Cannabis & Hemp Cultivation Insurance

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Cannabis and Hemp Cultivators Insurance

A comprehensive insurance program is important for any business. But for Cultivation businesses, having insurance that properly covers your crops is critical. At each stage of the cannabis growth cycle, it is imperative that you have insurance coverage that considers the value of the plant for every stage. We understand how important it is to have your crop remain strong and healthy. And we also know how financially devastating to lose a crop can be. Our Cannabis Cultivation Insurance Package ensures that your crop is protected because we place an insurable value at each stage of the growth cycle.
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Cultivation insurance is designed to protect your plants, equipment, and business income in the event of a loss. If your grow where to be damaged as the result of an insurable event, we can provide security and protection that your business will be up and running as quickly as possible. We provide coverage against Lighting, Theft, Fire, Explosion, Hail, Vandalism, Smoke Water Damage and many others.

At CannaCorps, we have the expertise in the cannabis industry to know and understand the specialized needs of Cannabis and Hemp cultivation businesses. We customize an insurance plan that gives your business the coverage you need. From Crop Protection to Product Liability and everything in between, the Corps has you covered.

The liability associated with running a cannabis farm can be significant. Your crops may represent the most valuable asset of your business. Cannabis crop insurance allows you to relax knowing that your company will be protected in the event of a catastrophic event. Additionally, accidents happen, in the event of a covered occurrence you will want your business to have insurance to pay for injuries, property damage, and personal injury. In addition, we have General Liability options for Herbicide/Pesticide/Fungicide applicators. Product Liability Insurance is essential whether you are a dispensary, cultivator, or manufacturer. Cannabis operations are being required to prepare legal defense and prove their products are safe. In the absence of federally mandated procedures this is not an easy task. Because insurance coverage for cannabis are unique, cannabis growers may benefit from guidance on how to properly insure their cultivation from experienced cannabis insurance agents.

Even though the Cannabis industry is rapidly growing, there is a lack of federal cohesion for cannabis related businesses. It is harder than ever to recover from losses resulting from crop damage, employee injury, or damage to equipment. In constructing a properly structured Cannabis or Hemp Cultivators insurance package one must first consider the basic coverages of crop, general liability, product liability, workers compensation, and property liability.

What Does Cannabis and Hemp Crop Insurance Usually Cover?

Cannabis and Hemp crop insurance protects you from a financial loss to your crops. This primarily applies to grow operations. Cannabis and Hemp can be damaged or destroyed under certain weather conditions such as heavy wind, fire and flooding. They are also targets of theft, which crop insurance protects against as well.
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A crop insurance policy covers cultivators if there is a loss to the crop, under certain conditions, such as fire, lightning, wind, hail, theft, and sprinkler leakage, among others. Loss caused by changes in climate or mold, disease, and fertilization issues, however, is generally not covered by crop insurance policies.

What Does Cannabis General Liability Insurance Usually Cover?

General liability insurance policies typically cover you and your company for claims involving bodily injuries and property damage resulting from your products, services, or operations. It may also cover you if you are held liable for damages to your landlord's property.
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Bodily Injury

Even when the best practices are maintained, accidents and injuries can still happen. CannaCorps provides access to general liability insurance that can cover claims by third parties for bodily injuries. If you work in an office, store or even at a customer’s location, general liability coverage can protect you from lawsuits and claims.

Medical Expenses

If an accident happens and someone other than you or an employee is injured, your general liability policy can cover the associated medical expenses for each injured person. Protect yourself and your cannabis business with a general liability insurance policy.

Property Damage

Damage to someone else’s property, whether caused by you or one of your employees, can potentially create huge expenses that you as a business owner would be responsible for. Therefore it is wise to protect yourself and your business with a general liability insurance policy.

Legal Fees

Legal fees are expensive if you do not have a plan in place for your defense. Your general liability insurance policy can cover legal costs on your behalf reducing your limit of liability.

What Does Cannabis Product Liability Insurance Usually Cover?

Product Liability Insurance — protection against financial loss arising out of the legal liability incurred by an insured because of injury or damage resulting from the use of a covered product or out of the liability incurred by a contractor after a job is completed (completed operations cover).
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We recognize that Product Liability insurance in the cannabis industry is new and evolving. However, there has been an increase in the number of cases brought up that deal with accusations of defective cannabis product, as well as new guidelines and regulations that have caused product recalls. Product liability Insurance provides coverage in the event you are found liable due to a defective product, whether you manufacture or just sell the product to a consumer.

What Does Cannabis Workers Comp Insurance Usually Cover?

Workers Compensation — the system by which no-fault statutory benefits prescribed in state law are provided by an employer to an employee (or the employee's family) due to a job-related injury (including death) resulting from an accident or occupational disease.
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These are some of the risks that are specific to the cannabis industry, such as:

  • Heat-stress injuries from working outside of a greenhouse
  • Cuts and lacerations when plants are harvested
  • Exposure to toxins from fertilizers and pesticides
  • Improper ventilation that can lead to toxic mold exposure
  • Excessive UV exposure from indoor growing lamps
  • Carbon dioxide inhalation
  • Possible burns and electrical shocks from malfunctioning or improperly wired equipment

What Does Cannabis Property Insurance Usually Cover?

Commercial Property Policy — an insurance policy for businesses and other organizations that insures against damage to their buildings and contents due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase in expenses that results from the property damage (PD). Commercial property policies may be written on standard or nonstandard forms.
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Whether you are a cannabis dispensary, cultivator or a laboratory, property insurance is critical to protect your buildings and assets. We can provide access to property policies designed to insure structures such as buildings and greenhouses, as well as other properties owned by cannabis business operations.

Property insurance can also provide coverage for:

  • Business personal property
  • Building
  • Tenants betterments and improvements
  • Money and securities
  • Outdoor property (fencing, signs)
  • Personal effects of others
  • Employee dishonesty
This is a partial list and can be customized to suit your dispensary’s needs.

In addition to the standard coverages, there are an array of additional coverages that may be considered. With the right Cannabis & Hemp Cultivation insurance program, operators and investors can be assured that their growing business is protected.
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Additional coverages may include:

Motor Truck cargo

An inland marine form covering loss of property in the course of transit, either by common carrier or on the insured's own vehicles, depending on the form used.

Management Liability

Covers exposures faced by directors, officers, managers, and business entities that arise from governance, finance, benefits, and management activities (also called "executive liability insurance"). This includes

  1. directors and officers (D&O) liability insurance
  2. employment practices liability (EPL) insurance
  3. fiduciary liability insurance, and
  4. "special crime" insurance (covering kidnap, ransom, and extortion exposures).
These coverages may be written as stand-alone insurance policies or combined into a single, "package" policy.

Commercial Auto

Auto — as the term is currently defined in Insurance Services Office, Inc. (ISO), commercial auto and commercial general liability (CGL) insurance policies, any land motor vehicle, trailer, or semi trailer designed for travel on public roads; or any other land vehicle that is subject to a compulsory or financial responsibility law or other motor vehicle insurance law where it is licensed or principally garaged.

Excess Liability

a policy issued to provide limits in excess of an underlying liability policy. The underlying liability policy can be, and often is, an umbrella liability policy. An excess liability policy is no broader than the underlying liability policy; its sole purpose is to provide additional limits of insurance.

Cyber and Privacy Insurance

A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.

Errors and Omissions (E&O) Insurance

An insurance form that protects the insured against liability for committing an error or omission in performance of professional duties. Generally, such policies are designed to cover financial losses rather than liability for bodily injury (BI) and property damage (PD).

Directors and Officers (D&O) Liability Insurance

A type of liability insurance covering directors and officers for claims made against them while serving on a board of directors and/or as an officer. D∓O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as "management errors and omissions liability insurance," covering claims resulting from managerial decisions that have adverse financial consequences.

Employment Practices Liability Insurance (EPLI)

A type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policies cover claims from a variety of other types of inappropriate workplace conduct, including (but not limited to) employment-related: defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation.

The Corps Difference

While no business owner wants to think about the probability of damage to their products, property, or company, the risks are very real. The best way for you to prepare your Cultivation Business for such a possibility is by purchasing customized insurance. CannaCorps is here to help you protect your business.

Our mission is to make sure your company is covered no matter what area of the cannabis industry you are a part of. We know that your industry is complicated and unique with ever-changing rules and regulations. Allow us to help you ensure your business is covered.

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