Cargo Insurance for Cannabis Businesses
What is Cargo Insurance?
Cargo Insurance is an insurance policy that protects goods in transit. Coverage is available for protecting your businesses goods in transit such as cannabis flower, vape pens, cash and other items of value while on the road. It can also cover goods in your care, custody and control such as a distribution company for hire, transporting a cannabis product for another company.
When should you consider buying cargo insurance?
Whenever you have high valued goods in transit, its always a good idea to consider insuring the product or goods. If product is lost, stolen or damaged, cargo insurance will pay the actual cash value of the loss and will also cover income loss replacement in the event that the cargo is irreplaceable. For example, a harvested crop would be considered irreplaceable since it may have taken the cultivator up to 4 months to harvest before it was distributed and “in transit.”
The type of cargo policy needed for your business will all depend on your specific cannabis operation. Factors include what you are transporting, the actual cash value of the goods being transported and the distance of travel. These are all important factors when considering the right policy for your business. If you are an armored transportation company, there is also coverage for cash in transit up to $1,000,000.
Get a Cargo Insurance Quote
For a quote or to learn more about cargo insurance, reach out to us today.