"As a cultivator, is it possible to insure my living assets?
How do I cover my plants and stock?"
Growers face a number of risks, such as fire and theft. Proper coverage will help protect your sizable investment. iCann Insure offers crop insurance to cover every stage of your grow: seeds, clones, vegetative plants, flowering plants, harvested plants, and finished stock. A full range of coverage from seed to sale is available for all types of cannabis and hemp cultivation operations.
General Liability Insurance
General Liability insurance is a broad form of insurance coverage, applicable to most businesses, that protects against both bodily injury and property damage liability claims arising out of premises, operations, products and completed operations, and advertising and personal injury. Even if a claim is put to rest, the legal defense costs involved to do so can be devastating. Therefore, it is important to maintain proper General Liability coverage that includes defense, should the need arise. It is not uncommon for this coverage to be required by landlords, as well as the State or municipality.
Product Liability Insurance
Product Liability insurance provides protection from bodily injury or property damage claims resulting from defective products that have been manufactured or sold. Businesses that deal with either producing or selling finished products are open to these exposures.
This is particularly applicable to businesses in the marijuana industry in the event a patient or recreational user claims they experience an adverse effect resulting from a particular medicine or product your business supplied. Product Liability addresses exposures of this nature and legal expenses.
Coverage May Include: Coverage limits up to $5M, Defense Outside the Limits, and Product Withdrawal
Property insurance protects an insured for loss of covered property or loss of income resulting from damage to covered property. This includes both Real Property (buildings), Business Personal Property (contents such as fans, lights, irrigation, and air filtration systems), as well as Cannabis Inventory. Examples include: fire, theft, vandalism, wind/hail, smoke, water/sewer back-up, along with many others.
Available Endorsements: Accounts Receivable, Employee Dishonesty, Money & Securities, Property in Transit, Property Off-Premises, Spoilage
Business Income & Extra Expense
Equipment Breakdown insurance covers a loss due to mechanical or electrical breakdown of nearly any type of equipment. Coverage applies to the cost incurred to repair or replace the damaged equipment or property caused by the equipment breakdown.
This line of coverage also includes Business Income & Extra Expense insurance, which covers the loss of net income suffered by a business when damages, due to a covered event, have been sustained. This coverage helps replace lost income and make the business whole again.
Workers Compensation is a form of insurance that is required by law in many states, which provides compensation to employees who have been injured at work or who have contracted an occupational disease. Workers compensation is available for all cannabis class codes and is available in all legal cannabis states.
Claim Example: An employee suffers back injury as a result of tending crop, requiring a trip to the doctor, ongoing physical therapy, and loss of wages. Workers Compensation insurance addresses these expenses.
Insurance is available in all states where hemp, CBD, medical and/or recreational marijuana is legal: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New York, New Mexico, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Dakota, Texas, Vermont, Virginia, Utah, Washington, and West Virginia.
Cultivation, Processing, Intellectual Property / R&D, Manufacturing, Laboratory Testing, Distribution, Transportation, Dispensary & Provisioning