Regardless of whether you own a small shop or manufacturing company risks such as theft or fire outbreaks will face your enterprise every 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.
A cannabis business insurance has a myriad of advantages, and fortunately, there are different insurance packages are tailor-made to protect the different facets of your cannabis dispensary. You will be more than happy to know that cannabis insurance policies are pocket-friendly. Just by parting with a few bucks, you will receive an insurance premium that will award you up to $1m in general liability insurance, $25,000 for medical coverage and another and $100,000 for your property. The $100,000 will insure all your computer gadgets, furniture and fixtures.
In addition to that, you will also be given an insurance package that will cover your product liability and your business income and extra expenses. Cannabis dispensaries get these covers as part of their policy even though these two policies are not compulsory in the standard medical marijuana policy.
All the net income and the operational expenses plus employees salary is what is known as business income. On the other hand, extra expense is the additional expense that your enterprise will have to incur as a result of operating an enterprise that is often at risk of having fire break-outs. This implies that business income and additional expenditure policy will cover all the expenses that are associated with moving to a brand-new place as an outcome of a fire break out or the costs incurred in finding an inventory.
The role of the product liability insurance policy is to protect all the manufacturers of therapeutic marijuana products, smoking or vaporizing devices and marijuana dispensaries. Although it is overlooked by most owners of cannabis dispensaries, this policy does provide protection to the policyholder against lawsuits that arise from cannabis patients who experience unintended side effects as a result of using your cannabis products.
There are several factors that you need to keep in mind while searching for an insurance firm that provides cover for your cannabis dispensary. It is vital that you make sure that the cannabis business insurance company covers all other aspects of your business such as the cannabis farmers, the health practitioners at your clinic and the marijuana kitchen and not just the 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.