At The Wellington Group we understand that times are changing. We are leading the industry in offering insurance services for our customers who are involved in both the personal and medical cannabis industry. In this emerging industry, it’s more important than ever to have a company that can provide the right services to protect your business.
Basic Insurance Coverages
A General Liability policy is the first line of defense against many common claims. General Liability insurance covers claims of bodily injury or other physical injury or property damage. It is frequently offered with property insurance to protect businesses against incidents that may occur at a single premise or at other covered locations where business is normally conducted.
Commercial General Liability enables businesses to continue operations while it faces real or fraudulent claims of certain types of negligence or wrongdoing.
Building insurance is coverage purchased to protect financial risks because of a loss or damage to physical structures that the purchaser owns. This coverage category protects against total loss from natural disasters, as well as payments for certain types of damage repairs.
Personal property coverage is the type of insurance that can help protect the items in insured’s building, like furniture or equipment. These items are likely worth much more than you might think, and if they’re damaged or lost, personal property coverage could help cover the cost of replacing them. In the cannabis industry, this may include very specific and niche items that may be hard to replace.
Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.
Disability insurance offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period.
Commercial auto insurance is a vehicle insurance policy that provides financial protection for business’ vehicles and its drivers. Employee’s involved in on-the-job accidents will receive medical coverage as well regardless of fault
Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.
Although almost all carriers will not currently insure individuals that test positive for cannabis, Wellington can provide this coverage for its clients.
A type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured. Health insurance can either reimburse the insured for expenses incurred from illness or injury or pay the care provider directly. Health insurance is often included in employer benefit packages as a means of enticing quality employees.
Key Man Insurance
Key Man insurance is needed if the sudden loss of an executive (i.e. a special grower) would have a large negative effect on the company’s operations. The payout provided from the death of the executive provides time to the company to find a replacement and develop a new strategy.
Also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder.