June 11, 2020
Pictured above: Fire fighters attempt to put out a blaze that looks to be a total loss. Be sure to protect your cannabis investments against catastophic loss such as a fire in your building.
Top 10 Reasons to Insure Your Cannabis Investments
1. In case of fire or nature-related destruction to your grow op, warehouse, or storefront.
2. In case you are a victim if a robbery or theft of property/product.
3. Possible accidents involving your clients and/or any other third-party contacts with whom you do business.
4. General liability coverage protects your premises and your operations from lawsuits.
5. Product liability insurance to protect from lawsuits against consumer loss or bodily injury.
6. Liabilities that you will face during the transport of cannabis, lost product, or theft.
7. Losses arising out of damages to your crops due to pests.
8. Property coverage for their rental building or greenhouse.
9. Loss of income due in addition to loss of product/infrastructure.
10. Damage or loss to equipment & sitting inventory for reasons beyond your control.
“We wished we would have paid for insurance” is the last thing you want to come out of your mouth.
Unfortunately, that’s why I find myself writing this list of reasons you wished you had protected your cannabis investments. No one ever truly thinks of the worst-case scenario, but believe me, it can happen to anyone. Whether it happens comprehensively through acts of nature, intentionally, by accident; whatever the case may be, especially in today’s world. Anything can happen! What do you do if product is stolen? This is the most likely loss to occur.
Trust me firsthand. If you call the cops, trust me on this one also when I say, good luck! That is only going to go so far and takes forever. If you are wise you will have a central station burglar alarm, but what does this mean if they catch the thief or not at all, are you SOL? If caught this means you get to wait for them to go to jail and odds are they don’t have money if they are stealing so you get to wait for your funds through installments out of every paycheck after you wait for a judge and court date to give a decision on how to handle.
How can we avoid that scenario entirely…Buy Insurance to protect your cannabis business and investments!
If I had bought insurance I could simply file a claim, by doing so they will review the loss and if covered and triggered I would get a check to pay out for the loss and damages. We could have then continued forward without hesitation. How much easier can that get!? Vs waiting for the legal system to check and balance a case, take out what can be allotted to pay back the loss which is now costing you more money through time and justice.
Most people want to save some money by not committing to insurance, this is the dumbest thing you can do because of your playing with fire. Loss in life is inevitable and a waiting game, it is simply a matter of time statistically speaking.
Protecting your cannabis-related business investments is crucial if you want to progress without loss or pause and continue to find profitability. If your not willing to insure and protect your cannabis-related business you might want to reconsider entering this industry as again loss is inevitable, it’s how you prevent it and protect yourself from it that counts and within your control. Don’t find yourself like me stuck in the loop like your on hold operator to operator.
Get insurance even if you don’t think you can, there are options out there. The other options are less favorable!
Ready to learn more about insuring your cannabis & hemp products? The 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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