cannabis insurance

CANNABIS INSURANCE 7125 Orchard Lake Rd. Suite 302

West Bloomfield, MI 48322

WHO IS PKIG?• Independent Insurance Agency in West Bloomfield

MI

• We partner with over 90 of the nation’s top insurance carriers to find you the BEST price and coverage available.

• We protect your business from financial setbacks

• Insurance Advisors exclusively for the Cannabis Industry

WE DO THE INSURANCE THINKING FOR YOU!

LETS TALK ABOUT CANNABIS: OBJECTIVES:

• What cannabis operations are covered?

• What types of coverages are offered?

• Submission Requirements?

CANNABIS OPERATIONS WE COVER:• Medical/Recreational Marijuana

Dispensaries

• Cultivators/Growers –Indoor/ outdoor operations, Greenhouse

• Medical Infused Products Manufacturers

• Manufacturers of goods and equipment

• Cannabis Landlord, Building Owners and Property Managers

• Transporters and Delivery of Cannabis goods

• Retail Operations

• Laboratories

• Commercial Kitchens

• Professional Liability Caregivers/Doctors

TYPES OF CANNABIS COVERAGE OFFERED:

• General Liability

• Premises Liability

• Products/Completed Liability

• Property/Building

• Crop

• Transportation/Cargo

• Business Income/Extra Expense

• Worker Compensation

Types of Cannabis Coverage: General Liability

Premises: Protection against liability claims arising from bodily injury and property damage.

Products Liability: Protects your business when your product harms your customer. This coverage will pay for the damages and injuries caused by your product.

Completed Operations: Protects your business from lawsuits brought against you from services you provided.

**Most Carriers limit this coverage to $1million occurrence/$2million aggregate

Why Are These Coverages Important? EX: A customer or patient suffers harm after smoking/consuming your product and incurs medical bills and unable to work. They hire a lawyer to recover their loss of income and medical bills.

Your cannabis operation is now responsible for their damages.

PROTECT YOUR BUSINESS AGAINST LAWSUITS!

Types of Cannabis Coverage: Property/Building/Crop:

Protection For-

• Building

• Machinery

• Grow equipment used in business

• Inventory/harvested crops/retail stock

• Tenant improvements- fixtures

THEFT, FIRE, SMOKE, EXPLOSION, EQUIPMENT BREAKDOWN, WATER DAMAGE, VANDALISM, HAIL, WIND.

**Some Carriers will exclude theft, IMPORTANT TO ASK YOUR AGENT!

Why Are These Coverages Important?

• Protect your loss of income when your business is down.

• Recover damaged property from unforeseen hazards

PROTECT YOUR BUSINESS INCOME!

Types of Cannabis Coverage: Professional Liability:

Protects your business from legal consequences when an employee makes a mistake that causes a customer to lose money.

Common Examples:• Dispensing the incorrect product

• Failure to give the prescription to authorized caregiver

• Failure to confirm identity of patient before dispensing

**This is a separate policy- not required

Why Are These Coverages Important?

PEOPLE MAKE MISTAKES

MISTAKES LEAD TO LAWSUITS

LAWSUITS LEAD TO EXPENSES

Types of Cannabis Coverage: Property in Transit/Delivery:

Liability and property coverage associated with the movement of marijuana through transportation.

THIS COVERAGE HAS RESTRICTIONS LIMITS!

$10,000 PRODUCT/MONEYBusiness to Business ONLY

Types of Cannabis Coverage:

Worker’s Compensation:

DO YOU HAVE EMPLOYEES TO PROTECT?

Provides wage replacement and medical benefits to employees injured on the job.

Rates are based on the amount of PAYROLL you have.

Submission Requirements:

1. Complete carrier specific application

2. General Information: • Tax Employer Identification #• What type of Operation?• List ALL Officers/Directors of

business, dates of birth and home addresses.

**Helpful to list owner with better credit score first.


• Know your projectedANNUAL SALES/REVENUE from each cannabis specialty

• RATES are based on annual sales/revenue and will be audited


Provide hard copy details on how you plan to prevent:

1) Distribution of marijuana to minors

2) Revenue from the sale of marijuana from going to criminal enterprises and gangs

Submission Requirements: 1)Know the characteristics of the building you OWN, LEASE, or OCCUPY. 2) Copy of Lease if tenant The NEWER the updates- LOWER the RATE


Must Have:

1) Central Alarm – Certificates

2) Approved Safe minimum weight 800lbs- all safes under 2000lb must be bolted to ground

3) Interior/Exterior Cameras

4) Security must be outside contract

5) Interior/Exterior Photo of Building


1) Precise records of # harvests, # of flowering plants, LBS of stock

Submission Requirements: Commercial Kitchens: 1) Must have UL-300 compliant automatic fire suppression system

7125 Orchard Lake Rd. Suite 302| West Bloomfield MI 48322www.philkleininsurance.comOffice: 248-682-7445 Ext. 227

Email: [email protected]

Email: [email protected]

https://www.facebook.com/philkleininsurance/

https://www.yelp.com/biz/phil-klein-insurance-group-west-bloomfield