We get it: the benefits of insurance for your agriculture or cannabis business can easily be overlooked when you’re just getting started. There are a million other items on your to-do list, like acquiring licenses, growing product to sell, finding investors…oh, and making money. Most new founders consider insurance as a “CYA” move so if something … Read More
Insurance for your cannabis startup should be seen as more of an investment than another expense but given the hectic lives of many founders, it sometimes becomes another tick-the-box activity. But when used properly, cannabis businesses can obtain value from their policies well beyond that “set it and forget it” approach. Here are a few … Read More
It’s a new world, where we see many different types of cannabis company insurance requirements (as well as coverage change requests) from our clients’ landlords, business partners and investors. These processed requests create an endorsement on the policy that puts the change into effect. Whether it’s a change of location or the addition of new coverage to … Read More
Cannabis product liability insurance is a crucial aspect to the overall risk mitigation picture, especially for cannabis startups that sell an actual product. Usually included in a general liability policy (though sometimes offered by itself), cannabis product liability insurance protects your cannabis startup from lawsuits related to property damage or bodily damage caused by product defects. … Read More
Rest easy There’s no doubt about it: buying insurance for a cannabis startup company can be overwhelming. The insurance market is vast and there are a ton of products out there. It doesn’t help that the insurance industry can often seem a little, shall we say, behind the times. (Many brokers still use fax machine, … Read More
How much is this going to cost me? Over the years, we’ve encountered our fair share of companies grow beyond their “friends and family” round of financing to Series A, B, C and D rounds. As time goes by and a cannabis startup continues to expand, more employees and investors are brought on board, revenues explode and … Read More
Q: When is my cannabis startup officially covered by our new insurance policies? Ready for the short answer? It depends on the policy. There are different types of insurance policies available: occurrence policies and claims made policies. Depending on whether the policy is on occurrence basis or claims made determines when you can (or … Read More
Let’s talk a little bit about why cannabis startups need insurance, shall we? Here are just a few of the main reasons you should seriously consider getting insurance, wherever you are in the life cycle of your company. 1. To provide stability The last thing you’d ever call a startup? Risk aversive. By their very … Read More
Guest post contributed by Abe Cohn to THC Legal Group and can be read in full HERE Our cannabis attorneys are often asked to provide guidance in balancing and prioritizing cannabis agreements that are mutually dependent – if the execution of one contract is contingent on the execution of a contract with a third party, which to enter into first? For example, a … Read More
Getting quoted As the cannabis industry grows, more insurance carriers are considering underwriting coverage for these new, emerging businesses. The struggle that many cannabis businesses face is their insurability based on the controls in place (or lack thereof) listed on their insurance applications. Another insurance issue is the cost of some policies relative to … Read More