Commercial Business Insurance
If you are shopping for business insurance in Michigan, Greenpoint Insurance Advisors, LLC is licensed to sell insurance for cannabis, hemp, and CBD related operations. Greenpoint Insurance Advisors, LLC is a retail insurance broker conducting business with licensed Surplus Lines Brokers who represent numerous insurance carriers with specific cannabis insurance programs.
Because we’ve been established since 2009, our agency has access to a variety of insurance programs available to different types of operations or licensees.
The types of licensees we mostly insure are:
- Retail Store or Dispensary
- Cultivation or Grow Facility
- Infused Products Manufacturer
- Others on a case by case basis
State Insurance Requirements
Workers compensation insurance is required of all cannabis licensees with employees. Please check with the Michigan Department of Licensing and Regulatory Affairs to verify if there are certain insurance requirements along with . Local jurisdictions may have certain insurance requirements.
Types of Insurance Coverage Available
The current business insurance market in California is active with good availability for a variety of insurance products including commercial general liability, product liability, business property, workers compensation, Directors and Officers Insurance, and Commercial Automobile.
Current Insurance Product Menu for Michigan
|Type of Insurance Product or Coverage||Liability, Property, or Other||Limits of Insurance||Purpose of Insurance Coverage||Current Status |
Last Update 02-24-2018
|Commercial General Liability Insurance||Liability||$1,000,000 per occurrence and $2,000,000 per aggregate||Provides coverage for the business location. This insurance is the most frequently type of insurance purchased. |
Learn more about commercial general liability insurance.
|Personal and Advertising Injury Insurance||Liability||$1,000,000 per occurrence||Provides coverage for personal and advertising injury. Included in most Commercial General Liability policies.||Available|
|Duty to Defend||Liability||Included with limits||Included in most Commercial General Liability policies provides the legal protection or hiring of lawyers for a covered type of claim.||Available|
|Fire Damage Liability||Liability||$1,000,000 subject to approval||Liability protection to damage at the premise location. Included in the Commercial General Liability Policy.||Available|
|Products Liability Insurance||Liability||$1,000,000 per occurrence. Higher limits may be available.||Separate and distinct insurance policy to cover the unique risks with your product entering the stream of commerce and liability associated with this type of risk. |
Important to know Product Liability is excluded in most Commercial General Liability insurance policies.
Learn more about product liability insurance
|Excess Liability||Liability||Up to $10,000,000||Separate policy providing additional liability protection above the existing Commercial General Liability Insurance.||Available|
|Directors & Officers Insurance||Liability||$1,000,000 Higher Limits Subject to Approval||Separate insurance policy to provide protection for the Directors and Officers covering third party negligence, bad faith, and breach of fiduciary duty associated with corporate governance. |
Learn more about directors and officers insurance
|Available--Limited Number of Insurance Carriers|
|Professional Liability||Liability||$1,000,000 Higher Limits Might Be Avilalbe||Separate insurance policy for advice and errors & omissions.||Available|
|Hired and Non-Owned Auto||Liability||$1,000,000||Becomes part of your commercial general liability insurance. Coverage for the liability associated with your employees driving their own vehicles. |
This type of insurance is often overlooked until a vehicle accident occurs with one of your employees.
|Building Coverage||Property||High Limits||Coverage for the building with a cannabis operation. The insurance can be purchased by a landlord or cannabis tenant..||Available|
|Business Personal Property||Property||High Limits||Coverage for computers, furniture, grow equipment, display cases, manufacturing equipment, etc...||Available|
|Tenant Improvements||Property||High Limits||Coverage for the improvements made at a business location||Available|
|Business Income/Extra Expense and Loss of Rents||Property||High Limits||Coverage for the loss of income/rents due to a business property loss. Similar to a disability insurance policy for a business.||Available.|
|Cannabis Stock||Property||High Limits||Coverage for the finished stock considered saleable form.||Available|
|Ordinance or Law||Property||High Limits||Coverage for the building when changes occur due to local building ordinance. Addresses certain gaps in the insurance policy.||Available|
|Cash Coverage||Property||Limits subject to approval||Coverage for the cash being transported in company vehicles.||NEW! Available|
|Transportation of Cannabis||Property||Limits subject to approval||Coverage for the cannabis being transported in a company vehicle||Available|
|Equipment Breakdown||Property||High Limits||Coverage for your business equipment as a result of an accident.||Available|
|Coverage Extension||Property||Up to $25,000||Additional coverage for Accounts Receivable, Employee Dishonesty, Money and Security, Outdoor Property (Trees, Shrubs, and Plants), Property in Transit, Personal Effects and Property of Others, Property Off Premises, Spoilage, and Valuable Papers and Records||Available|
|Crop Insurance||Property||High Limits||Live plant coverage for the various stages including seedling, vegetative, and flowering.||NEW! Available|
|Builders Risk Insurance||Property||High Limits||During the construction, a specific policy to cover the unique risks during construction of a cannabis operation. The construction may be for tenant improvements or new facility. |
Ability to quote in-house
Nationally Approved Insurance Carrier
Coverage for New Buildings, Existing Building, Tenant Improvements, Retail, Manufacturing Facilities, Cultivaion Warehouse, Greenhouses, Etc
Capacity for projects of any size or value
Excellent rates and coverage value
Coverage can easily include project owner, general contractor, and subcontractors of all tiers.
Coverage options include earth movement, flood, ordinance and law, soft costs, business income and extra expense, and testing of building systems
Ability to increase additional coverage limits
|Workers Compensation||Liability||$1,000,000 Subject to the insurance carrier and state.||Insurance for employees injured on the job covering loss of wages, medical expenses, and liability to the employer. Limits up to $1,000,000, includes medical and loss of Income. |
Designed to meet statutory state requirements, access to several approved insurance carriers, knowledge of specific job classifications for retail, grow, bakery, and manufacturers. variety of deductibles to save premium.
Reduce premium through cost containment and dividend plans. Access to safety consultants to reduce claims and Certificates of Insurance depending on the insurance company.
Learn more about workers compensation and common job classification risks
|Available: Limited Number of Insurance Carriers|
|Commercial Automobile||Liability and Property||Various Limits||Insurance protection for your corporate owned vehicles providing liability, collision, comprehensive, and other coverages. Other coverages: |
Insurance available and approved through a national insurance company
Ability to quote in-house
Meet Statutory State Requirements
Limits up to $2,000,000
Combined or Split Liability Coverage
Bodily Injury/Property Damage Liability
Variety of deductibles to reduce premium
Collision and Comprehensive Coverage
Variety of vehicles may be insured
Additional Insureds may be included
Rental Car and Towing Coverage
Hired and Non-Owned Auto Liability
Dedicated Claims Specialists
24 Hour Customers Service
Learn more about commercial automobile insurance
|Available: Limited Number of Insurance Carriers. This product may be referred to the carrier directly.|