If you’re operating within the cannabis industry, you likely have some kind of physical infrastructure in place to begin running your operations. However, oftentimes you need to renovate or repair your premises and buildings, or perhaps you wish to expand your firm and build more greenhouses or dispensaries. Property Insurance generally covers finished buildings, but if you plan to update or renovate any part of your business, you’ll want Builder’s Risk insurance.
Builder’s Risk Insurance covers the costs of materials and equipment used to update a building. This can include wooden beams, bricks, power saws, and steel girders, and any other material you may use. If these items are stolen or destroyed during the construction process, this insurance can free you from costs and liability, and allow you to easily repurchase materials and continue on with construction. This gives you the peace of mind to build the vision you have for your business, and can help you create the best possible facility.