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How much does all of this cost?

The price of a policy is what’s called Premium amount. Premiums vary from industry to industry, but more so does the exact operation. A company worth $5million needs more protection from a company worth $1million. Also, a grower has different risks and situations that vary on each property but is most certainly different from a retail store. What you should ask is, can I afford to be self insured? If the answer is no, give us a call and we can see what coverage really costs.


Can I get higher amounts of coverage?

Yes you can. Getting higher limits doesn’t mean you will have a higher pay out though. Having a building that costs $100k but insured for $200k doesn’t mean your company receives $200k after a loss.  Insurance only pays what the building is worth or what it will cost to replace that exact type. Insurance works off of the law of indemnity, meaning putting your company back in the place it was before the loss, not better. Having more than needed insurance coverage only makes your premium go up.


What’s a deductible?

A deductible is the amount your company must pay into the claim. The reason for this is to transferring a little risk to your company and in turn, reducing the premium amount on the policy. You can chose to have no deductible, however the premium amount will be at it’s highest. Find a comfort level you are satisfied with and let us help define your risks  to reach that level.


If I am federally illegal, am I still going to get my claim paid?

Yes! This is state ran insurance with companies that work outside of the cannabis federal law. Insurance companies insure legal operations as defined by the state as long as those operations stay within the state. Any outside operations would require an additional policy in that other state. This insurance coverage is designed to treat your operation like any other industry. And as a disclaimer, if you’re found guilty, there is no pay out, but that’s obvious in any industry.


Can I only get certain coverages not all of them?

Sometimes you can and sometimes it’s a package. In the insurance industry they call this monoline coverages, meaning only one line of coverage. Having just Workers Compensation or just General Liability would be considered monoline and leave your operation really open to risk.  However, getting just Stock coverage for your inventory wouldn’t be available due to the possible lack of insurance on the storage area. Would place your large inventory without knowing the storage specifications? Probably not, and neither is a carrier.


How do I know if I can get coverage?

Contact us of course! Having the correct insurance requirements is what we can talk to you about. Almost every situation qualifies for some type of coverage and you could qualify for all of it. Let us find what your operation needs and what you can qualify for!

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