The cannabis industry is a unique combination of infrastructure, agriculture, transportation, and retail that requires insurance every step of the way. And finding the right information is difficult when it’s buried in legal terms that few understand. This is where GreenWrap Insurance Solutions steps in. Our experienced team of professionals is with you every step of the way to ensure that your business is protected from seed to sale. Here, we delve into what you should know about insuring your cannabis business.
Finding the Right Coverage for Your Sector
Cannabis companies have many moving parts. Business owners should be as prepared as possible for any issue, whether large or small, that could negatively effect their future. Medical Life science risks, includig test laboratories, doctors’ office locations, telemedicine providers, product development, and clinical trials, have vastly different insurance needs than the following types of businesses – all of which we insure at GreenWrap Insurance Solutions:
- Legal and support services (i.e. lawyers, grassroots organizations)
- Ancillary businesses (i.e. CBD supplement manufacturers, vape shops, consultants)
- And more
Protecting Your Business’ Infrastructure
In addition to insuring the owner and employees, a business also requires certainty in terms of physical location and equipment. Whether you’re a sprawling corporation or a thriving small business, these are some of the most important kinds of coverage you’ll need to protect your property:
- Lessor’s Risk if you are a building owner/property manager
- Builder’s risk while your proepty is being renovated or for ground-up construction of Buildings, Greenhouses, or other commercial and personal property
- Automobile Physical Damage and Liability
- Property coverage for machinery, equipment, and crop, insuring against various losses
Mitigating Risks of Business in the Digital Age
Technology has become a staple in the day-to-day operations of every business. For this reason, you should have comprehensive digital and cyber breach insurance in addition to your other pertinent policies. Here are some of the most common technical issues facing business owners today that GreenWrap Insurance Solutions can help to mitigate:
- Malware and ransomware attacks
- Unexpected data loss
- Privacy breaches
- And more…
With so many businesses conducting their affairs online, it’s no surprise that these kinds of attacks have become more frequent. The worst part is the speed and efficiency with which these attackers can steal your company’s data. The exposure of Personal Health Information (PHI) and resulting HIPAA fines can shake the core of the business and cause unrest with employees and patients. Cyber Insurance can cover this exposure. Carriers can cover notifications and fines that your third-party provider is not responsible for. Cyber crimes have increased exponentitally due to the shift of employees working from home and the global reach of businesses in general. More interaction equals more risk of a claim occurring. Data Breach is one of the biggest threats a business can face, and happens when we least expect it – which is why GreenWrap Insurance Solutions is standing by to ensure your business is prepared.
Learn More about Securing the Right Cannabis Business Insurance
These are just a few points to consider when evaluating insurance. GreenWrap Insurance Solutions is here to help you acquire the right level of coverage for your needs. Marijuana and Hemp businesses can only be sure they’re fully protected by working with a reputable, experienced insurance agency like GreenWrap Insurance Solutions. For more information on how to best insure your cannabis business, speak to our knowledgeable insurance agents about your risks and insurable interests by contacting us today.