Insurance and The Cannabis Industry

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Over the past year, the legalization of marijuana in some states has helped many in various ways such as treating ailments or helping small business owners turn a profit. However, due to the fact that marijuana is still considered illegal under federal law, the opportunities for the cannabis industry is not the same as other businesses across the country. The most common example is the lack of financing options available for cannabis industry business owners.
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Understanding Insurance Law

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In order to understand how insurance law works, it’s important to understand how insurance works. Insurance is an agreement between the insurance company and the insured. The insured pays a premium to the insurance company and the insurance company promises to reimburse the insured in the event that they suffer a loss. There are several different types of insurance but insurance law usually deals with private insurance such as homeowner’s, malpractice, health, car, life, and title insurance.¬†
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Avoiding Business Insurance Mistake

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If you are considering starting your own business, there are a number of boxes that need to be checked off before opening day. An experienced business formation lawyer can help with this. If you are the do it yourself type, one of those boxes should be acquiring business insurance.
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