FRIDAY, APRIL 30, 2021
If you are a business owner of any kind, you will need some form of insurance. Growing cannabis is no different. During operation, you still face financial loss and liability risk when growing and sending out your product. It is important to make sure your business is protected in case of an accident. 
The most common types of insurance that we see for marijuana growers include:
General Liability protects you against basic business practices that normally occur-hence why it’s called General Liabilities. This may be if someone trips and falls while walking into you building or it may be defending you in a lawsuit if your business is sued.
Product Liability protects you against claims that may come from the sale of your product. For growers this may come months after your product has been taken and sold. An example may be a person using medical marijuana suffered a medical issue and they trace it back to your product. Product liability is going to protect coverage as long as it’s covered under the policy.
Loss of Income protects your revenue coming in and out of the door if a covered loss occurs. Loss of income coverage will give you the revenue that you need in order to keep the doors open.
Property Coverage protects structures or improvements that you’ve made to a space. You may not own a building, but you’ve paid to construct a build out to make the space better for your business. Often these build outs are expensive and many people will choose to insure the amount they’ve improve the space. Even if you don’t own the building many property owners will require a tenant to insure the building.
Inventory Coverage is going to protect all the product that you have on your property. This may be seeds, this may be buds, it may be harvest plants, or it could be finished stock. Regardless your inventory is what you sell to make money so it’s important to protect it adequately. Dangers commonly covered under this coverage include:
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Fire
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Explosions
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Hail or wind
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Vandalism
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Smoke
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Leakage from automatic automated fire safety systems like sprinklers
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Water damage from air conditioning and heating devices, as well as plumbing accidental discharges
Be sure to speak with an insurance agent about protecting your cannabis growing business with the right cannabis insurance you need.
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