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One of the requirements when purchasing cannabis business insurance is your agreement to allow the insurance company to perform what’s called a loss control inspection. The purpose of a cannabis loss control inspection is to help the insurance company know what they’re covering, but also to help you, the policyholder, with safety measures to help you run your business as efficiently as possible by either preventing losses from occurring or reducing the severity of the ones that might occur. Once the loss control inspection is completed you’ll receive recommendations from the insurance carrier of what changes need to be made to. The following is a checklist is to aid you to some of the items the loss control consultant will be checking for. General Requirements:
Street Address: Is your street address number / suite number plainly visible and legible from the street? Each locality has an ordinance with requirements for how street addresses need to be posted. For example, street numbers should be a minimum of 12 inches in height, and the suite number, if applicable, should be not less than 6 inches in height. The numbers shall be in a contrasting color with it’s’ background and on the outermost surface of the building. Emergency Lights / Exit Signs:
Means of Egress and Fire Separations:
Portable Fire Extinguishers:
Sprinkler / Fire Suppression Systems:
Fire Alarm System:
Electrical Safety:
Housekeeping:
Reach out to me when you’re considering cannabis business insurance. I will discuss coverage’s with you, how each coverage works and assess how it fits into your risk management needs. I will provide you with comparative cannabis business insurance quotes from multiple insurance carriers so you can get the best possible rate. As an insurance broker I help cannabis businesses manage risk through insurance. I'm available to discuss my experience or any questions you may have. On Friday, May 10, Georgia became the 42nd state to legalize hemp farming. Georgia Governor Brian Kemp signed the Georgia Hemp Farming Act into law, legalizing the licensing of industrial hemp growers in the state. The law sets forth the requirements for grower licenses and processor permits, which will be administered by the state Department of Agriculture. Grower licenses will be issued for one calendar year, at a cost of $50 per acre up to a $5,000 maximum license fee. Processing permits will be issued on an annual basis at an annual fee of $25,000 for the first year, and $10,000 for each year thereafter. As an insurance broker I work with help many cannabis and hemp operations manage risk through insurance. Whether your a property owner, grower, processor, lab, wholesaler or dispensary I’m available to discuss my experience or any questions you may have. Every cannabis company, regardless of size or what you do, has a cannabis general liability exposure. Without having cannabis general liability insurance in place your business can be left financially vulnerable to third-party claims. What Cannabis Liability Insurance Covers Cannabis General liability coverage can be a standalone policy or can be part of a Package or Business Owner’s Policy (BOP). This coverage safeguards your business’ finances and reputation in the event a customer or third party takes legal action against you or your employees. Unfortunately, nearly anyone your business interacts with can make claims against your operations. Without the right insurance protection, these claims could cripple your cannabis business. The following are types of claims covered by a Commercial General Liability policy:
Cannabis Product Liability is not always included when you purchase cannabis general liability insurance. Cannabis Product Liability Insurance will sometimes be issued as a separate insurance policy. This policy will provide defense for cannabis product liability lawsuits for any of the following:
What Cannabis Liability Insurance Doesn’t Cover Cannabis Liability Insurance does not cover the following types of damage:
Reach out to me when you’re considering cannabis business insurance. I will discuss coverage’s with you, how each coverage works and assess how it fits into your risk management needs. I will provide you with comparative cannabis business insurance quotes from multiple insurance carriers so you can get the best possible rate. As an insurance broker I help cannabis businesses manage risk through insurance. I'm available to discuss my experience or any questions you may have. |
Disclaimer
The information in this blog is accurate to the best of my knowledge. This blog is not a substitute for consultation with a licensed insurance broker to address the particular facts and circumstances of your individual risks. |
for a quote or to discuss your risk call, 503-756-4208
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