Cannas Capital Insurance Firm provides many business insurance options. The best risk management packages are created based on the needs and services of your business.
In the Cannabis and Craft-Beverage Industries more companies are considering franchise and incubator business models. Buying a franchise can be a very successful and exciting business venture with several benefits. One of the biggest benefits is that you have the backing of an established corporation to guide you in your journey, which can save newcomers in the Cannabis and Craft-beverage industries a lot of time and money.
One of the key components to success is comprehensive coverage that will protect Franchisees and Franchisors in any situation.
First let’s define the difference between a Franchisee and Franchisor.
The “franchisor” is the person or corporation that owns the trade-marks and business model.
The “franchisee” is the person or Corporation that owns and operates the business using the trade-mark and business model system licensed from the franchisor.
Here are four essential insurance policies that franchisees and franchisors should carry.
General liability insurance is a must-have policy for any business owner. General liability insurance protects the franchise and franchisee from claims that occur when a customer is injured on the premises.
Equipment Breakdown Coverage
Cannabis and Craft-Beverage companies own expensive equipment. Some equipment may be covered under the franchisor, but that’s not always the case. Adding an equipment breakdown insurance policy helps to cover any losses that occur due to the mechanical or electrical breakdown, from agricultural equipment to POS systems.
Commercial Auto Liability Insurance
Delivery options have become a growing practice in the Cannabis Industry. Some states even offer a stand-alone license. If the franchise has a commercial vehicle that will be used by the owner or employees, commercial auto liability insurance is essential. Regardless of whether they are making deliveries, picking up or dropping off supplies or just running errands for the business, the franchise owner is liable for any accidents or injury that occur in a company vehicle.
Excess Liability Coverage
Excess liability coverage provides additional limits to the insured’s existing policies. Basic policy limits may not always cover the costs associated with a claim. Excess liability gives franchisees the extra coverage they need in a worst-case scenario. Unlike an umbrella policy, excess liability coverage may only be applied to one specific existing policy, and is typically used as a supplement to a general liability policy
Cannas Capital Insurance Firm can provide competitive quotes by representing multiple carriers, with pre-filled limits and coverage specifics to meet state compliance and requirements. We also offer discounts programs for membership of industry organizations.
Get a quote at http://www.cannascapital.com