commercial property insurance
Commercial property insurance is not required in every state. However, this coverage may be highly beneficial for you. Without it, your cannabusiness could lose hundreds of thousands of dollars due to property damage.
Nobody anticipates damage to their commercial property, but unfortunately, things happened. And if you aren’t prepared for them, they can be costly. You’ll need to pay for damages out of pocket without proper coverage. You could even go into debt trying to repair your property!
What Types of Buildings Does Cannabis Commercial Property Insurance Cover?
Each structure is unique. But the right commercial property insurance policy can cover buildings such as:
Dispensaries
Laboratories
Greenhouses
Industrial properties
Warehouses
Outbuildings
What Damage Does Cannabis Commercial Property Insurance Cover?
Cannabis properties are unique and vary greatly. Likewise, commercial insurance policies also vary. So it's critical that you hire an insurance agency specializing in cannabis coverage. A few essentials that the right property insurance policy should cover include:
Damage caused by fire, theft, and vandalism
Weather-related damage caused by wind, rain, hail, and lightning
Damage to or loss of inventory
Loss of income due to property damage
Limited liability coverage in the case of injury
What your property insurance policy covers will depend on the coverage you select. However, there are three main types of commercial property insurance:
1. Replacement Cost • 2. Actual Cash Value • 3. Extended Replacement Costs
Some policies will bundle several or all of these types of coverage. And because the details of each commercial property insurance policy can differ significantly based on the type of cannabusiness you own, it’s essential to work with an experienced cannabis insurance agency.
At GreenCore Specialty Insurance, our professionals are experts in cannabis property insurance in all states where cannabis is legal. And we can advise you on the best fit for your company. Reach out today for more information.
Contact Us
Office Location
1600 Golf Road, Suite 1200
Rolling Meadows, IL 60008
Office Hours
M-F: 8am - 6pm
Phone
847-201-4600