True or False – Insurance Policies Do Not Cover Cannabis Operations for Cannabis Industry Businesses?
Many cannabis operations think that there are no insurance policies that cover their business. Not true! Like most entrepreneurial enterprises, cannabis businesses are required to get insurance. All policies start out as a standard structure where only minimum requirements for state and local are covered. Then from there, the insurance company can add endorsements and exclusions. This is where cannabis companies need to pay attention to make sure that they are covered. There have not been good coverage options in the past, but as the cannabis industry continues to evolve, so do the insurance companies and their policies for marijuana-based businesses.
As you may not know, all insurance policies are not created equal. There are only a few insurance companies currently that truly embrace the cannabis industry. Cannabis business owners should select an insurance provider that is cannabis-specific. To guarantee your policy covers cannabis claims, talk to your provider about the operation’s exposures and what types of coverage you will need. It is also important to find out potential exclusions such as for health hazards and pollution.
There ARE insurance companies that ONLY cover cannabis operations. National Cannabis Insurance Services is a 100 percent cannabis-focused insurance agency. Our main focus is on cannabis-specific coverage, limits and endorsements. Agencies such as ours would be the best option for a marijuana-focused business because we are knowledgeable about the cannabis industry. We know and understand what the most essential coverage options are and what exposures need protection.
Yes, there are insurance policies that cover cannabis operations! Don’t forget to ask insurance company candidates the specific questions and to make sure that your business insurance is “cannabis-specific!”
Want to hear more cannabis insurance myths debunked? Our free Cannabis Insurance Myths webinar answers questions you may never even have considered before as part of your cannabis business operations. Listen, learn, and understand how proactive cannabis insurance policies can protect your growing business in this burgeoning industry for the long run. We’re here for you – reach out to NCIS today with any questions or concerns you may have.