Being federally illegal and operating with cash-only, weed businesses come with lots of risks. Some of them are specific to the cannabis industry. As a result, insurance companies, like Cannasure, that cater to the needs of businesses in the industry have been around for years. And now, Cannasure is launching a new comprehensive insurance program for weed businesses so farmers and dispensers can finally sleep at night.
Cannasure Launches Cannabis Program
Cannasure Insurance Services is based in Cleveland, Ohio but their insurance program for weed businesses will expand to every state with legalized marijuana. They cover both medical and recreational marijuana businesses. This includes dispensaries, processors/manufacturers, ancillary businesses, landlords and testing laboratories. Considering a greener approach to your business, like growing organic weed? Cannasure covers cultivation too.
There is even coverage for marijuana events. Cannasure has event relocation coverage, event cancellation coverage, product coverage and equipment coverage. Cars at cannabis events have been broken into and festivals have been raided with all the medicine at the event being seized. Now, there is even insurance coverage that will take care of any monetary losses experienced due to misplaced products or medicine at an event.
“The cannabis industry is evolving at an unprecedented rate and because of this so are the industry-specific risk factors and operational demands,” said Patrick McManamon, CEO of Cannasure Insurance Services.
The program will be managed by Kieran O’Rourke, who has over twenty years of property/casualty underwriting and senior management experience.
Businesses will be eligible for up to $5 million in general liability as well as property protection. This includes furniture, fixtures and equipment. Even medicine can be covered. They claim the rates are affordable and you can see the money cannabis companies have saved so far on their website.
On top of property coverage, the money lost during the time it takes to re-open your business after a fire is also covered. For some dispensaries a few days closed means a huge tank in profits. Fortunately, Cannasure can make that a problem of the past.
Cannasure’s program aims to satisfy the specific needs of the cannabis industry. As a result, they cover any loss of medicine from theft or fire. They also offer coverage for any weed being transported from cultivation site to dispensary.
Since dispensaries are forced to operate in cash, they have been the perfect target for robbers. As a result, businesses have had to dish out for 24-hour security for facilities and for transporting cash or product. They couldn’t afford a loss because it might not be covered by their businesses insurance.
On top of inventory coverage against risks like fire and theft, Cannasure offers product liability. This means if someone sues due to an unexpected reaction to medicine, the insurance company will cover the expenses of both the cost to defend the lawsuit and the potential loss.
Final Hit: Cannasure Insurance Program For Weed Businesses
A fire or theft doesn’t need to result in an unrecoverable loss for weed businesses. Cannasure has been one of the leading forms of insurance coverage for marijuana since 2010. The launch of the program for new business submission will be effective on February 1st of 2018. Weed businesses can reach out to them and other insurance companies for quotes to compare coverage and prices.