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Every type of business in the cigar industry needs to have insurance, especially if they don’t have the reserves to keep things running when a disaster wipes out inventory or keeps the doors closed for a few weeks.
Whether you’re starting up a new venture in the cigar field and looking to insure or an established, fully insured operation preparing to expand, you’ll want to make sure you’re covering all your bases. In general, the must-have insurance policies for cigar businesses include:
- General Liability Insurance, which protects against regular claims of injury or property damage due to business operations. If a customer slips and falls in your retail store, liability insurance steps in to cover potentially bankrupting settlements.
- Product Liability Insurance, which focuses on claims related to product defects or health issues purportedly caused by your cigars. This is particularly relevant for manufacturers and distributors.
- Property Insurance, which covers damage to physical assets and structures caused by fires, thefts, natural disasters, and other rare but expected setbacks. It is a must for nearly all cigar businesses, but especially farms, factories, and retail spaces.
- Business Interruption Insurance, which compensates businesses to cover lost income if a covered event brings operations to a screeching halt.
- Crop Insurance, which protects against losses if bad weather, pests, or diseases wipe out your tobacco harvest.
- Liquor Liability Insurance, which eliminates the risk to cigar lounges that also serve alcohol for claims arising from alcohol-related incidents.
- Workers’ Compensation Insurance, which is required in nearly all states for most employers, depending on the status of their employees and the business’s structure.
- Life Insurance, which can assist when a vital member of the business passes away, causing operational interruptions or slowdowns.
Not having the right insurance, or having insufficient insurance, can mean the end of your cigar business when the worst happens. Proper insurance can help you keep your operation up and running even in the wake of a devasting storm, warehouse fire, personal injury lawsuit, or other catastrophe.
But you’ll need to select your coverage wisely: Insurance policies aren’t always cheap, and there can be problematic clauses down in the fine print you’ll want to address up front. At Venerable Law, we can help you make sure your insurance policies are sufficient but not excessive, and that they provide reliable coverage for your cigar business. Call us today at 813-680-4530 for a no-cost consultation with a member of our team, or contact us through our website.
