Property Insurance is a first-party insurance policy, reimbursing cannabis companies for direct property loss (i.e., vandalism, fire, or natural disaster). This policy covers real property, business personal property, and cannabis inventory.
Who is Property Insurance for?
Cannabis companies are scattered all over this big blue ball, and not one of them is immune to natural disasters. What’s more, property damage can occur in many ways, from violent storms to burglary to fires. Consider what a weekend fire would do to your operation. Perhaps your high-end equipment breaks and office space is unusable. Worse yet, your inventory and crops have taken a beating. Besides finding a temporary space to work, you’ll need to calm worried employees and reassure doubting customers that you can maintain your business amid the disaster.
Property insurance helps ease these concerns by reimbursing cannabis companies for direct property loss. Instead of digging into your business savings to find temporary work arrangements or customer appeasement, capital from the policy does the heavy lifting for you. Remember that property loss results in more than merely rebuilding or relocating your business. You might experience the loss of business income or accrue extra recovery expenses. This policy covers income lost and payroll during the interruption period.
Property Owners or Renters
Many companies rent office space, while others own their property. Whether owners or renters, they still run the risk of experiencing a devastating loss.
Equipment Owners or Renters
Businesses that rely on expensive or hard-to-replace equipment or tools face a unique challenge of replacing them in a harmful situation.
Without products or adequate inventory, most companies will fall flat. Recovering from stolen or damaged property is a gamble without a sufficient safety net.
Why you need Property Insurance?
Reimburses companies for direct physical losses
Covers demolition expenses for quick renovation or repairs
Provides lost income from disruption of business operations
What does Property Insurance cover?
Property insurance helps ease these concerns by reimbursing cannabis companies for direct property loss. Instead of digging into your business savings to find temporary work arrangements or customer appeasement, capital from the policy does the heavy lifting for you.
Owned or Rented Space
When vandals leave your business signage unrecognizable and the fence in splinters, property insurance steps in to cover the cost of a new sign and rebuilding the fence.
Owned or Rented Equipment
Suppose a violent thunderstorm rips through your area, damaging your company’s high-tech equipment. Product insurance helps you recover from the loss.
If a thief steals a significant portion of your inventory, your business comes to a halt. But this policy responds by covering replacement costs to get you up and running again.
Wind, hail, water damage, and other natural disasters are typically covered by a property policy.
Point of Sale
Like equipment, POS systems sometimes encounter problems, but property insurance typically covers these issues.
Property Coverage Subsets
Property Coverage Subsets
A burglar used a crowbar to break into the front door of a cannabis company’s office. When the team showed up the next day, they found that all of the computers and printers had been stolen. After filing a police report and working with the carrier, the company is fully reimbursed for the stolen office equipment.
After a weekend fire, a cannabis company lost high-end testing equipment. The total property damage was over $600,000 which their carrier paid out in full since the insured met the coinsurance requirements.
An earthquake rattles your extraction operation so much that several state-of-the-art pieces of equipment sustain damages. The cost to repair the equipment is astronomical without property insurance.