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Challenges with Cannabis Insurance
July 30, 2020 @ 4:20 pm - 6:00 pm
Cannabis companies just getting started can have issues finding similar insurance products that many other developed industries currently have available. As an emerging market, these businesses tend to work together with insurance specialists who can provide expertise and coverage solutions.We have invited leaders in the cannabis insurance space and operators to shed some light on the inner workings of cannabis manufacturers, retailers, and dispensaries, and explain where risk lies as well as what coverage is needed. We may even have some war stories and lessons learned from the trenches.
Meet Your Speakers:
Danny Bozzuto, Co-Founder & Operations, Cannabis Connect Insurance Services
Mike Bondurant, President and Chief Strategy Officer, Bluma Wellness / One Plant
David Rahn, Vice President, S2S Insurance
Jon Paul, CFO, Plus Products
TOPICS TO BE COVERED (Panelists will take the discussion where they see fit)
Going over types of policy coverage an operator must consider and what makes it unique to this industry
• What to consider based on your company stage?
o Weighing budget vs. coverage
Sometimes better to roll with less coverage and higher risk management procedures and lean into coverage as you scale up.
• Added benefit of building a strong foundation for when you scale.
• Why is it important to review and negotiate the insurance portion of my contract?
o By extending coverage to other or not having others extend coverage to you are leveraging your insurance coverage against you.
o Ideally you want to have vendors extending their liability to you for products and other liabilities depending on the situation.
• When should I consider D&O or other management lines of insurance?
• Can I control my risk with D&O or these other “non-physical” lines of insurance?
• Should I be concerned with cyber liability?
• How should we manage risk?
o Ideally you want a safety champion in the office; someone to work with the team to build a culture of safety and strong work practices.
• How can I budget for my insurance?
o Request copies of your rates with your carriers. See how to bake these sales rates into your items.
o Some products and activities are rated differently than others; if you can get these rates broken out it will help you budget each department and ensure pricing covers the costs of insurance.
This way you can avoid taking an unknown hit at audit.
Thank you to our Annual Partners!