Any business owner with an operating storefront or warehouse needs to be able to protect themselves against unforeseen circumstances; cannabis industry property insurance is vital to the success of your marijuana business. Cannabis property insurance will help to protect you and your business from bearing the brunt of the expenses that would surely arise out of any disaster or emergency. Property insurance protects individuals from fire, theft, and some weather damage.
There are also more specialized forms of property insurance such as flood insurance, earthquake insurance, home insurance, and boiler insurance. The two main ways properties are insured in two different ways: open perils and named perils.
Open perils cover all the different causes of loss that are not explicitly written into the policy. Named perils, as the name suggests, require that the actual cause of loss be listed on the policy in order for insurance to be provided. There are some common exclusions on open peril policies which include damage from earthquakes, floods, nuclear incidents, acts of terrorism, and war.
The most common named perils include fire, lightning, explosion, and theft. It's imperative to protect your cannabis business once it's up and running. Is only logical to protect such a valuable investment; starting a legitimate and successful marijuana business takes a lot of time as well as a lot of capital. Do the responsible thing and insure your cannabis business.