Every Insurance Application Tells a Story

If you are an existing cannabis related business and currently insured, there’s no doubt you’re familiar with pages upon pages of insurance applications, supplemental applications and paperwork required to place coverage… Unfortunately, the industry tends to be plagued by a negative stigma and underwriters can scrutinize cannabis related businesses more than any other type of business. 

Here’s how the story usually goes:

  1. You need coverage because a landlord, municipality or client is requiring it. You ask around or search the internet for an insurance broker that specializes in cannabis. You likely find a broker located in a strip mall or working in their basement that claim to be an expert. 
  2. You fill out a tremendously long application with little to no help from said broker. 
  3. Broker sends the application to a wholesale broker who accesses obscure markets that you have never heard of. 
  4. You get the quote back with a full page of exclusions with almost as long a list of policy and broker fees often in the thousands of dollars. 
  5. Thinking that you have no other choice you place said insurance having not much of an idea what is covered and what’s not and pray that you will have coverage for a potential claim. 

People… the above is a nightmare and there is a better solution. Here is the process at Cannabis Insurance Associates:

  1. You need coverage because a landlord, municipality or client is requiring it. You ask around or search the internet for an insurance broker that specializes in cannabis and hopefully find us! 
  2. We have a lengthy conversation to understand your business or new venture. 
  3. We walk you through the application as many parts may not be applicable to your operations. We make sure the application is complete and present our markets with a background or your account, how you found us, special circumstances that we discover while talking with you that make your account special and why we believe they should work hard on your behalf. Every insurance application tells a story and we present a clear picture for carriers so they work hard for us and you. 
  4. We submit directly to our carriers or possibly through a third party wholesale broker that we have an amazing relationship with and who trusts our business. 
  5. We review carrier proposals for accuracy and present options with pros and cons. Our office has over 100 professionals who are prepared to tackle just about any insurance coverage and question.
  6. We do not add broker fees!! We get paid commissions by our carriers. We won’t abuse our clients with layers and layers of fees. Some of our wholesaler brokers will charge fees, but we won’t add to them. 

Many cannabis businesses don’t understand is the relationship between the broker and carrier. We only work with select carriers and wholesalers that we trust and who trust us. They understand that cannabis is our focus and provide quality products with a quick turnaround because of the volume we write. It’s important to work with a broker who has these relationships in place because it will ultimately help you. Just because your current broker has access to the same markets as we do don’t mean they can get the same results. 

We are currently only accepting existing or new ventures with revenues of 1 million or more per year. If this is you and you need professional help, please contact us today.