As a cannabis business owner, you understand that the industry is not without its risks. Your business is vulnerable to various risks, such as theft, fire, and liability claims. As a result, obtaining the right insurance coverage is essential to protect your investment. However, with so many types of insurance policies available, it can be challenging to manage them all, which can lead to gaps in coverage and added expenses. Bundling your insurance policies with one carrier can be a smart and cost-effective way to mitigate these challenges. This post will explore the benefits of bundling insurance policies for your cannabis business, specifically highlighting Aura Risk’s Cannabis program as a comprehensive solution for all your insurance needs.
Part I: The Downsides of Having multiple policies with different carriers can be time-consuming and inefficient.
It requires managing several policies and communicating with multiple providers, which can lead to confusion, increased administrative costs, and potential gaps in coverage. Additionally, in the event of a claim, multiple providers may have different claims processes and requirements, leading to further confusion.
Part II: The Benefits of Bundling Insurance Policies with Aura Risk’s Cannabis Program
By bundling your insurance policies with Aura Risk’s Cannabis program, you can streamline your insurance management process and reduce costs. Aura Risk’s program is backed by an AM Best A- rated carrier and offers customized insurance policies that can cover all aspects of your cannabis business, including general liability, property, cargo, product liability insurance, workers’ compensation, employment practice liability, and D&O. By working with one carrier; you can save time and reduce administrative costs by managing all your policies in one place. One of the most significant advantages of bundling your policies with Aura Risk’s Cannabis program is the potential cost savings. By bundling your policies, you may be eligible for discounted rates and fewer fees, which can help you save money. Additionally, Aura Risk’s Cannabis program offers tailored coverage options designed specifically for cannabis businesses, ensuring your business is adequately protected against all risks.
Part III: The Importance of Choosing the Right Carrier for Your Cannabis Business
Choosing the right insurance carrier for your cannabis business is crucial. Not all insurance carriers are created equal, and it’s essential to work with a carrier that understands the unique risks and requirements of the cannabis industry. Aura Risk deeply understands the cannabis industry, and our experience in providing comprehensive insurance solutions to cannabis businesses runs deep.
Financial stability is very important when considering your carrier partner. For example, if you partner with a carrier that is downgraded, you have to make some decisions for the business to ensure that the carrier’s ability to play claims is intact in the event of a claim. Wouldn’t you rather focus on running your business than worrying about the financial health of your insurance carrier? Aura’s insurance carrier partner is financially solid, AM Best A- rated, and well above industry standards with loss performance. When your policies are with one carrier, you don’t need to manage an excel spreadsheet to keep track of your carriers, policy numbers, and their financial well-being, or lack thereof. And with some recent examples of market turmoil and downgrades, you’d be left trying to figure out what pivots to make with insurance, rather than focusing that time on your business.
In Conclusion: Bundling insurance policies with one carrier effectively reduces costs, simplifies your insurance management process, and ensures that your cannabis business is adequately protected against all risks.
By working with Aura Risk’s Cannabis program, you can rest assured that you have the coverage you need to protect your investment. As a provider with extensive experience and expertise in the cannabis industry, Aura Risk is a trusted partner for cannabis business owners. We are accepting submissions from retail brokers aligned with us and writing policies for Cannabis Business Operators that fit our program appetite. Contact Aura Risk today to learn more about how we can help protect your cannabis business.