Do I Need Unique Insurance Coverage for my Cannabis Business?

“I Love Surprises!”

(Said no legal cannabis business owner… ever.)

And one of the worst surprises to receive as a business owner is an unexpected expense when something goes wrong. And something will go wrong, eventually. That’s just life.

The cannabis industry is new, unique, and growing quickly. Most importantly, there are many unknowns. And unknowns create risk. That risk comes in the form of these areas of exposure:

  • Property Exposure
  • Net Income Exposure
  • Liability Exposure
  • Personnel Exposure

The good news is that National Cannabis Insurance is here to help you mitigate that risk. We have the experience and knowledge to help you through the complexities of the cannabis business world and provide you the best solutions to keep you safer.

And allow you to get back to running and growing your new business.

Learn more about coverage.

What’s The Risk?

You are probably convinced that you need insurance to cover unexpected losses in your business.

But there’s insurance…and then there’s proper insurance. And in this industry, getting proper insurance can be tricky.

That’s where National Cannabis Insurance comes in.

The advantage of having proper insurance is that insurance is indemnity. Indemnity is an insurance company’s payment for an unexpected loss.

However, an insurance policy is a conditional contract.  An insurer will pay for a loss if an insured event takes place. An insured event is defined by your contract, and has all of these 6 elements:

  • Covered property or activity
  • Covered cause
  • Covered consequence
  • Covered circumstance
  • Covered location
  • Covered time period

The “covered circumstance” is one of the tricky areas, because every policy contains exclusions.  Exclusions state what the insurance policy DOES NOT intend to cover.  Exclusions can create gaps in coverage. More specifically, some policies include exclusions that reduce or eliminate obvious cannabis business exposures.

At National Cannabis Insurance we spend extra time with our customers to ensure that they understand what is covered and what is excluded.  Nobody likes to have a loss and wonder “is that covered”?  We’re working with underwriters to address those coverage gaps by designing a comprehensive program for our clients.

So…no surprises. And you can focus on what you need to do, to grow your business. Contact us to learn more.