Which Cannabis Insurance Package is Right for my Operation?
It is important to protect your company’s assets with a comprehensive insurance policy, but many businesses find they need to balance insurance coverage with overall cost. With a wide choice of insurance packages available, how do you know which ones are best for your cannabis business?
CannGen offers a selection of cannabis insurance packages to help simplify protecting your company’s assets against a wide variety of risks. Let’s explore these options to see which you need for your business.
Whether you are a grower, manufacturer, distributor, or retailer, property coverage offers assurance that the value of your business property and assets are protected against theft or damage from accidents, severe weather, and more.
Property coverage can include property stored in multiple locations, as well as property that is in-transit or off-site. The property or assets covered include cash, valuable documents, hardware and machinery, products, and even the personal effects of employees and visitors.
You can learn more about property coverage from CannGen here.
As a cultivator, your crop is one of your most important assets.
You can insure your farm’s cannabis and hemp crops through your insurance policy, guaranteeing its value against loss. You can select how to insure your crop throughout its lifecycle, from seed or clone to finished product. This flexibility allows you to find a policy that works best for your cultivation business. Coverage is available for indoor and greenhouse grown crops. However, it remains difficult to find insurance policies that offer coverage of outdoor grows.
You can learn more about crop coverage from CannGen here.
Claims against your business target your company’s assets and can severely cripple your ability to continue day to day operations. Having general liability coverage as a core part of your insurance policy protects your assets from a lawsuit and ensures you have the funds necessary to maintain your business, even as you address the claims against you.
Depending on your provider and the terms of your policy, general liability can cover your assets against a range of claims from personal injury, third-party property damage, copyright or patent infringement, libel or slander, and more. Be sure to speak with your insurance provider to find out what coverage is included in your policy and what additional coverage you might need.
You can learn more about general liability coverage from CannGen here.
For those with high value operations, this provides insurance coverage above the standard limits included in general liability coverage. Excess liability can be added to your policy to bring coverage up to $4 million if needed as an extension of general liability coverage.
You can learn more about excess liability coverage from CannGen here.
Protecting Your Company Against Risk
You can insure your cannabis business against risk with a comprehensive insurance policy. If you don’t currently have an insurance provider, it is important that you find a partner with prior experience working with cannabis companies. They should also have the necessary knowledge of state cannabis regulations to ensure your business is fully compliant and covered against potential risk. Contact CannGen here to see what coverages you need to best protect your business.
More Cannabis Industry News
Want to stay up to date on the latest? You can find more on important topics in the cannabis industry on our news page. You can also get more information about comprehensive insurance solutions for the cannabis, CBD, and hemp industries from CannGen here.
Disclaimer: Information shared is for general purposes only.