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03 Dec Why You Should Add Business Interruption to Your Cannabis Industry Liability Coverage Plans
Business Interruption Insurance for Legal Cannabis Industry
Traditional general liability insurance does not cover all the liabilities faced in the course of a legal cannabis business. Obtaining excess liability coverage that’s tailored to suit your business’s needs and the products and services you offer, will cover all of the gaps and will make sure that your business is adequately covered in the event of third-party claims and lawsuits that you may inevitably come across some day.
One area of additional cannabis industry liability coverage that can help secure businesses’ long-term stability and growth is business interruption insurance.
What is business interruption insurance?
Business interruption insurance, which is also called business income insurance, is an additional property insurance coverage component that covers loss of income if your business suffers a disaster and your business premises or facility has to be temporarily closed. This keeps you in business longer.
How can business interruption insurance help protect your marijuana business?
Marijuana businesses can face the same weather-related and property damage disasters as any other company. Additionally, business interruption insurance covers for income losses as a result of a government-mandated closure. This insurance also covers fixed costs that would have occurred during normal business events and may even cover the cost of a temporary location during the closure. If your business’s bottom line is being impacted by a closure beyond your control, this insurance can help you make sure the business stays afloat.
Finding the right excess coverage for a marijuana business can be difficult, but it’s one of the most essential things you can do to protect your business If you’d like to learn more about why Prime Insurance Company is a preferred excess insurance provider for marijuana businesses, please contact us and get a quote today!