Having access to your store, your warehouse, and ultimately your land is critical for the survival of your business. Let’s face it, if you couldn’t open your store this morning due to a small fire in the grow room, your business could be in serious jeopardy if the doors remained closed for too long. If you already have property insurance chances are that will take care of getting the cost of repair taken care of, but what about the lost revenue due to your store being closed? Without business loss coverage, sometimes referred to as business overhead expense, your cannabis operation’s future could be in jeopardy. How will your business pay for rent? Employee salaries? License Agreements? How will your business plan to pay bills if the dispensary is closed due to a fire? This is why you need Business Income Loss Insurance.

Admittedly, there are so many important coverages to consider, this is no exception. Fortunately for most businesses the loss of income types of coverage would be included under your commercial property set of coverages (that is, if you are a small business owner). If you are a business that pushes north of $1,000,000 in annual revenue you need to have a conversation with your insurance broker about this coverage set especially because it may not be included. If you are a dispensary or a cannabis related business this coverage is extremely necessary.

We don’t like to think about it but without this type of coverage for 1st party theft, any loss you sustain due to the criminal activity of your employees would most likely be denied.

Every business owner needs to consider adding data breach and cyber attack coverage into their portfolio. Let us share a personal experience as an example: Our agency can provide both personal insurance and business insurance in most states-we are about 60% commercial lines and 40% personal lines in terms of premium dollars. In 2021, we had 5x the amount of cyber attack calls than home fires. It’s getting more and more difficult not to make this coverage front and center. Could it be more important than general liability? We are happy to discuss this interesting topic with you. Call us today!

We discuss this topic in various sections on this website. E and O coverage is typically class specific so a ‘blanket’ malpractice type of policy that covers all of your efforts is usually not possible. I would say impossible but there could be some insurance carriers out there that would provide an ‘everything’s covered’ type of policy for beaucoup dollars, but we still have not found one yet.

Most certainly if you are in the business of prescribing medical marijuana to patients you would have medical malpractice based errors and omissions coverage (otherwise known as Professional Liability Insurance).

Coverage for your professional recommendations or your professional failures comes from professional liability insurance. Hence the reason behind the same coverage named ‘Errors and Omissions Insurance.’ Many titles are used to represent this specific coverage set but it is almost never included with your standard general liability insurance policy. You will find most insurance agents will have this type of coverage, doctors of course, attorneys, those distributing intellectual property, just to name a few. There are times when professional liability may be a more beneficial coverage as compared to general liability in very specific circumstances. Talk to us today, we can get you insured.

Most certainly if you are in the business of prescribing medical marijuana to patients you would have medical malpractice based errors and omissions coverage (otherwise known as Professional Liability Insurance). However, for those that are on the retail side or growing side, this type of coverage could be a good idea as it could include a number of different coverage option: 1) Improper labeling 2) Infringement Type Claims where an allegation of intellectual property theft is made 3) Misreading an identification card resulting in wrongful and wrongful dispense claim.

The Lurking misfortune of commercial package policies and business insurance policies (and of course for personal home insurance, but that’s on another webpage of ours). Click here to learn more about protecting you and your business from claims due to water damage. Did you know that if your stock is damaged due to a roof leak you probably won’t have coverage for the damaged cannabis products? Not to be a debbie downer but so many policies do not cover these types of claims. Unfortunately, coverage may not be available for your business property that is damaged due to a water leak from a gutter, downspout, or crappily installed roof. If this sort of claim worries you, the most important thing you can do is make sure you get your landlord to fix the roof problem or downspout problem because even the best policies in the world may still not cover these types of claims for you.

Although typical businesses may need $1,000,000 per occurrence and a $2,000,000 general liability aggregate, your growing operation or dispensary probably needs significantly higher limits of coverage; $5,000,000 and even $10,000,000 or regular and customary limits of insurance as it relates to dispensary and cultivator insurance programs.