Who Offers Insurance For Canadian Cannabis Companies?
Who offers insurance for Canadian cannabis companies is a question many people are asking as Canadian cannabis companies continue to emerge to participate in what is expected to be a $6-$20 billion dollar market annually in Canada depending on how you define it. Thankfully the insurance brokers at the specialized Canadian insurance brokerage ALIGNED Insurance have answers and are actively working with numerous Canadian cannabis companies to secure the best insurance for Canadian cannabis companies. With the question who offers insurance for Canadian cannabis companies answered the next question most frequently asked is what insurance coverage do Canadian cannabis companies need? The answer to that question is provided below.
What Insurance Coverage Do Canadian Cannabis Companies Need?
There is no one sized fits all insurance product or solution for Canadian cannabis companies and insurance for each Canadian cannabis companies needs to be evaluated and secured on a company by company basis, but based ALIGNED Insurance brokers experience in securing insurance for Canadian cannabis companies the following is a practical breakdown of the insurance recommended for the various stages Canadian cannabis companies who are growers/producers typically go through.
Management Liability Insurance For Canadian Cannabis Companies
Like many entrepreneurs finding and raising capital to support the execution of a business plan is one of the early steps in the development of a Canadian cannabis company and when representations are made to others and capital is raised directors insurance for Canadian cannabis companies should be considered. Securing Directors & Officers insurance for Canadian cannabis companies early is important because shares being issued creates significant risk and potential liability for allegations of breach of duty or misrepresentation for the directors and officers of Canadian cannabis companies. To help manage this risk to the corporations assets and the personal assets of the directors and officers of the company Directors insurance for Canadian cannabis companies is highly recommended for both publicly traded Canadian cannabis companies and privately traded Canadian cannabis companies as more fully explained in the below
- Click Here For More Information On Directors Insurance For Private Canadian Cannabis Companies
- Click Here For More Information On Directors Insurance For Publicly Traded Canadian Cannabis Companies
Construction/Non-operational Stage Insurance For Canadian Cannabis Companies
Once the capital is secured to begin executing on the plan some form or construction or renovation is typically required to make a facility functional for the growing, harvesting & packaging of cannabis. When construction is required it’s always recommended to secure your own Builders Risk policy and Wrap-up liability coverage anytime you are involved in a significant construction project. The benefit of placing these yourself is that the policies pay or defend you if there is a loss and the costs can be less than what general contractors will build in as insurance costs for the same or similar products.
Insurance For Operational Canadian Cannabis Companies
Once the facility is built commercial property insurance coverage, Machinery breakdown and commercial general liability insurance which includes product liability insurance coverage are required to appropriately protect Canadian cannabis Companies.
To Discuss Who Offers Insurance For Canadian Cannabis Companies Or For An Insurance Quote For Your Canadian Cannabis Company Speak To An ALIGNED Insurance Broker Today at 1-866-287-0448
It’s time to get insurance value and choice aligned. Want Canadian business insurance that aligns with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448 or click to Get a Quote!
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers consistently recognize us as one of Canada’s best insurance teams. 100% Canadian owned, we are super proud to be one of the fastest growing insurance brokerages in the country.
We deliver e-news you can use. Get practical business insurance insights in your inbox every month. 19,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to get connected.
365 | Get ALIGNED. Every day, Canadian business leaders read our insurance insights. Find us on LinkedIn, Twitter, Facebook, Instagram and YouTube.