July 22, 2021
Why use Cannabis Insurance Business V.S. a typical broker or agent
Why it is worth looking into and shopping on your own insurance!
Most people and businesses already have insurance in place. Once they go a route, they rarely attempt to challenge or change their policy or placement. The majority will renew their policy each year mindlessly because they do not want to deal with insurance. Even though this may be costing the insured. This is often because time, efforts, and lack of understanding have made the process of shopping insurance difficult for those who do not understand it or speak the language of insurance. It can be discouraging!
Insurance companies and agents also make this difficult in a lot of cases as they don’t want you to shop elsewhere or leave their renewal/residual interest and re-shopping takes time and effort for every account so they put you in the corner after you jump hoops to put in place. Most don’t want to go through this again and want it out of sight and mind. But, it is important you shop or have a trusted Agent or Broker that shops the entire market each year for your best interest; even though that is not always the case!
As for lack of understanding, another reason most stay put; the majority have this problem when it comes to insurance. – Ex; most people don’t know what 1mil/2mil means or 100/300 or 1 Million CSL. This happens to be your limits of liability. If you know this, good, you’re ahead of 90% of people, but most don’t know this basis to start.
Not a lot of people know that Products Liability is a coverage limit for General Liability, but this also proves a point; not many people know what we are talking about when it comes to insurance.
It was a challenge for us as Agents to learn the insurance process, the ins and outs, as well as the rules and cycles of insurance and liability. It’s probably the closest career to being a lawyer as we live in the world of liability.
Let me ask you this, would you use a lawyer that specialized in divorce if you are a cannabis-related business? Most likely not! This is the same case when it comes to choosing the right Agency or Broker for your cannabis-related business venture. You will want to use a specialist like Cannabis Insurance Business that worked on nothing but Cannabis related policy and businesses like yours!
You wouldn’t want to choose any commercial Agent or Broker as they can overlook and miss a lot due to their lack of understanding with running a Cannabis related business, the rules etc.
We see a lot of policies where people think they have coverage but at the end of the day they are with a non cannabis friendly carrier or policy; we see these empty policies daily. This is because most Agents don’t have access to the Cannabis friendly carriers and markets that often are non admitted in the excess and surplus lines to most Agents that are unreachable/unwritable. However Cannabis Insurance Business has access to EVERY applicable option which we shop for you every year to ensure the best setup and most competitively priced approach. The last thing we want is to get beat on rate and lose your trust/business.
We at Cannabis Insurance Business are one of you and also business owners in Cannabis outside of insurance!
We know the tiers of Grow, Lab, and Retail for CBD and THC through many focal points and pick up and target things that most Agents would overlook.
Like your hydro system, indoor crop, loss of income, theft, equipment, products liability specified, workers comp.
Most companies will compete on the GL + which includes Products Insurance; we make sure everything is taken care of each year for every client as we shop the entire market and do an insurance review prior to renewal to make sure everything is taken care of and covered! Got to make sure all your ducks are in a row!
You don’t know what you don’t know. So how do you know if your assets are coved correctly? Or if you are paying a fair price? You don’t, that is where we come in. Don’t waste time with an average Agent or cannabis consultant as we can provide what we know for free by risk mitigation and assessment as business owners in the Cannabis industry ourselves, first hand!
Contact me for a free cannabis insurance review. We will look over:
1. Premium Ranges aka Price – We know the most competitive carriers for this risk rating annually.
2. Coverage Limits; Current and What is Lacking. – We can appropriate this with you and implement or recommend what is needed or missing.
3. Company goals and income projections – We audit each year annually.
4. Licensing and labeling guidelines via underwriting process – We can help with insurability of these areas.
5. The overall wellbeing of your company and see if our contacts in our National network can be of use, we actually care about how you’re doing or how we can help outside of just insurance.
We are not like other companies, we are passionate about this industry and shop for the best deal for you annually, we are one of you as business owners in Cannabis; not just another insurance agency.
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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