Types of Cannabis Insurance

General Liability Protection

General Liability is a crucial component of developing an insurance strategy for your company. General Liability protects you from lawsuits claiming that your operations, services, or products caused property damage or bodily harm. In the cannabis sector, this could mean covering:

Medical costs incurred when a consumer consumes a toxin connected to your

buds.

Legal fees if sued for defamation by a competitor

Repair expenses for a neighbor's property after a fire caused smoke damage.

Commercial Property Insurance

The purpose of Commercial Property is to safeguard your company's property from damage caused by an insured occurrence. Theft, vandalism, fire, hail, and a number of other events are frequently covered events. To be absolutely certain of what is covered by your policy, you should examine it or speak with your representative. You might be able to combine your commercial property coverage with a business owner's policy, depending on the size of your organization (BOP).

Errors & Omissions Insurance also know as E&O

Professional liability is another name for errors and omissions (E&O). If a third party sues you for financial loss caused by an error made by your company, this insurance would start paying for your defense. E&O often pays for settlements, court costs, and attorney fees. Given that medicinal marijuana is being given for a medical purpose, medical marijuana dispensaries may be more vulnerable to such accusations than other businesses. If the product does not function as planned, there may be consequences.

Commercial Crime Coverage

Business-related crimes like employee theft, forgery, robbery, and technological crime can all be avoided with commercial crime insurance. Policies against commercial crime are frequently written with "named perils," which means that the loss must fit into the categories listed in the policy. It's best to regularly evaluate your policy.

Workers Compensation

To ensure that you are adhering to state laws, it is crucial to review your state's worker's compensation requirements. Medical expenses and lost wages for an injured employee are often covered by workers' compensation insurance coverage. Additionally, there are clauses that could permit payment of a death benefit to their relatives.

Workers' compensation frequently covers the following ailments and injuries:

Traumatic injuries that occur suddenly, such those caused by an explosion at

your plant where you manufacture edibles.

Injury brought on by repeated stress, such as back pain from working long hours

harvesting crops.

Occupational sickness, such as lung disease experienced by lab workers.

Commercial Inland Marine Coverage

Since commercial property insurance is only intended to protect company property when it is present at a specific location, you would require a different policy to offer coverage whenever the product is in transit. Products, materials, and equipment that are being carried or stored by a third party are covered by inland marine insurance.

Commercial Automobile Insurance

Business use is frequently not covered by personal auto insurance. Even if the car is not your own, it is crucial to take into account the sorts of vehicles utilized in your organization. There are several ways to insure a commercial vehicle, and Hired & Non-Owned Auto is one of them. This would offer protection against damage to or injury caused by cars that are rented, leased, or borrowed by your company.

When insuring your marijuana store, numerous considerations come into play. Because of this, the team at SSF Insurance thinks it is best to talk to a cannabis insurance professional about your particular operation. We are equipped with years of knowledge to identify the coverage that matches your company's needs and your budget. Call us today and we will get you into the correct policies.