The most important people in the legal marijuana supply chain come right at the beginning -- cannabis growers. Without legal marijuana suppliers and cannabis cultivators, the entire industry would collapse on itself.
However, cultivating marijuana is just as risky as being a cultivator of fruits, vegetables or farm animals. One accident or unfortunate mishap could cut deeply into your profit margin for the year or even force you to shutter your business's doors. That's why marijuana growers in Michigan need medical marijuana growers insurance.
Although there are several types of Michigan marijuana cultivation insurance, most will cover your product at all three growing stages. Those stages are living plant material, harvested plant material and finished stock. Basic packages may not cover finished stock, because producers are subject to more stringent guidelines when they seek full coverage for their finished cannabis supply.
Living plant material refers to any seeds, immature seedlings, flowering plants or vegetative growth plants that are sprouting in your cultivation facility. Harvested plant material refers to any marijuana plant that is not directly immersed in the growing environment, but may be drying or being prepared and cured. Not all marijuana growers insurance covers it, but finished stock means any marijuana process that has been processed and could be ready to be shipped out the door tomorrow. Although these stages of marijuana growth are all distinct in their own right, a good cannabis growers insurance policy should be comprehensive enough to cover all of them.
What do you need protection from? Marijuana plants are fairly delicate, and are extremely susceptible to changes in their growing environment. This means that negative events like smoke, fire, explosions, water leakage, air conditioning and heating malfunctions, windstorms or hail could have a dramatic impact on a crop. Additionally, theft or vandalism could ruin an entire marijuana crop without proper liability insurance for marijuana growers. There are a lot of eventualities to plan for, which is why having as comprehensive of a policy as you can is always the best move.
Because insurance for medical marijuana growers is relatively rare in the insurance industry and there is a fair amount of liability involved, growers must meet a series of requirements before they are qualified for an insurance policy. These qualifications are the same in Michigan as they are nationwide.
Growers must have their facilities inspected and approved by a licensed electrical contractor or provider, proof of which will be a letter of approval. They must also install a security system in the facility that includes a burglar alarm and is in working order whenever inspections are made. Finally, in order to have your finished stock insured, a bolted safe must be installed on the premises.
Marijuana growers insurance is absolutely necessary for any cultivation businesses that want to think about the future without having to fear accidents or mishaps. Cultivating cannabis is a risky game, but it can really pay off with the correct precautions. Contact us today for a quote or to find out more about our many options for marijuana growers.
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