2020 definitely isn’t playing out how we thought it would. America started the year with record low unemployment rates but by the end of May, had lost most of the gains it had made in the past fifty years and was looking at Great Depression levels of unemployment. Small businesses have definitely been hit hard, with most of the government issued coronavirus-related measures disrupting their operations and effectively cutting off their cash flows. Although most states with legal cannabis deemed the industry essential, cannabis establishments haven’t been spared from losses.
The federal government issued disaster relief funds to be dispersed to small businesses through the Small Business Administration but due to federal prohibition, cannabis businesses have been denied access to these funds. However, this doesn’t mean you just have to grin and bear it. Insurance may be a way to reduce the financial trauma your business is currently experiencing. Business interruption insurance, for instance, covers losses from direct interruption to the insured’s operations due natural disasters or fire, and the insurer makes…
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