Analyzing coverage provisions of a marijuana business insurance policy can be a daunting and tedious task. A client recently asked me why do marijuana business insurance policies contain property provisions? The answer to that question is insurance provisions exist when a risk is too great the insurance carrier wants you, the insured, to adhere to specific requirements and share the burden of the risk.
For marijuana businesses because one of your largest risk exposures will be theft of product. Because of the high theft exposure marijuana business insurance policies have limitations when it comes to insuring both inventory and cash. Because of these limitations you need to self-insure and fortify the security measures that you have in place for your business.
The above questions need to be addressed because the following notable marijuana insurance coverage property provisions limit the amount of protection if you don’t follow these specific safeguards:
Marijuana businesses present new risks for the insurance industry as such it is important when you read through your marijuana insurance coverage you:
As you can see there are more than a few moving parts that come into play with the property coverage that is part of your marijuana business insurance coverage.
I specialize in marijuana business insurance, if you’re interested in discussing marijuana business insurance or would like to receive a quote please call me at (503)-922-4847 or select “Request a Quote” below.
The articles posted in this blog are intended to provide insight and is not a substitute for consultation with a licensed insurance broker to address your particular risk or circumstance.