FAQ
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Generally, general liability (product liability) is $2,500 to $7,800 annually. Business personal property can cost $400 - $1,600 per year. Commercial auto insurance can run $900 - $3,400 annually. Hemp crop insurance can range from $700-$8,000 per year. Workers' compensation insurance varies depending on payroll. These figures are for small-scale operations.
Cannabis insurance is a customized policy that helps protect marijuana businesses from liability or property damage. It’s essential to protect your marijuana business from the inherent risks in the cannabis industry. Cannabis product liability insurance coverage is a crucial component of any policy.
Most insurance companies want nothing to do with the cannabis industry. The ones that do have become good at it. Know the financial rating (AM Best Rating) of the insurance company you are dealing with. The cannabis insurance marketplace has few regulations, if any.
Having a knowledgeable cannabis insurance agent is imperative. Cannabis insurance carriers create their rates and policy forms, and exclusions and limitations differ widely between companies. It would be best to have an insurance agent with expertise in the cannabis marketplace. This agent can guide you to the best company for your business, highlighting the benefits and pitfalls.
Having a knowledgeable cannabis insurance agent is imperative. Cannabis insurance carriers create their rates and policy forms, and exclusions and limitations differ widely between companies. It would be best to have an insurance agent with expertise in the cannabis marketplace. This agent can guide you to the best company for your business, highlighting the benefits and pitfalls.
Throughout the growth cycle, fire, lightning, windstorms, hail, theft, and explosion are risks. Having a proper marijuana crop insurance policy in place can make the difference between success and failure.
Crop insurance typically does not cover infections, mold, errors made by your grower, poor maintenance, or improper handling by employees.
Crop insurance typically does not cover infections, mold, errors made by your grower, poor maintenance, or improper handling by employees.
Yes, this can lead to the non-renewal of your commercial property insurance policy. It’s best to contact your insurance professional before you do this. Most insurance companies want nothing to do with the marijuana industry.