What Kinds of Insurance Do Cannabis Companies Need?

The cannabis industry is very diverse, so there are a lot of individual insurance options that are only needed by specific businesses. For example, a transportation company specializing in delivery from the manufacturer to the retail dispensary will need commercial vehicle coverages that most retail operations just don’t have to carry. Similarly, growers and other manufacturers need specific agricultural and food manufacturing insurance options that they share with businesses that have similar operations in non-cannabis industries like snack foods. They do have some common coverage options they share, though.

Understanding the Needs of Cannabis Businesses

General liability and public liability policies look a little different for some cannabis businesses than they do for many other operations, in part because many businesses in this sector need additional coverage related to the industry’s access to financial resources and the risk of interference with the operation by federal officials or other sources. They also sometimes need additional coverage against crime and employee theft that are uncommon in related industries that work with less restricted substances. The best way to make sure you have the right mix of cannabis industry insurance options is to work with a provider who can build a custom policy around the needs of your company. That gives you exactly the right insurance, no matter what part of the cannabis industry you participate in.

The Growing Need for MPL Coverage

Professionals of all industries increasingly need liability coverage. However, many errors and omissions policies focus on only the most common such as architects, attorneys and accountants. With the growing number of professional entrepreneurs, miscellaneous professional liability insurance has also increased.

Mistakes Happen

Anyone can make a mistake which can cost the business a financial loss. Businesses providing a professional service can cover those potential mistakes with MPL Coverage, according to Huntersure. The comprehensive policies help with legal fees in the event of a lawsuit rather than the business covering those costs.

Professional Services

The term professional services include more business professionals in more industries than ever before. Travel agents, publishers, commercial real estate agents and information technology services are common small businesses run by professional entrepreneurs and consultants. They can protect their businesses with MPL insurance.

Meritless Lawsuits

A business can be sued without merit of any wrongdoing. Unfortunately, a lawsuit can cost a lot of time and money, especially to small businesses. MPL insurance helps cover those costs, so you can continue to provide quality services to other clients.

Don’t let a lawsuit or mistake leave your consultant business floundering. MPL coverage helps cover the financial losses associated with a legal battle, cyber exposure and third-party indemnification. Even small businesses have exposures that need the right insurance to cover.

Understanding the Differences Between PEO Vs EOR

Making the most practical decisions when it comes to an insurance policy for your business helps you yield the best results from your efforts. Of course, this is often easier said than done. Many business owners are not completely sure of the options available to them. Understanding the differences of PEO vs EOR, for example, can provide you with the data you need to make an informed decision for your company’s future.

Obligations and Responsibilities

As mentioned on https://www.monarchpartnersgroup.com/, an Employer of Record is a program that can provide a business with access to workers’ compensation plans and similar areas of coverage. It is very similar to the operations of a Professional Employer Organization. However, EOR will act as the sole party responsible for paying expenses like payroll and taxes associated with taxes. This can make a big difference, as PEO typically shares this responsibility with the business itself. Other key differences include:

  • EOR assumes more risks than PEO
  • EOR can handle seasonal and temporary workers
  • EOR handles overseas employees

Making Informed Decisions

Weighing out the key differences between PEO and EOR can provide you with insight on which will work best for the needs of your establishment. Look over the details and it will provide more clarity on the option that is best fit for meeting the demands of your specific industry.

Grow Your Insurance Company’s Online Presence

Are you wondering why your insurance company isn’t in the top search engine results? Your company has wonderful customer service, your employees have strong work ethics and your rates are top-notch, so what isn’t working?

Expanding Your Brand

What’s not clicking is how you are using insurance marketing companies. Collaborating with agencies specifically to market your insurance company allows you to do the following:

  • Optimize your online presence
  • Practice consistent and effective branding
  • Provide an experience that is tailored to your company’s unique goals and visions
  • Create a website that is just as helpful on a smartphone as it is on a desktop
  • Find new leads that will help to grow your business

Through building and establishing a social media and online brand for your company, you can reach anyone who is looking to buy insurance.

Conquering the Online Market

According to www.agencytsunami.com, Americans spend about 37 minutes of networking on social media each day. Use the new online market to your advantage. Drive new clients to your website by revamping your brand aesthetic, social media content and your digital marketing.

Gaining traction online doesn’t have to be difficult. Your expertise is there. The next step is revolutionizing your search engine optimization with the help of an experienced marketing firm. Expanding your online footprint, your profits and your client portfolio is made easy with insurance marketing companies.

Extending Workers’ Comp Coverage

There are times when a company needs to extend its employee injury insurance past the workers’ comp coverage they carry. Most states allow for companies to carry private insurance coverage for mandated injury liability, but four do not. These include North Dakota, Ohio, Wyoming, and Washington. Within these states, companies are required to obtain coverage through state-funded programs, which leaves a gap in some additional areas of liability. The information found at https://www.wwspi.com states that stop-gap insurance addresses this exposure.

Areas of Liability

The exact nature of gap insurance is what other companies carry in the form of employer liability coverage. This covers the potential suits of

  • Third-party suits
  • Public tort claims
  • Intentional endangerment
  • Dual capacity claims
  • Injury or illness not covered by workers’ comp plans

Additionally, leased employees are excluded from the worker’s compensation plans. The endorsement of employer liability would be enacted in most states, but within the four mentioned above, stop-gap insurance becomes the defense.

The Cost of Coverage

Most insurance companies will determine the base price of stop-gap coverage according to your company’s payroll total. For normal liability policies in private insurers, it is often an endorsement set at a minimum amount. Check your current policy to see if employer liability is addressed, and if not, contact your broker for a quote on extending your coverage.