Each state, county, and municipality has different requirements and regulations that business owners in the cannabis industry must follow. But one that remains consistent is ensuring you have adequate security in your facility. Without the right security measures, this can leave your business more susceptible to mishaps, thefts, and legal issues. GreenWrap Insurance Solutions highlights the most common security risks in the cannabis industry and how you can mitigate them.
Ensuring Adequate Video Surveillance
Many states require the use of advanced video surveillance systems that cover your entire facility. This includes many spaces such as exterior areas, offices, storage rooms, or employee break rooms. Settling for low-quality security equipment not only leaves areas of your building unprotected but can also produce unclear images or system failures. This makes it more difficult to identify problems when dealing with internal theft. By investing in high-quality equipment, you can protect your entire building and valuables from records to inventory.
While some states may require consistent surveillance of your property, others may not. That’s why it’s important to hire surveillance professionals with extensive experience working in the cannabis industry. They can assess your space for vulnerabilities and make recommendations to secure your facility and adhere to state requirements. Required security measures may include additional security cameras, or hiring security licensed professionals to ensure your building is completely safe. Virtual security is also an option if security guards are not.
Implementing Employee Standards
Although you may never expect it, employees can easily steal cash, product, or other valuable resources from within the building. Internal theft can be difficult to manage without proper documentation, protocols, or surveillance equipment. By implementing employee standards and ensuring employees adhere to these standards, you can reduce the risk of theft from occurring within your facility.
Because internal theft is a major problem in the cannabis industry, it’s important to set up protocols such as:
- Bag checks
- Inventory management systems
- Background checking software
- Tracking for shipments and other customer data
- Detailed documentation of transactions
- Annual employee review
By installing an electronic access management system, you can easily regulate check-ins, check-outs, and your inventory to identify losses. Business owners can also program this system to work only during hours of operation to restrict access and protect your assets. In addition, making employees aware of strict security measures and expectations through employee training can deter internal theft. Some companies may even assign employee badges and have photo ID requirements for all employees, contractors, or other workers to prevent unauthorized individuals from entering the building.
Finding the Right Insurance Coverage
To fully protect your business from security risks, you must have the right insurance coverage. Depending on your location, states may require certain coverage policies. Luckily, working with an experienced insurance agent can ensure you have everything you need in the event of internal theft or other circumstances. Examples of policies we offer are Employee Dishonesty Bond, Theft Inc. on a Property, and Crime Policy.
At GreenWrap Insurance Solutions, we partner and network with other companies to find you an insurance plan at a cost you can afford. Our knowledgeable agents will take the time to learn about you and your hemp or marijuana business to come up with an insurance package that works best for you. To learn more about the cannabis insurance policies we offer, contact us today.