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.
There are lots of advantages that you may derive from taking a cannabis dispensary insurance, in fact, it is worthy to note that cannabis insurance companies have custom made products that will cover the various aspect of your business. Do not be startled to find out that cannabis dispensary insurance is very affordable.In fact for a small fee, most cannabis dispensary insurance companies will give you a cover of $1m in general liability insurance, $25,000 for medical coverage and $100,000 for your property. This property insurance will cover all your fixtures, furniture, and computer equipment.
In addition to that, you will also be given an insurance package that will cover your product liability and your business income and extra expenses. Cannabis dispensaries get these covers as part of their policy even though these two policies are not compulsory in the standard medical marijuana policy.
All the net income and the operational expenses plus employees salary is what is known as business income. 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 implies that business income and additional expenditure policy will cover all the expenses that are associated with moving to a brand-new place as an outcome of a fire break out or the costs incurred in finding an inventory.
The role of the product liability insurance policy is to protect all the manufacturers of therapeutic marijuana products, smoking or vaporizing devices and marijuana dispensaries. Although it is overlooked by most owners of cannabis dispensaries, this policy does provide protection to the policyholder against lawsuits that arise from cannabis patients who experience unintended side effects as a result of using your cannabis products.
There are several factors that you need to keep in mind while searching for an insurance firm that provides cover for your cannabis 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.Good luck in setting up your Cannabis dispensary business.