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Standard Perils

These are the core insurances what make up any commercial policy. Whether an auto shop, bakery, office, or general store, everyone of them has these perils covered in their policy. You may have heard of them when getting your home or auto insured. However, in a commercial policy they are much more broad, like wind, hail, explosions, and so on. There is even a coverage for terrorism. There’s so much coverage here that it’s best to think of what’s not covered, and having an advisor like us to point it out!

 

What makes this policy different?

Put simply, this policy covers the cannabis industry. The auto shop, bakery and other business mentioned before, have exclusions for this. This policy does not, and covers your product and business just like any other out there. We recognize the biggest threats facing businesses in this industry is usually fire and theft. But, there is always more out there that can put your company at risk and that’s why having more coverage than a basic liability policy is where this comes in.

 

What does it not cover?

In each policy there are perils not covered and they are called exclusions. A proper insurance advisor, like S2S Insurance Services, can point these out before your company gets a policy. Some of the exclusions are standard exclusions like flood and earthquake. These policies need to purchased separately just like homeowners insurance. There are also exclusions called amendments and this means the peril is not fully excluded but changed in circumstances. For instance, vacancy issues. If there is a building that has been vacant for up to a period of time, usually 60 days, and it has a policy to cover it from loss, the coverage for some losses might not be covered or covered only up to a certain percentage. This is due to the higher risk a vacant property can suffer from under a standard commercial policy. An S2S advisor can educate the client and advise a vacant commercial policy to then take over in that circumstance. For more coverages or exclusions, give us a call!

 

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