Concerned you may need cannabis product recall insurance for your startup? Chances are, you need it more than you think. In 2015 alone, federal agencies recalled 4217 products — the most ever. In the new and ever-changing cannabis startup arena, you’re likelihood of risk is substantial. What is a product recall? Product recall is “insurance coverage … Read More
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
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
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
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
The future is finally here and the cannabis industry is booming! On the retail scene we have cannabis dispensaries, vape companies, e-commerce companies, ancillary technology. And then there’s the whole crop grower side: traditional farming, hydroponics, aeroponics, vertical farming, and more. In this post we’ll focus on the cannabis dispensaries and crop growers and talk … Read More