Determining Insurance Eligibility and Needs

What factors are considered in determining my insurance needs and insurance eligibility?

When purchasing insurance for your marijuana business it's important to obtain the right amount of coverage. Be sure that your company is neither overinsured nor underinsured. To help you decide the amount of property insurance you need, list all your company’s assets—including property, equipment, and inventory. Insurance for businesses in the marijuana industry is not something you can buy from anyone. Because of its unique standing, only a few companies are able to evaluate the true risks of your business. There are other important considerations you need to keep in mind such as the need to maintain higher levels of security than a traditional business.

You can buy property insurance on the basis of the property's actual value (the replacement cost minus depreciation) or its replacement value (the cost of replacing the item without deducting for depreciation). At Cryptosure we take all factors into consideration when determining your insurance needs and eligibility including:

• Individual history of claims versus losses
• History of losses and claims in your industry
• Company financials and credit rating
• Collective Risk models and mitigation planning
• Legal defense plans and coverages