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Question of the Week: My Insurance Agent or Broker is Forcing Me to Buy Marijuana Product Liability Insurance. Do I have a choice?

Are There Other Marijuana Insurance Companies that Offer Just Commercial Liability Insurance or Product Liability Insurance?

Yes!

This question was presented most recently when a cannabis grower needed commercial general liability only.  They weren’t interested in buying product liability insurance at the time due to cost constraints.  The additional premium was close to $2,800 per year.  Unfortunately, the retail insurance broker presented insurance quotes for two different insurance policies was unable to comprehend this was beyond their budget.   The insurance carrier and its representatives required both policies be purchased as a condition of the sale.   The selling of insurance is fundamentally about doing what is in the best interest of your client and do no harm.      

If you need marijuana insurance that doesn’t require you to buy commercial liability and product liability “packaged” together the good news is there are other marijuana approved insurance companies willing to offer you the single line of insurance. 

 

 

 

 

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What Insurance Companies may want to Consider before Insuring the Marijuana Industry

By J.B. Woods, Greenpoint Insurance Advisors, LLC  © 2017 All Rights Reserved  (This article was originally published in Trusted Choice/PIIAC of Colorado) The most recent election captured the attention of the insurance industry when states like California, Nevada, Massachusetts, and Maine voted to legalize marijuana along with medical marijuana initiatives being approved in other states… Continue Reading

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Vicente Sederberg LLC, One of the Nation’s Leading Marijuana Law Firms, Opens Nevada Office

Vicente Sederberg LLC, One of the Nation’s Leading Marijuana Law Firms, Opens Nevada Office

Firm to partner with Las Vegas-based Ashcraft & Barr LLC, headed by Alicia Ashcraft, a leading attorney in regulatory compliance, and Jeffrey Barr, former city attorney for North Las Vegas DENVER, CO and LAS VEGAS, NV – Vicente Sederberg LLC is proud to announce that it is expanding its groundbreaking national marijuana law practice into… Continue Reading

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Marijuana Insurance for Board of Directors and Officers

Marijuana Insurance for Board of Directors and Officers

Directors and Officers Insurance for Cannabis Companies Becoming More Available and Important ©2014 Greenpoint Insurance Advisors, LLC   As the marijuana industry continues to grow in sophistication with investors and wall street involvement, it has become apparent Directors & Officers Insurance (D&O) is important to secure.  Historically, this type of coverage has been challenging to… Continue Reading

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Marijuana Insurance Companies–Who Insures Your Cannabis?

Marijuana Insurance Companies–Who Insures Your Cannabis?

Small Number of Approved Insurance Carriers Insure Marijuana If you’re thinking about purchasing marijuana insurance from your local insurance Agent, you might want to think twice.  The State Farm, Farmers, Travelers, and Allstate don’t insure cannabis related companies.  There’s a small number of approved insurance carriers providing this type of coverages.  Some of our carriers… Continue Reading

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Marijuana Insurance:  Why Your Cannabis Company Needs Business Income and Extra Expense

Marijuana Insurance: Why Your Cannabis Company Needs Business Income and Extra Expense

Property Loss Could Mean You’re Out of Business Business Income and Extra Expense (“BI/EE”) is insurance protection for marijuana companies who need income after a covered property loss.  Just imagine if a fire at your marijuana grow burned all of your equipment and plants, you’re going to suffer a decrease in revenue and possibly be… Continue Reading

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Nearly 393,000 Coloradans Consume Marijuana Each Month

Approximately 549,000 Coloradans age 21 and over reported to consume marijuana in 2010/2011, which represents about 13 percent of the 2011 state’s adult (non-minor) population. About 393,000 Coloradans said they consume at least once per month. Monthly marijuana users make up approximately 9 percent of the state adult population.   It’s only fair to share… Continue Reading

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7 Important Factors for Protecting Your Marijuana Business

Managing Risk, Protecting Your Business, and Proper Insurance Buy medical or recreational marijuana insurance from a proven insurance broker and insurance carrier that specializes in this type of coverage.  Currently, standard insurance carriers don’t insure cannabis companies.  Accept the fact you’re likely to have gaps in your insurance coverage.  The marijuana insurance industry has lagged… Continue Reading

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DISCLAIMER: Material presented by Owner website is intended for information purposes exclusively. It is not meant for professional insurance or legal advice, to induce or solicit new clients, and must not be construed as such. Each individual situation is unique and requires a licensed insurance broker or attorney in your state to evaluate and recommend insurance or provide legal advise respectively. Each insurance company, policy, and broker are unique with their terms,conditions, and product offerings placing the responsibility of the user to conduct and rely on their own due diligence.

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