All You Need to Know About Cannabis Insurance Covers
Regardless of whether you own a small shop or manufacturing company risks such as theft or fire outbreaks will face your enterprise every day.Insuring your marijuana business gives you confidence in running it because should anything happen to the stock, the insurance cover will reimburse you.
There are lots of advantages that you may derive from taking a cannabis dispensary insurance, in fact, it is worthy to note that cannabis insurance companies have custom made products that will cover the various aspect of your business.You may be surprised to know that the cost of insuring your cannabis dispensary is affordable.In fact for a small fee, most cannabis dispensary insurance companies will give you a cover of $1m in general liability insurance, $25,000 for medical coverage and $100,000 for your property. Your furniture, fixtures, and electronics are all covered in this property insurance.
Apart from the property, medicine, and general liability insurance policy, you will also be given a cover that will take care of your business income and extra expenses and product liability. Cannabis dispensaries get these covers as part of their policy even though these two policies are not compulsory in the standard medical marijuana policy.
Business income is defined as the net income that your business will have earned and the recurring operational expenses which include employee’s salary. While extra expense is defined as the cost that you will incur in running a business which is threatened by perils such as fire outbreaks. Hence the business income and extra expense covers role is to compensate you on all the expenses that you will have to incur while shifting to a new business premise because of a fire outbreak or the cover the cost that you will have to bear while finding your stock.
The product liability insurance covers all manufactures of medical cannabis products, smoking or vaporizing apparatus and cannabis dispensaries. Even if cannabis dispensaries owners neglect it, this cover gives security to the cover holder from charges filed by users of marijuana that have experienced unexpected negating effects from using your marijuana.
There are several factors that you need to keep in mind while searching for an insurance firm that provides cover for your cannabis dispensary.Make sure that the cannabis business insurance company that you wish to settle on offers covers for not only your cannabis dispensary but also for the marijuana growers, the cannabis kitchen and for the doctors who work at your dispensary. It is always important that you request for a price quote before committing to buying a cannabis dispensary insurance policy. I wish you luck as you embark on opening up your Cannabis dispensary Business.