Thank you for visiting Greenpoint Insurance Advisors, LLC!
|Since 2009, Colorado based Greenpoint Insurance Advisors, LLC has provided business insurance for many medical marijuana stores, growers, infused products, ancillary companies and building owners from approved insurance carriers. Acting as Insurance Brokers, our agency understands the importance of identifying the unique risks in the marijuana industry and specific needs of each individual client, while providing the appropriate solutions and coverages to specific objectives. Learn more about buying medical or recreational marijuana insurance.|
Some Important Factors When Buying Marijuana Commercial Insurance For Stores, Growers and Infused Products
- Theft of marijuana has been our most frequent claim. Therefore, coverage for your plants or the final cannabis product should be a important consideration.
- Employee injuries or liability from the workplace happens to be our second most frequent insurance claim. Workers compensation insurance provides the necessary protection for your employees if they’re injured on the job, paying medical damages and lost wages.
- Make sure your insurance policy is issued by a medical or recreational marijuana approved insurance company. The standard insurance carriers such as State Farm, Farmers, Travelers etc… don’t typically provide coverage for this unique industry. The consequences may be dramatic if your insurance company does not offer a special program for the cannabis industry.
- If requested, Marijuana insurance coverages can include protection for product liability or products completed operations directly related to your marijuana. Not only important for the marijuana retailer or cultivator, but encouraged for manufacturers of infused products or concentrates due to specific legal ramifications. Please seek legal advice from a licensed attorney regarding product liability.
- Transparency is important when working with a marijuana insurance broker. This means receiving copies of your application, coverages, and insurance policy issued from the carrier. Visit our best practices for buying insurance.
- Insurance coverage protection should be well thought out. Other coverages not normally considered, but maybe vital when operating your business include tenant improvements, business income/extra expense, non-owned automobile liability, glass, parking lot liability, and sewer back-up to name a few. Other insurance policies might include Directors & Officers, Commercial Umbrella, Employment Practice Liability, Cargo, and Bailee Coverage. Important to address your specific needs with a licensed insurance agent in your state of residency or operation.
- Pay special attention to the exclusions or endorsements inside your marijuana insurance policy. Knowing how something is covered, or if there’s been a significant change to a coverage provision, can materially impact your protection. This means taking the time to read your insurance policy.
Some Important Factors When Buying Marijuana Commercial Insurance For Landlords or Building Owners
- In our experience, the majority of marijuana tenants have proven to be responsible and reliable toward honoring their lease agreements. If theft has been our most frequent claim for marijuana operators, then damage to the building is a natural by product of those incidents. Landlords should address coverage concerns of this nature not only with their insurance broker, but with the tenant to determine how the claim should be covered.
- Marijuana buildings must be covered under a marijuana approved insurance company. Standard insurance carriers such as Farmers, State Farm, Travelers, and Hartford don’t typically insure cannabis related landlords or businesses affiliated with cannabis.
- When insuring your building, you’ll notice coverages are likely to be selected over being offered a complete “package”. Marijuana policies may not be as comprehensive or all inclusive as a policy you might have with Allstate, Travelers etc.
In 2009, President and Owner JB Woods started Greenpoint Insurance Advisors, LLC realizing that medical marijuana businesses were having difficulty securing commercial insurance in order to lease space or operate like other companies. Finding approved insurance carriers made the difference for many marijuana businesses, enabling them to operate as legitimate businesses.
Greenpoint Insurance Advisors, LLC has been featured in numerous publications including The New York Times, Denver Post, Westword, Denver Business Journal, National Geographic Channel, Insurance Business America, CBS, and CTV.
Our insurance agency is a Founding Member of The National Cannabis Industry Association.
Contact Information:11479 S. Pine Dr. #32 Parker, Co 80134 (303)841-8999