Cannabis Industry Insurance
Finding Coverage in the Cannabis Industry can be tough. We'll help make it easier.
What is Cannabis Insurance?
Check out our feature in Cannabis News Florida.
We provide access to A rated carriers offering coverage for medicinal and recreational, up to 10 million in cannabis insurance coverage. Florida is evolving with the growth of the cannabis industry. We have embraced this change stemming from our passion for this movement. When protection of assets has never been so imperative, we have the right team to guide you through insuring your business through each step of the process.
Need Insurance for Your Cannabis Business?
Give us a call today to get coverage that meet your needs.
Why is it Important?
There are many coverages that are recommended for this industry. First, general liability coverage. This will cover the business for typical liability exposures associated with running a business. In addition to general liability due to the excessive exposure excess liability is also recommended and can be offered up to $5 million. Due to the nature and complexity of the business, products liability is another coverage that is highly recommended.
As in any business that sells goods or products to be consumed it is important as a business owner to cover those items for products liability. You should also include coverage for cyber liability. This will cover your business for liability if a data breach in which your clients personal information, including names, social security numbers, payment methods are exposed or stolen. At which point making their information public and putting their information at risk for fraud.
How Much Coverage is Needed?
As in any business, property coverage is important to maintain as well for loss to business property effects. Whether you own or rent the building your business is maintained in property insurance would cover for the loss resulting from fire, theft, windstorm and water damages. Unexpected damages to your property that can not be forseen but can be very costly if left uninsured. Not carrying adequate coverage could result in underpayment of a claim forcing your business to extend credit when unnecessary or shut its doors due to lack of funds.
Another important coverage to consider in the cannabis industry is crop coverage. This coverage is available from seed to sale. The plant itself is what sustains this industry. If your business were to suffer a loss to the crop it could be devastating to your income. Equipment breakdown coverage needs to be included as well. This would cover specific equipment that is used in manufacturing of your products. The loss of use for your equipment could slow or halt production thus causing a decrease in profit.
As with any industry and business having employees workers compensation is a requirement. This is required in order to protect your employees and provide medical expenses due to a work related injury. Lastly, due to the sensitivity of this industry it is highly recommended that directors and officers coverage is carried. This will protect the directors and officers of the company and reimburse for legal expenses when a suit is brought against the company. It also extends to defense costs arising out of criminal and regulatory investigations/trials as well.