Wednesday, August 5, 2015

Washington, Oregon, Colorado and California; what do they have in Common?

I think that I am done expanding for the season. After years of working in Washington State and having countless requests, I added Oregon, California and Colorado. If you are in another state, talk to me as it costs several hundred dollars and time to add a state. I don’t want to be adding fees and I like keeping the client’s costs low.

The Marijuana Industry and the Insurance Industry has a fascinating relationship. Insurance rates are built on history and known information whereas Marijuana and the Cannabis Industry is new and rapidly changing not everything is known.

For example back in May, Tom Bolt wrote to the U.S. Syndicates that Lloyds of London will no longer support insuring marijuana operations. Like an old security blanket, tossed in the corner by a growing child we had different companies to work with.

For our agency, it was no big deal as our whole sale company shifted carriers back in February to a product that the clients are enjoying. As retail insurance professional, I work maintain professional relationships with different whole sale companies to find products that suit my client’s needs. It is like going to your favorite restaurant, the specials change from Shrimp Salad to a New York Steak.

There are times that a whole sale company will reject part or a whole application due to risk. One of the more common rejections is covering property because of high fire risk. Be honest, not every company covers every risk and by hiding something when a claim arises, an insurance company could deny payment.

There are a few other agencies that work in the marijuana industry to various degrees. Some agents may be working with a whole sale broker that is going through another whole sale broker which adds fees. Some maybe doing one or two policies a year and not know what a BHO process or how Products Liability Coverage can impact your Vape Line that you are carrying.

The old rule of shop the agent and not the policy holds true. If you assume that Insurance is all the same and run out and attempt to get several different quotes to educate yourself on price then you are creating unnecessary problems. By shopping for price, you are pulling a slot machine lever hopping to match up a policy, good coverages with a good agent. Don’t gamble on you and your business’s future and check us out today.

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