Equipment & Business Property
Most businesses have some valuable property that should be insured. These include buildings, supplies, cannabis stock, valuable data, furniture, computers, and more. Your company may manufacture, transport, store, sell, or distribute marijuana, or provide a service for the cannabis industry that earns thousands of dollars of income every day. Your business is one of your most valuable assets, and your company assets and income should be protected by a customized property policy.
Most property policies cover similar causes of loss, including hostile fire, natural disasters, weather conditions, accidents and crime. Property policies can be customized to provide enhanced coverage for specific risks. These policies also tend exclude several hazards such as damage from water, fungus or nuclear exposure. Depending on the nature of your business, you should consider the kind of property that need to be insured and check that your policy reflects the correct insurable value.
Property is insured in one of three ways. Replacement Cost Coverage pays the cost of replacing your property regardless of any change in value. Even if your property depreciates in value, your policy may be based on the replacement cost rather than the depreciated value. Actual Cash Value provides coverage for the depreciated value of your property. Business property can also be insured based on the Agreed Value. In this case, you and the insurance company estimate and consent to a particular insurable value. Often, property policies are included as a component of a Commercial Package, and Budrisk can help formulate a package that is right for your marijuana business.