General Liability – It doesn’t matter if you are a cultivator, manufacturer, distributor, testing lab or a dispensary, you will want to carry at a minimum General Liability to protect yourself against third party claims of bodily injury or property damages. Your General liability policy includes Products Liability coverage. Products Liability is an important coverage to carry as it protects you if you’re sued due to a product you were responsible for that injuries or results in damages to a third party.
Business Property Insurance – If you are a cultivator, manufacturer, distributor, testing lab or a dispensary, you own or lease business property that is utilized on a daily basis. If you are a cultivator, for example, you’ll want to make sure your LED lights, irrigation systems, personal protective equipment (PPE), trimming equipment and all other important cultivating items are insured and insured at the proper amounts. These can be high ticket items; you’ll want to contact your insurance broker annually with the overall value amounts to make sure their properly insured to value.
This coverage protects your business property against damage by fire, vandalism, hail, wind and theft.
Yes, make sure to ask about Business Income, Professional Liability, Crop, Cargo, Commercial Auto, Workers Compensation and D&O coverage.
If you were a dispensary, for example, and a small fire damaged the inside of your business not only would your policy cover all of the damaged items within the store, the policy would reimburse for the lost profits during the stretch of time you were closed for repairs. This is called Business Income or Business Interruption coverage.
Make sure you purchase crop insurance. This is coverage outside of your business property coverage. This will protect you if your crop is damaged due to fire, wind, lightning, hail and other perils.
For any cannabis business that has employees, you are required to carry Workers Compensation coverage in nearly every state. Workers Compensation covers certain expenses that result from an employee being injured or developing an illness at work. It specifically covers medical treatment, rehabilitation, lost wages, disability benefits and funeral expenses. Many workers’ comp policies also cover the employer’s legal fees and court costs if a worker sues the company for injury or illness.
If your business owns the vehicles that are being used for deliveries, you need a commercial auto policy that covers whoever drives the company vehicles. Make sure all drivers are listed on the commercial auto policy.
If you opt to have drivers use their own vehicle, then you’ll need to get hired and non-owned auto insurance.
Yes, once your product leaves your business premises, it’s no longer covered under the Business property coverage of your policy. You need to purchase a Cargo insurance policy that covers the products while in transit that are no longer owned by you.
This policy protects you against a suit by a third party for financial loss due to alleged act, error or omissions while performing the service for a client. For example, a medical use dispensary would want to carry this policy as they are providing professional recommendations and advice which a patient is entrusting to become better.
Yes, we are Allied Professionals Insurance Service. We maintain a staff of over seventy employees serving the needs of clients all over the United States and its territories. We have been in business since 1986 insuring over 150,000 health and wellness professionals and facilities covering a wide spectrum of businesses and providers, including the massage, acupuncture, chiropractic and fitness industries. And within these industries, we have helped insure Dieticians, Health & Wellness Coaches, Herbalists, Holistic Health Practitioners, Homeopathists, Hydrotherapists, Naturopathist, Nutritionists, Personal Trainers, Gym Owners and Skincare Providers.
We have experienced licensed agents ready to provide the right insurance policies for you. Our Cannabis program is licensed and available in all fifty states.
