Facts About Marijuana Insurance Policies
Every business no matter how small or big it is, they are all faced with risks such as fire outbreaks or theft. When you insure your marijuana dispensary, you are sure that all your stock and chattels will be reimbursed back when something bad happens to your cannabis dispensary.
You will be happy to note when taking a marijuana dispensary insurance policy that most cannabis insurance firms have different types of policies that will cover the diverse business aspect of your establishment. You will be more than happy to know that cannabis insurance policies are pocket-friendly. Just by parting with a few bucks, you will receive an insurance premium that will award you up to $1m in general liability insurance, $25,000 for medical coverage and another and $100,000 for your property. The $100,000 will insure all your computer gadgets, furniture and fixtures.
Apart from the property, medicine, and general liability insurance policy, you will also be given a cover that will take care of your business income and extra expenses and product liability. As much as this two covers are not part of the regular standard medical cannabis cover, marijuana business insurance firms give cannabis dispensary owner’s as part of their cover.
Business income is defined as the net income that your business will have earned and the recurring operational expenses which include employee’s salary. On the other hand, extra expense is the additional expense that your enterprise will have to incur as a result of operating an enterprise that is often at risk of having fire break-outs. This, therefore, means that the business income and extra expense policy will cover all the costs that are involved in relocating to a new location as a result of a fire outbreak or the expenses incurred in locating a stock.
Manufactures of pharmaceutical marijuana products, cannabis dispensaries and smoking and gadgets are covered by the product liability insurance policy. Even if cannabis dispensaries owners neglect it, this cover gives security to the cover holder from charges filed by users of marijuana that have experienced unexpected negating effects from using your marijuana.
There are a variety of tips that you have to bear in mind while looking for a cannabis business insurance company that will offer a cover for your marijuana dispensary.Make sure that the cannabis business insurance company that you wish to settle on offers covers for not only your cannabis dispensary but also for the marijuana growers, the cannabis kitchen and for the doctors who work at your dispensary. It is always important that you request for a price quote before committing to buying a cannabis dispensary insurance policy. Wishing you all the very best as you prepare to open up your Cannabis dispensary.