Medical Marijuana Growers Insurance
A necessary evil or an essential part of daily life? This is surely the kind of question that goes through the mind of any business owner, yet especially one who is involved in a business as inherently risky as medical marijuana growing. No matter your thoughts on the matter, insurance is something that is essential nowadays.
No business can afford to be uninsured and take the risks associated with potentially losing all of your stock, assets and hard earned cash. At this point, you are probably asking yourself if it’s possible to get medical marijuana growers insurance and the answer is yes, it’s actually quite a bit easier than you think. Like any other business, medical marijuana growers are also potential clients for insurance companies and can therefore get coverage. The trick is finding coverage through a company that understands your needs and can cover you accordingly.
What Is Medical Marijuana Growers Insurance?
This is insurance that is specially formulated to cover your needs as a medical marijuana supplier. Designed to cover this specific niche market, these products are aimed directly at your type of business.
Who Can I Get Insured With?
While there might be other insurers out there, Cannassure is able to provide medical marijuana growers with multiple coverage options. all tailored through experience, to provide you with exactly what you need. The growing cycle includes three stages that we are able to insure against. No matter what stage you are at in your growing cycle, we have a plan to cover you. You are able to select one or all three stages for coverage.
These three stages are:
- Living Plant Material: Seeds, marijuana plants in the stage of vegetative growth, immature marijuana seedlings, and flowering mature plants in the growing medium.
- Harvested Plant Material: Mature marijuana plant material that is not situated inside the growing medium, which is in the drying process.
- Finished Stock: Mature marijuana plant material no longer in the growing medium, which has been completely processed and is ready for sale.
What Will I Be Covered Against?
Coverage is available against the following potential dangers:
- Lightning
- Theft
- Fire
- Explosions
- Hail or windstorms
- Vandalism
- Smoke
- Leakage from automatic automated fire safety systems
- Water damage from air conditioning and heating devices as well as plumbing accidental discharges
There are a number of other coverage options as well and it’s always best to ask and tailor the solution to your specific business needs.
What Additional Types Of Insurance Are Available?
- Product Liability Insurance. This provides coverage for those clients who have experienced unintended side effects and wish to take this up with the company. This insurance covers such things as: edible marijuana products, the dispensing of marijuana and smoking apparatus
- Business Income Insurance. This would cover the net income as well as normal operating expenses in the event of a fire and the business having to relocate to other premises.
Important Things To Remember
Medical growers insurance is not something you will be able to find just anywhere. Medical marijuana plant insurance coverage is a specialized form of insurance and you will need to make sure that their policies adequately cover your needs. In addition, you need to get the price in writing to ensure that you are fully aware of all the ins and outs of medical marijuana crop insurance. Due to the nature of this business, security requirements are going to be quite high and it is critically important that these security precautions be maintained at all times.
All of this can be handled for you by Cannassure, as we understand that business is complicated enough already without having to worry about the legal implications of your insurance.
What Are The Requirements For Medical Marijuana Plant Insurance?
There are several underwriting guidelines that you must pass before a policy will be issued.
Here are the three basic components:
- First Component – Your facility must be inspected by a licensed electrical contractor who will confirm the electrical architecture is adequate for your operations; including the power supply and number of circuits. The contractor must prepare a letter of approval that is required at the time of binding/ordering the insurance policy. This is non-negotiable and the electrical system needs to be maintained in order to ensure insurance compliance.
- Second Component – You must have a security system installed and operating including a burglar alarm that reports to an outside monitoring station. As with the above, this system needs to be maintained and in proper working order at all times to ensure insurance compliance.
- Third Component – If you are requesting coverage for finished stock you must have a TL-15 or ½ ton safe bolted to the floor and motion detectors must be installed in the safe room location. Please make note that if you are not requesting coverage for finished stock there is no safe requirement.
All of these points are necessary and if one of these is found to be lacking, then it could affect the insurance policy pay outs or in a worst case scenario, invalidate the policy entirely.
How Do I Get Insured?
To obtain a quote for coverage please complete our application form or call us directly at (Insert Number). You may also email us at (Insert Email) with any additional queries that you may have. As with any insurance policy, there are numerous exclusions so feel free to contact us to discuss these. Why wait, get your medical marijuana growers insurance today and remove all unnecessary hassle and worry from your life regarding your business.
To obtain a quote for coverage please complete the application or call us directly at 800-420-5757 you may also email us at info@cannassure.com. As with any insurance policy there are numerous exclusions. Please Get Started, Apply for an Application
