September 13, 2022
How To Cover Your A$$ets if you’re in the Cannabis Industry – Advice From A Cannabis Insurance Agent.
When something goes wrong or a loss occurs – the majority of the time it’s already too late, especially if you are a cannabis or hemp-related company that does not have insurance!
Tyler is one of the first dedicated Cannabis related insurance agents in Colorado.
As a business owner, you need to ensure you are covering your a$$ets. This means having insurance for your cannabis products, correct insurance for commercial property and buildings, appropriate General Liability, and in many states, you will also be required to carry the right worker’s compensation insurance. This is critical in ensuring your business, employees, and livelihood are protected if anything were to go wrong.
It takes just 4 simple steps to make sure your a$$ets are covered.
#1 Get an insurance review or audit of what you are missing and what you need.
Cannabis Insurance Agents like us are happy to do a free insurance review. It’s a service provided to go over what you do and don’t have in place. We can look at what you need or currently have and how we can feel out where we place the needed and desired limits, or what carrier to go with. Which can be contingent on many factors. We can look at how we can compete to save you money and overhead expenses! Especially in times as such! Leveraging is always healthy! We do this for you every year.
#2 Start your Cannabis insurance policy.
Don’t stop at just getting a grasp and understanding of what you need, and go through the entire process of filling out applications to get quotes. Pull the trigger on a policy. In most cases as long as you are in the policy effective for 3 months aka 25% min earned you can always hop and shop around or even cancel.
If you can’t pay in full, no worries payment plans are available too! It’s always important to lock down the policy. Don’t waste your time or anyone else’s “feeling it out”; So many people try to save money by pushing the envelope and testing the line feeling it out or contemplating another month to save money, and it could cost you way more for doing so. You don’t want to get burned, trying to be cheap, or stalling. If you are a company you must be licensed AND insured.
#3 Stay compliant with your Cannabis insurance policy.
Majority if not All states and even leases will mandate or expect General Liability, Products Insurance, and Worker’s Compensation in place. The building itself or even greenhouses are also large assets to properly insure if you are a building owner to protect your assets and investments, contents, and people within.
The building is oftentimes the most expensive piece to insure, especially with the cost of commercial reconstruction and real estate markets where they are these days. This is only applicable if you own the building. Insurance is a key element of compliance in a Cannabis or hemp business.
Within your insurance, it’s important to understand that there are requirements for basics such as fire alarms, central station burglar alarms, cameras, etc. in order for the insurance company to hold their side of paying out a claim. This is a part of staying compliant and avoiding negligence which is the biggest thing to avoid and watch out for, period!
#4 Make sure you are getting the best deal on Cannabis insurance.
We understand shopping the insurance market is not easy and can be overwhelming. Find ONE agent or agency you can trust that has access to multiple markets if not all of them. Allow them to broker the market for you and you can evaluate the options available. We have all applicable market options at this time and are happy to help you! To get started you will have to complete the below.
1.) Complete an Application (get quote here)
2.) Product List and/or Operations Described
3.) License Copy if Applicable
4.) Label Examples with Warning Language
5.) Photos of your Building inside and out if applicable
We can then get started on getting you properly insured with the best deal at the current time. When you find a broker that does right by you, never leave them. Relationships are the first step to doing business.
Call and let us help! 720-999-3345
Ready to learn more about insuring your cannabis & hemp products? Then contact us at (720) 999-3345 or at info@CannabisInsuranceBusiness.com. You can also learn more about CIB at https://cannabisinsurancebusiness.com/about
Colorado-based and pushing the industry further one step and state at a time. Proudly serving all 50 states.
Pushing the industry further one step and state at a time. Proudly serving all 50 states. – Cannabis Insurance Business of Loveland Colorado
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