for medical use. During the raid, officers seized the company’s products, computer hard drives and cash.
Under California’s civil asset forfeiture laws, police can seize property suspected of being used to commit a crime or obtained due to an illegal activity, regardless of whether or not the owner of the property has been charged with any crime.
According to Jeffrey Rosen, Principal of CBZ Insurance Services, the best way to protect your cannabis business is to get insurance.
“A legally operating cannabis business has unique challenges other types of businesses don’t have,” said Rosen. “One challenge is the threat of being shut down at any time by law enforcement. Whether you’re a grower, distributor or manufacturer, search and seizure coverage is the best protection for a company’s assets.”
Search and confiscation coverage provides relief to cannabis operations raided by state or local law enforcement agencies, provided the operations adhered to state and local cannabis-related guidelines and are found innocent of all raid-related charges.
CBZ Insurance Services provides business insurance and related services to the cannabis industry including product liability insurance to cover damages arising from product usage, crop coverage for cultivation operations, comprehensive coverage of dispensary operations (including fire damage to, or theft of, inventory), and workers’ compensation insurance for work-related injuries (as required by law). CBZ also offers Directors & Officers and Employment Practices liability insurance to provide personal asset protection for owners, as well as Employee Benefits plans, Medical, Dental, Disability and other ancillary benefits for employees.
For more information, visit: http://www.cbzins.com
Media Contact: Jeffrey Rosen, Principal, 415.941.7635