Every business no matter how small or big it is, they are all faced with risks such as fire outbreaks or theft.Insuring your marijuana business gives you confidence in running it because should anything happen to the stock, the insurance cover will reimburse you.
You will be happy to note when taking a marijuana dispensary insurance policy that most cannabis insurance firms have different types of policies that will cover the diverse business aspect of your establishment.You may be surprised to know that the cost of insuring your cannabis dispensary is 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. The $100,000 will insure all your computer gadgets, furniture and fixtures.
Apart from the property, medicine, and general liability insurance policy, you will also be given a cover that will take care of your business income and extra expenses and product liability. Even though these two covers are not included in the standard medical marijuana policy, they are given out by cannabis business insurance firms as part of the cannabis dispensary owner’s policy.
All the net income and the operational expenses plus employees salary is what is known as business income.While extra expense is defined as the cost that you will incur in running a business which is threatened by perils such as fire outbreaks. 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 product liability insurance covers all manufactures of medical cannabis products, smoking or vaporizing apparatus and cannabis 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.
You have to consider several things while choosing a cannabis dispensary insurance firm that will provide you with a cover for your marijuana 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. You should ask for a price quotation before ,you even think of purchasing a cannabis dispensary insurance policy from the marijuana insurance company. Wishing you all the very best as you prepare to open up your Cannabis dispensary.