The owner and/or manager of a property used in the cannabis industry faces a variety of risks that can easily be mitigated with the proper insurance coverage.
Owners and managers of properties used by cannabis businesses need the same insurance as for any property, including general liability and property coverage. Due to the nature of the cannabis industry, including the every-changing regulations and uncertainty due to federal laws, there are other exposures to be considered. We also recommend coverage fro loss of Income and if the property is owned by investors, director and officer coverage.
Here are the most common coverages for property owners and managers:
Loss of Income
Errors & Omissions Insurance
Director and Officer
Your Aspen broker will discuss in detail the risks you face and discuss the cost/risk of each and help you make the best decision for your property – now and should you decide to grow in the future.
So you may be prepared, some of the important questions we’ll ask include:
• What is your risk tolerance (e.g. based on your personal/business finances, how much exposure are you willing to have)?
• What are your gross revenues?
• What is your payroll?
• Do you have investors?
• What is the value of your equipment?
• What current insurance do you have?
• What are your growth/expansion plans?
• Have you had any lawsuits or claims in the past?
• Anything else you are concerned with or want to make sure you protect?