Risks

What Is Insurance Management?

Insurance needs for individuals, families or businesses are diverse so it’s important to give people a wide range of coverage options. Mountainside Insurance Management will customize programs that are flexible and ensure that clients get the specific types of coverage they require.

How Does Insurance Management Work?

Insurance management is a network of brokers, consultants and providers who work together to offer a broad spectrum of insurance products to buyers through personalized programs. These insurance solutions are designed to meet the specific needs of consumers and are competitively priced. These are three reasons people use managers:

  1. Risk management: Risk management involves a strategy to mitigate possible losses by finding the proper protections as needed. The right insurance tools can lessen financial impacts that come as a result of adverse life events.
  2. Business losses and claims: Companies have numerous factors to consider when it comes to losses and claims that include property, employees and customers. The risks consistently change, and an insurance management team alleviates the burden by staying on top of necessary and timely policy modifications.
  3. Individual and family protections: Clients need insurance policies for property, life, health and auto.They may also need additional products, such as umbrella coverage to protect personal assets.

Insurance managers work with clients to ascertain risks and make certain their insurance products keep them personally and professionally covered throughout their lifetimes.

Possible Claims against CBD Manufacturers

CBD oils are giving cannabis manufacturers the type of positive recognition they seek to stabilize their image and assert their importance as an industry. The concern is with regulations varying from state-to-state; there is considerable risk of exposure in three areas for legitimate businesses. Insurance claims have the potential to wipe out business owners, due to a lack of uniform guidelines within the industry.

3 Risk Factors to Consider

  1. Malpractice: CBD products used for medicinal purposes are subject to strict regulations. Manufacturers who make claims that CBD can cure diseases to sell products leave the industry vulnerable to costly insurance claims.
  2. State law issues: States may allow the manufacture of CBD products with higher psychoactive properties than are permitted by federal regulations. This variance between state laws and federal requirements can result in lawsuits where products are produced despite being prohibited by law. The lack of uniform guidelines and oversight is troubling for manufacturers wanting to follow the rules and meet expectations.
  3. False marketing: Manufacturers are attempting to promote the legitimate benefits of CBD products while tamping down deceptive advertising. Some business owners are heralding CBD as a medical cure, capitalizing on recent successes for profit. These dishonest tactics subject many cannabis business owners to the risk of lawsuits for fraudulent CBD claims.

Cannabis manufacturers are getting important recognition as businesses that provide essential products for health and well-being. The next steps will be working to pass clear and uniform regulatory guidelines, so businesses that operate responsibly won’t have to fear unnecessary insurance claim risks.