When looking into coverage options for your cannabis business, it can be difficult to determine the kinds of insurance and amount of coverage you may need. Your facility may require different insurance policies depending on the size, type, and location. To determine which plans will give you maximum coverage, you can discuss your options with a trusted insurance agent. Many insurance plans can benefit both indoor and outdoor growers in the cannabis industry. Learn more about the varying coverage options for cannabis growers with GreenWrap Insurance Solutions.
While crop insurance has been widely available to indoor growers, it only recently became avaiable to outdoor growers. This is because of many variables with weather, pests, and other factors when growing cannabis products outdoors. Many insurance companies are allowing outdoor growers to enroll in crop insurance. Because marijuana plants require specific conditions to grow efficiently, this can cause plants to become damaged easily. This makes it essential for businesses in the cannabis industry to obtain proper crop insurance. Doing so can avoid the hassles of lost income associated with failing, damaged, or destroyed crops.
Product Liability Insurance
Investing in opening your own cannabis business requires many resources and tools. This means that without the right coverage, your business could experience a huge loss if anything goes wrong. In addition to crop insurance, a property policy can cover equipment. This is especially important if you are an outdoor grower since weather circumstances and other unplanned events can easily damage your crops and equipment. Even for indoor growers, it’s vital to protect your resources with product liability insurance. You never know what kinds of floods, internal theft, or vandalism instances may hit your facility.
Whether you choose to grow crops indoors or outdoors, having property insurance can protect your facility and certain items inside it. For indoor growers, this assists should you be the victim of damage, theft, or vandalism. For outdoor growers, you can have the ultimate protection against weather events including:
Overall, property insurance can benefit both indoor and outdoor growers, working to keep your inventory, equipment, structures, and income safe.
General Liability Insurance
General liability insurance is ideal for any business, especially in the cannabis industry. Because marijuana is not legal under the federal government, marijuana and hemp-related business are more susceptible to lawsuits, claims, and other issues. We can protect companies at the state level where cannabis is legal. Protecting yourself and your business with general liability insurance will avoid any problems associated with unforeseen risks such as:
- Bodily injury
- Property damage
- Copyright infringement
- False advertising
- Completed OPS
- Product coverage
By obtaining general liability coverage, you won’t have to pay out of pocket for medical expenses, repair costs, and legal fees. Of course all policies are subject to deductibles and investigation.
Explore Your Coverage Options with GreenWrap Insurance Solutions
At GreenWrap Insurance Solutions, we dedicate ourselves to providing affordable insurance options to our clients. Our experienced agents will take the time to get to know you, your business, and coverage needs to find the best insurance plan with maximum coverage. By partnering with AmWINS and working with many Fortune 500 companies, you can trust us with your cannabis insurance needs. To learn more, contact GreenWrap Insurance Solutions today.