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There are a lot of risks involved when growing any crop, whether it be natural disasters, disease or pests. While there are many private insurance options and federal safeguards in place for most commercially farmed plants, insuring commercial hemp crops has been difficult, if not impossible, until recently.
Today, more insurance companies are offering commercial crop coverage designed specifically for the hemp and even the cannabis industry. The policies can provide broad coverage for all stages of crop production. An example of this type of policy, as seen on canngenins.com, is Commercial Crops Living Plants. This insurance coverage is for indoor cultivation operations and is available as part of a package policy. It can include the following coverage options:
- Vegetative Plants
- Flowering Plants
- Harvested Plants
- Finished Stock
While there are other types of insurance policies that are important in protecting a farm or greenhouse that produces hemp, such as General Liability, Commercial Property and Workers Comp, having Commercial Crops insurance should be a priority. This type of insurance is the best line of defense against natural and man-made disasters that every farm can face. With the growing availability of commercial insurance coverage, it is no longer necessary for commercial hemp farmers to take on this risk themselves.
To newcomers, obtaining business insurance can seem like a complicated matter. The numerous options, coverage limits and insider language can all make it appear to be more difficult than it is. To help you simplify the process, here are three key coverages that you should plan to include in your new policy.
Professional Liability Insurance
Also known as errors & omissions insurance, professional liability protects you in case a third party claims to have experienced a loss because of an error or omission on your part. As stated by the experts at Moody Insurance Worldwide, if a lawsuit is brought against you, your policy would cover any legal fees as well as any judgment or settlement amounts that you owe.
General Liability Insurance
General liability provides broader coverage against everyday lawsuits. If a third party were to claim that they sustained an injury or property damage because of your business activities, your policy would cover any legal fees or other amounts that you owe.
Commercial Property Insurance
Commercial Property covers you in case your property becomes damaged or lost. You can choose to include your office building, equipment or furniture under your policy and it would cover the cost of repairing or replacing them. Events that can be covered by your policy usually include certain storms, fires, theft and vandalism.
With these three coverages, you’ll have a solid foundation for your insurance policy. Work with an experienced agent to craft a full policy that meets your
As quiet and serene as cemeteries may seem, there’s a lot of work that goes on behind the scenes to keep them feeling that way. Cemetery management is a complex and multifaceted operation, and as with all other complicated businesses you want to make sure you have the appropriate protection. If you own a cemetery you should carry cemetery insurance to make sure any and all possible liabilities are covered.
Types of General Insurance Coverage
General Liability: This coverage will protect you from damage you may be responsible for creating.
Commercial Property: Policies are designed to protect all of your buildings and facilities. You’ll most likely want to make sure that headstones and any memorial plaques or decor are covered under this policy.
Automobile Insurance: Don’t forget that any time a vehicle is used for business you will be held liable for any damage.
Types of Cemetery Specific Coverage
Historic Property: If your cemetery is located on historic property or you own historically significant facilities you’ll want to look into cemetery insurance coverage that’s specifically designed for that purpose. If any repairs or renovation is needed for historic facilities you will quickly learn that they are very different from your average household repairs.
Cemetery Professional Liability: This coverage is designed for “mental anguish” claims and any damage cause to property that’s specific to cemeteries, such as caskets.