Hey Growers,
Obviously this question will vary from state to state (or maybe not), but who do you, use or recommend, when it comes to your insurance (General, Liability, etc). I was hearing about issues with “standard” insurance companies not correcting the under writing of their policy, continuing to classify cannabis as a contraband. I wanted to know if any of you had the same issue, and if not, what companies are you satisfied with? Thanks for the feedback.
We do have a few folks on here who specialize in cannabis insurance and might be able to help you out:
@mmcneely53 @newgrowthinsurance @dannyordal @cannalifeinsurance @AlphaRoot_Jeff
Fantastic!!! Thanks Nic!
Hello, it is true, traditional insurance carriers will not touch cannabis related businesses.
There are a limited number of carriers that will write GL, Property, Product Liability, H&NOA, Crop, etc.
Our carrier has an A+ credit rating with policy forms that do NOT include the exclusions you spoke of like “contraband and illegal trade”
Call me @ 720-810-2392 or email me at mark@cannabisinsurancesolutions.com
I’m happy to discuss coverages and provide a quote,
Regards,
Mark McNeely
Hello UVPPE team! It’s definitely a good concern and something that lies within the language of the policy. My team and I work with market who exclusively underwrite cannabis businesses which certainly helps alleviate any concern around the value of an insurance policy. Most importantly it’s all about service and which brokerage you feel is going to provide the most value for you during the application process, reviewing quotes, and most importantly when the policy is enforced. I believe my team is exceptional in this department and would love to show you what we can do.
Jeff Samuels
General Manager
jeff@alpharoot.co
845-304-7233
Great topic…could have used this a year ago. I was told by a broker that per WA LCB we HAD to have product liability (PL), wasn’t true. That mistake cost us $2K+. No need for PL when you do not yet have product. We dropped that broker, but the next one was not good on service…so the right broker does matter. Shop around.
Or myself, I work for S2S Insurance Specialists and I have MMJ and recreational clients in the USA, Id be happy to answer any questions.
Hi Jeff,
I’ve been curious about your platform, hopefully we can share some information, Were you at Vegas MJBizCon?
If you need Cannabis Business Insurance, we are your one source. We are 420 Friendly Insurance, www.THCINS.com. We can write coverage in all 50 States and can cover all risks and exposures. Give us a call at 517-381-9909.
To meet us in person, look for us at MJBizCon - Next or at CannaCon Detroit. Hope to see you there.
Larry
I joined the network since this post. I can help with all your cannabis insurance needs including General Liability, Products Liability, Workers Compensation, and Crop Coverage. I can insure the whole supply chain from growers to distributors and manufacturers to retail dispensaries.
Hi. I’m another one late to the conversation and another option when it comes to insurance. By forming a Captive Insurance company, you can use tax-free money to formally self-insure and customize your coverage to your businesses unique needs. This allows you to not only save money on insurance but to administer claims on your own terms. You’ll generate profits and accumulate wealth because like any insurance company, Captives tend to accumulate assets in reserve. Your assets are protected by ensuring those dollars are no longer available to the creditors of the business. There are so many benefits going down this route. Money not used by claims can be withdrawn at a lower rate of the operating company, or held like a bank from which you can borrow. It works mostly as a way to re-purpose the funds, and dislocate the profits from the original operating Cannabis business. Please message me to learn more. I just joined and my partner and I are only just getting the website and vendors corner up.
Cannabis Captive Insurance provides self insurance for the cannabis industry and is now a member of the Growers Network. For more information you may either wait till Aug 1st and our new website will be fully functional as we will be posting videos within two weeks or you may go to our sister company www.surgicalcaptive.com and check out the info. Same solution but we are now focusing on the cannabis industry. We will also have a Financial Solution for banking as we will provide the following benefits: Risk Mitigation, Asset Protection, and Weakth Accumulation.
