All You Need to Know About Cannabis Insurance Covers
Whether you own a store or you are manufacturer there are risks such as fire outbreaks or theft that your business faces each day. When you insure your marijuana dispensary, you are sure that all your stock and chattels will be reimbursed back when something bad happens to your cannabis dispensary.
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 will be more than happy to know that cannabis insurance policies are pocket-friendly. By paying a small premium a lot of cannabis business insurance firms will offer you a policy of $25,000 for covering your medicine, a million dollars for your general liability insurance and one hundred thousand dollars for business property. The $100,000 will insure all your computer gadgets, furniture and fixtures.
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. The cost that you have to factor in while operating enterprise that is faced with risks like fire outbreaks is referred to as extra expense. 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.
Manufactures of pharmaceutical marijuana products, cannabis dispensaries and smoking and gadgets are covered by the product liability insurance policy. This policy is designed to offer the owner of the cannabis dispensary protection from court cases that may be filed by cannabis users who developed adverse side effects after using their marijuana products.
You have to consider several things while choosing a cannabis dispensary insurance firm that will provide you with a cover for your marijuana dispensary. Ensure that the cannabis dispensary insurance firm that you want to pick deals with covers for not just your marijuana dispensary but also insures the cannabis growers, the marijuana kitchen and for the physicians who work at your cannabis dispensary. Before you purchase a cannabis insurance cover, it is always good to ask for a premium quote. Wishing you all the very best as you prepare to open up your Cannabis dispensary.