Insuring your Medical Marijuana business, equipment and crops
Your equipment and crops are the basis of your business. So, what have you done to protect them?
Equipment can fail or even be stolen. Patients could have a rare and negative reaction to your crop. Your growing facility could suffer infestation from insects that will destroy your Patient’s medicine and your business.
There are several different insurance coverage options available to a Medical Marijuana Grower.
The three most common are:
1. Premises Liability (usually required by the landlord). This will cover the Grower against any slip and fall or other lawsuits arising out of 3rd party damage or injury on location.
2. Equipment Property Coverage. This will insure all equipment or improvements and betterments needed to grow the Marijuana
3. Theft. This will insure theft of Marijuana that is already grown and cut and is awaiting transportation (state of the art security is usually required).
Other coverages available:
– Professional Liability. This will insure against a lawsuit claiming injury as a result of the Marijuana being defective.
– Crop Insurance. This will insure against the loss of crop due to a variety of natural events.
There are steps you can take to protect your business. I am sure that it is no surprise that a majority of insurance companies do not offer insurance coverage for marijuana. However, I have successfully worked with a select number of insurance companies that have policies that can meet the Medical Marijuana Business Owner’s needs.