Cannabis is one of the fastest-growing industries globally, and the risk landscape is constantly changing. Wherever your business sits in the vertical, or are located geographically, there will be different challenges to face and threats to consider.
Here at General & Medical Cannabis Insurance Services, we believe in insurance as a service. Your business and the world around it is constantly changing, we, therefore, provide risk and claim management services that go above and beyond a traditional insurance policy.
It is this holistic and proactive approach to risk that sets us apart from other providers. Our team of experts will provide risk management advice and work with you to ensure you remain compliant as local laws and legislations change around you.
As your business develops and expands, our team of experts will provide advice and recommendations to protect your cannabis business.
We provide risk and claim management services that go above and beyond a traditional insurance policy
There are many different types of insurance products available, each is designed to address the different problems that your business may face. Depending on your activities we are happy to discuss what is right for your business.
General Liability is the "first line" of coverage that a business typically considers, and covers many of the common risks that can happen, such as bodily injury or property damage on the business premises or due to the business operations, personal and advertising injury, and medical payments.
Bear in mind that there are many aspects of business risk that would be excluded, and more specific coverages should also be considered.
Product liability insurance is a type of business insurance that can cover the cost of compensation claims if someone is injured or their property is damaged by a product that you've sold. In certain situations, you may be liable even if you haven't actually manufactured the product.
As Cannabis is a product-based industry, whatever your involvement from seed to sale, you could be liable for the final product.
At almost every state of production of cannabis products, highly specialized equipment is needed. If a critical piece of equipment were to break your operations could come to a halt. Insurance could not only cover the cost of fixing or replacing the equipment, but also the business interruption costs and loss of revenue.
Business premises insurance is something every company needs – whether you own your own building or lease. Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft, and vandalism. Depending on your location we can also look at earthquake and flood cover.
Contract disputes are unfortunately a common occurrence. Hopefully, any such issue could be resolved amicably, however, with Professional Liability insurance in place, under the terms of cover it would be able to pay for legal costs and any potential settlement.
This is also known as Professional Indemnity and Errors & Omissions insurance.
Our digital landscape is rife with phishing, all kinds of malware including ransomware, brute-force botnets perpetrating massive DDoS attacks, and plenty more nasty hacks and potential attack vectors. Cybercriminals are only getting smarter, and are already beginning to use artificial intelligence and machine learning to more effectively target businesses and individuals.
While you may assume that lawsuits would only be directed towards your business, it is not uncommon for individuals to find themselves at the receiving end of a lawsuit aimed at them personally.
Broadly speaking, personal claims or proceedings against directors or officers can arise from any decision made or activities carried out in the workplace by them, however innocuous it may have seemed at the time. Claims range from frivolous and occasionally malicious claims made by disgruntled customers who were not happy about the service they received, all the way through to official investigations.
Unfortunately, there is nothing to stop someone going after you as an individual, and whether you were at fault or not you would be personally liable for the costs of dealing with it, and D&O insurance is there to offer protection to the individual.
In the Cannabis industry, your brand is a critical asset, and one of your most valuable commodities.
We are able to offer proactive protection that will not only cover the cost of defending a copyright claim against your business, but also the costs of pursuit.
Intellectual Property lawsuits are increasingly common, and range from genuine concerns, malicious competitors, to patent trolls just looking for easy payouts.
Our robust cover will give you protection for your most important intangible asset, your IP.
If you are working in the medical field of Cannabis, Medical Malpractice insurance is a specialized type of professional liability insurance, designed to provide cover to medical professionals for liability arising from disputed services that result in a patient's injury or death.
Most normal MedMal policies will exclude any work with Cannabis, however, we are able to offer comprehensive cover to enable you to work in this space.
At whatever stage of production, Cannabis is an incredibly valuable commodity, and it is important that you consider the risks of a product loss. Whether due to fire, theft, spoilage, or any other myriad of causes, the loss impact on your business could be profound.
Proper housekeeping and security measures are critical to managing your risks, and we are happy to provide advice and suggestions on best practices and ways to mitigate your exposure and reduce your premiums.
Due to the high values involved, many logistics providers will waive or limit their liabilities when transporting Cannabis products. Traditional cargo and transit insurance policies are limited in their scope of cover, which could mean that in the event of a loss in transit, you may only see a fraction of the value returned.
It is therefore worth considering a tailored product specifically to address this. We will also be able to provide advice on how to navigate the complexities of cross-border operations.
Risk Management Services
We have partnered with global risk managers, who are able to provide unparalleled levels of advice and service wherever in the world you are based.
The Cannabis industry is a complex one, with an ever-changing legal landscape. Whether you are a startup or long-established business, as part of our service to you our risk management team will be in contact to discuss your operations and provide advice and suggestions on how to reduce your regulatory and insurable risks.
These services can include:
- On-Site Reviews
- Desktop Reviews
- Proactive Protection
- Training & Webinars
- OSHA Approved Standards
- Infrastructure Reviews (eg Greenhouse Control, AC Systems)
- Operational Reviews (eg systems and processes, legal compliance)
- Regulatory Compliance across multiple states