Obtaining marijuana growers insurance is one of the most important business decisions you can make. The recent wildfires in Northern California highlight the need for cannabis growers to have their facilities, operations and crops insured against all perils. Premiums are a small price to pay to ensure that your livelihood, assets, and most importantly your people are protected.
For years it has been difficult, if not impossible to get insurance for outdoor cannabis farms or indoor marijuana cultivation. Times have changed and Cryptosure is here to provide you with the most comprehensive coverage in the industry.
Will Marijuana Growers Insurance cover my entire operation?
Cryptosure provides insurance for all aspects of your cannabis cultivation operation including:
- Health insurance and workers compensation insurance for your personnel. People are your most valuable asset. Ensuring that you and your team are well-protected is our primary goal.
- Property insurance for your facilities and equipment. Starting and operating a cannabis farm requires a significant investment of capital. Acquiring real estate for your farm or grow house and setting up equipment and facilities requires both time and money in order to be successful. Providing coverage to rebuild in the event of a loss is paramount.
- Liability insurance to cover accidents at your facility or issues with the end product.
- Business income insurance compensates you for the business income you may lose following a disaster. Disasters typically disrupt operations and may cause you to vacate your premises.
- Crop insurance for your plants in all stages of growth, from seed to harvest and from harvest to sale.
- Seed to Harvest: We provide coverage for marijuana seeds, marijuana seedlings, and flowering marijuana plants.
- Harvest to Sale: Our policies protect marijuana plants and flowers from the moment they are cut, through curing, processing, and packaging for sale.
What will I be protected against?
At Cryptosure, we can protect you against virtually every type of danger including:
- Fire and smoke
- Storms and Lightning
- Terrorism and Explosions
- Theft and Vandalism
- Water damage caused by equipment failure
If you need any specific coverages that we have not listed, our agents are ready to prepare a custom quotation that fits your needs.
Important Things To Remember when obtaining Marijuana Growers Insurance
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
- Electrical inspection of your facility
- Security system
- Safe to secure your product