Some Available Coverages
There are many different coverages that you may need to protect your cannabis related business. These are ever evolving and not all coverages apply in every business situation. Our team of licensed agents will help guide you through the insurance jungle to customize a program specific for your unique business. We have described some of the more common coverages below but this is by no means an all encompassing list.
This is usually required from day one, when you sign your lease or when you start growing or selling your cannabis/ marijuana related products. We will discuss whether you need premises liability, off-premises liability, products liability etc.
This covers everything you need to perfect your product, from desk supplies to crops. This protects your investment in your business and can even cover your earnings if your operations are disrupted. Your property insurance can include building coverage, inventory, equipment breakdown and much much more.
Property In-Transit Insurance
This provides coverage for the transport of your property (product or equipment) up to a selected limit.
Commercial Auto Insurance
This is vital for any business, whether or not you own a vehicle in the name of your business. This insurance can cover not only vehicles that you do own, but those owned by employees.
This is important whether you have one employee or one hundred, in fact, it’s required in most states. Employees are categorized by their duties and a rate is determined based on your payroll. Workers compensation offers protection for your employees; providing for medical coverage if involved in an accident and a portion of wages if work is missed.
These may be required depending on which state you’re in, if that’s the case we have the market access to secure the bond you’ll need.
Just as it sounds, Umbrella insurance covers your business like an umbrella. These policies add an additional layer of liability insurance to help protect your assets even further.
Life and Health Insurance
One of the more difficult coverages to secure for individuals and groups working in the cannabis industry as well as those consuming products with THC. Not to worry, we have access to these programs as well.
Cyber Security Insurance
By now we can all agree that this is a serious threat to almost any business today, but business owners in the cannabis industry are prime targets. While this coverage is often overlooked, it is crucial to include Cyber Security in your business insurance portfolio.