SPECIALTIES

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.

© 2018 by Budrisk.

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