Every year towards the end of summer and early fall, home and business owners across the country pay close attention to the weather. While some may be checking to see when they can bust out the scarves and pumpkin spice lattes, others are concerned about hurricanes. Each year hurricanes do millions and in some cases billions of dollars in damage. These storms impact home owners, renters, traditional business owners and cannabis related business owners as well. As states legalize marijuana along the eastern seaboard, cannabis business owners will need to know what to do to protect their marijuana businesses when a hurricane is approaching.
Hurricanes can develop quickly and bring significant flooding and strong winds especially to communities along the coast. Very similar to the wild fires on the west coast, insurers have catastrophe teams ready to respond if and when the storms produce significant property damage. “If a storm does cause property damage, it’s important to contact your insurer or agent as soon as possible so they can help you begin the process of restoring your business,” says Eric Rahn of S2S Insurance Specialists.
S2S Insurance Specialists recommends taking the following precautions:
Review your cannabis property insurance policy, especially the “declarations” page, and check whether your policy pays replacement costs, or actual cash value for a covered loss.
Inventory your business, not only your merchandise, but computers, electronics, office furniture, display cases, point of sale systems, and all items of value. Take pictures and or video of all of them and keep all in a safe place.
Protect your property by covering all windows and doors with plywood or shutters if possible.
Keep all receipts of any repairs after the fact so you can be reimbursed by your insurance company.
Contact your insurance adjuster for referrals to professional cleaning services, salvage companies, restoration companies, if these additional services are needed.
Summary
There are coverages you can secure to protect your cannabis against natural disasters such as hurricanes, fires, floods and tornadoes. To learn more, contact Eric Rahn at eric@s2sinsurance.com or click here to schedule a free 15-minute consultation.