the first agency that has the ability to offer both property & casualty insurance and employee benefits for your company, all under one roof.
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Cannabis Insurance Associates™
A Division of brown & brown insurance®
We understand insurance can be complicated, so Here is a simple summary the six most common coverage needs for cannabis related businesses. We go into more detail on our news page should you want to learn more.
You own a storefront dispensary, and customer walks inside and slips on a wet part of the floor. They have to be taken to the hospital and you are now on the hook for the medical bills. Accidents like these can skyrocket in cost, so it is crucial to have at least a one million dollar liability coverage.
The business is up and running and you are beginning to grow and buy more equipment! You have just purchased a $300,000 trimming machine and a fire breaks out in the warehouse where it is held. If you are unable to replace it in a timely fashion, your revenues are going to hit a bit of turbulence. Having your property covered is one of the best ways to ensure that your operations will continue uninhibited.
One of the most important elements of the business for cultivators is the safety of their crops. Fire, theft, and smoke damage can ruin an entire crop for harvest. Having the proper crop coverage, in conjunction with an equipment breakdown policy, can protect your plants from a wide array of risks. Whether it is indoor, outdoor, or greenhouse, crop protection is a must.
As in any industry, workers compensation insurance is a crucial coverage in cannabis. It protects the employer from any claims brought by employees regarding bodily injury in the workplace. In a new industry like cannabis, it is important for employers to protect themselves so that an accident in the workplace does not end up bankrupting you as a result of the claim.
Covering one’s cannabis inventory is always a necessary precaution. Businesses who are storing or transporting finished cannabis product encounter the risk of theft or damage in storage/transit. Keeping an updated schedule of the value of cannabis being held is a good way to determine the amount of stock coverage a business will need.
The most important component of any business is its employees. Without them, the wheels of industry cease to turn. Providing them with health insurance and benefit plans is a great way to ensure retention and increased performance. Group life insurance for employees is another way in which employers can offer even more beneficial resources to their hardworking staff.