Protection and Peace of Mind for Your Cannabis Business

In recent years, many states have made recreational cannabis legal for consumption by adults 21 and older, creating a new and booming industry. For those looking to get involved, holding specialty cannabis insurance can go a long way towards protecting yourself and your business.

Who Can Get Covered

Individuals and businesses at all levels of the supply chain can be covered by this insurance. This includes growers, laboratories, distributors and wholesalers, medical dispensaries and retail sellers.

General Protection

Some types of protection included under specialty cannabis insurance are general liability, product liability and commercial property coverage. Depending on your operations, you may pick and choose from options in these and other categories to get the complete protection you need.

When Things Go Wrong

Your insurance can also include protection for unexpected incidents. This includes coverage for workers’ compensation and protection from employee theft and dishonesty, as well as coverage for equipment breakdown and business interruption. Different businesses have different risks, and you should choose your coverage accordingly.

Many people want to get in on the ground floor as the commercial cannabis industry takes off in the United States. As you get started on your business journey, be sure to seek out specialty cannabis insurance to stay protected as you grow.

What to Know About Becoming a Commercial Owner Operator

A lot of commercial drivers become an owner-operator in the industry. To be an owner-operator provides you with more freedom. However, to achieve this goal, there are three things that you need to consider.

Registration

To become an owner-operator, you have to register with the Federal Motor Carrier Safety Administration. When you register, you will obtain your USDOT number. This will be used to collect your information. You will need to send the FMCSA proof that you have insurance.

Insurance Options

When it comes to insurance, you need to ensure that you have adequate coverage. Keep in mind that your insurance needs extend behind coverage for accidents. Insurance has to cover a variety of risks, such as:

As a new owner operator, insurance agents and brokers can assist you in finding the right options.

Load Boards

As an owner operator, it’s up to you to find your own loads. In the past, owner operators had to call companies in search of loads. Nowadays, there are websites called load boards. These websites can assist you in finding loads. Some of these websites cost money for the brokers and carriers, while others are free.

If you want to become a truck owner-operator, your first step will be to register. Then, you can focus on insuring your business and finding loads.

Getting the Most Out of Your Insurance Arrangement

Though it can seem straightforward most of the time, insuring your business is not always going to be the simple journey you assume it to be. In fact, there are plenty of angles you need to consider in order to guarantee you’re getting the coverage that protects your assets without draining your funds. One way to achieve this is by looking at alternatives to the traditional plan. Consider these facts about cell captives and see if it is a good fit for your company.

A Specific Arrangement

According to experts in the industry, cell captive insurance is a type of policy that is structured to give more control to the insured. What’s more, those who enter into captive arrangements are said to see incredible reductions in overall costs associated with insuring their businesses. Though it can seem like a great deal, there are also many fine points to focus on with this arrangement. Not all businesses are ready for this type of commitment and you should verify the requirements with an agent before making any assumptions. Areas to pay attention to include:

  • Impact of current market cycles
  • Costs associated with coverage
  • Option of reinsurance

Look Into the Details

While there are a number of reasons to consider a cell captive program for your insurance needs, you should always weigh out your options before you make a final decision. Consider your current arrangement, look into captive options, and see which fit is best for your future.

Do Police Officers Require Additional Insurance Policies

Working as a member of law enforcement can come with plenty of challenges. While you might be able to protect yourself to a certain degree via the insurance provided for you by your city or county, there are scenarios where additional policies can be invaluable. In order for you to stay safe in moments when your state’s policy falls short, additional coverage might be required. Review these points to determine why this might be a sensible fit for your future.

A Shifting Attitude

Experts advise taking a few steps when the time comes to insure a police force. Since cases of negligence are on the rise with law enforcement agencies all over the country, citizens are more likely to feel threatened by the actions of police officers. In the event you are innocent of the allegations placed against you, it is crucial that you have insurance that can help mitigate any financial losses you or your force might experience from the legal battle. Other points to consider when taking out extra liability policies can include:

  • Errors and omissions on paperwork
  • Suits springing from civil rights violations
  • Costs of litigation

A New Future

Though you might feel like you are fully protected by the insurance policy given to you by your state or county, there are plenty of scenarios where your coverage will fall short. Review your options to find extra coverage that will help you go above and beyond at all times.