5 Reasons Your Cannabis Business Needs a Qualified Insurance Broker
An insurance broker acts as an intermediary between you and an insurer. Armed with both specialized industry knowledge and deep experience with all the various coverage options available, they can find a policy that best suits your needs for a reasonable price. Many insurance companies advertise cutting out the middleman and buying direct. While you may think this is a money-saving move, that’s typically not the case. In fact, you could find yourself paying more and purchasing policies that you don’t even need. Here’s the top five reasons Cannabis businesses choose to work with an experienced independent insurance broker:
1. Brokers work for YOU, not the insurance companies
Independent insurance brokers offer multiple policy and product lines from a broad selection of insurance companies while direct writers work specifically with one insurance company. If you call an insurance company directly, you’ll likely speak to a call center rep who does not have specific knowledge of your business or the Cannabis industry. They will only be able to offer you one price based on your eligibility and broad coverage needs. To them, you are just a number. Insurance brokers are your personal point of contact and they offer a wealth of support at each step of the way.
2. Brokers, not carriers, have specialized cannabis knowledge
The Cannabis industry with its complex regulations that vary state-to-state requires specific knowledge and expertise, something only a cannabis insurance broker, like S2S Insurance Specialists, can provide. Our job is to analyze your company, expose and explain your potential risks – real risks you may never have even thought about – and develop a customized plan that offers you full protection and peace of mind.
3. Brokers are a one-stop-shop, saving you time & money
Cannabis business owners rarely have the time to shop around for insurance nor the desire to do so. Working with an experienced broker will be a smoother, easier process. Brokers work with multiple carriers and do all the tedious price and coverage comparisons in order to present you with your best option. Furthermore, if your insurance rates go up, your broker can shop your policy to see if you could save money by switching to another insurance company. Independent brokers are a one-stop-shop for all of your insurance needs.
4. Brokers will fight to make sure your claims get paid
You have insurance to protect you, so why, when an incident occurs, is it so hard to get your claim processed? Insurance companies are for-profit businesses designed to make money by collecting more in premiums than they pay out in claims. That means it’s in the insurance company’s best interest to look for reasons to deny your claim. A competent insurance broker will assist you with the claims process and negotiate on your behalf. If you find yourself in a disputed claim, your broker will act as an advocate with your insurance company. Thanks to their knowledge and experience, a broker is more likely to be able to help you settle your disputed claim compared to if you were acting independently.
5. Peace of mind
Choosing the right insurance policies is critical as an unexpected event like a theft, fire, data breach, product defect, lawsuit or an employee accident can have a devastating effect on your cannabis business. With an independent insurance broker, you can rest easy knowing you have the right amount of insurance - not too little, not too much - and the most important coverages for your business.
At S2S Insurance Specialists, we are here to make your life easier and guide you through the intricacies of properly insuring your business. Please contact us so we may examine your current policies, help you understand what is and is not covered, and adjust your policy, as needed.