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Michigan Cannabis Insurance

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Home › Insurance Products › Cannabis Insurance › Michigan Cannabis Insurance

If you operate in the cannabis industry in Michigan, you assume a variety of risks due to the nature of the business. Whether you own a small provisioning center or transport large amounts of cannabis products, MFE Insurance has an affordable option that will meet the needs of your organization. Our Michigan cannabis insurance policies offer comprehensive coverage to protect your business from loss or liability, as well as ensure any damages are paid for. Let our professional team of cannabis insurance brokers work with you to draft the best policy for your organization and safeguard it from major expenses or even litigation.

344 N Old Woodward Ave Suite 302 Birmingham, MI 48009

313-395-1855

 


Michigan Cannabis Insurance Policies Offered

At MFE Insurance, we offer a wide range of policy options that fit the ever-changing needs of the cannabis industry. We understand the importance of protecting your cannabis organization and provide several different Michigan cannabis insurance plans to prevent monetary loss. However, it is also important that your business is prepared in the event that the inevitable happens – therefore, you must protect it before the fact. Here are the primary options we offer to cannabis organizations in the state of Michigan:

General Liability Insurance

Regardless of the industry you operate in, general liability insurance is a must. This policy will protect your cannabis organization from claims resulting in bodily injury or property damage that may occur at your place of business. General liability insurance covers any third-party lawsuits (e.g. non-employees or workers) to grant your organization peace of mind knowing it is protected from monetary loss due to property damage or an injury sustained by a customer.

Product Liability Insurance

medical marijuana being grown by a cannabis farmer who has Michigan Cannabis InsuranceOrganizations that handle cannabis in any way, whether that be growing, processing or distributing, require protection against third-party claims due to the use of their cannabis product. MFE Insurance offers product liability insurance for your cannabis business in Michigan to ensure it is protected from claims filed as a result of property damage or bodily injury sustained during the use of your product.

Crop and Inventory/Finished Stock Insurance

In addition to product liability, cannabis growers and processors require protections from damages during the cultivation process. Crop and inventory/finished stock insurance provides comprehensive coverage for cannabis plants in the event of a disaster. Our crop insurance covers the actual living plant during growth, while our inventory/finished stock covers the product after it has been trimmed and prepared for use.

Commercial Auto Insurance

If your Michigan cannabis business owns and operates vehicles, it should obtain a commercial auto insurance policy. Commercial auto insurance protects organizations from damages and vehicle loss as a result of an accident caused (or not caused) by an employee or contractor while driving for work-related purposes. Other forms of commercial auto insurance also safeguard organizations’ products in transit, as well as their vehicles when not driven for work purposes.

Workers Compensation Insurance

an employee who is covered by workers compensation from Michigan Cannabis Insurance while growing marijuanaWorkers compensation insurance provides Michigan cannabis organizations with protections against claims made by an employee due to a workplace injury. This covers physical illnesses and injuries, as well as physical or mental health conditions accrued over time at work. Workers compensation insurance will cover your cannabis business from medical expenses, disability compensation, and replacement income to injured workers, as well as benefits to surviving family members of workers who die at your place of business.

Umbrella / Excess Liability Insurance

Otherwise known as excess liability coverage, umbrella liability insurance will cover any expenses that exceed the monetary limit that is provided by your general liability policy. For example, if your Michigan provisioning center is required to pay for over $3 million in damages, the general liability policy will cap out at $2 million – and if you have umbrella liability insurance, it will cover the rest of the $1+ million left over.

Equipment Breakdown Insurance

In order for cannabis businesses to thrive in Michigan, its equipment must be working properly at all times. Equipment breakdown insurance will cover the costs of essential machinery and equipment that suddenly stops working, such as heat lamps, industrial fans, and computer systems, among others. This insurance policy only covers equipment up to a certain coverage limit, and does not protect organizations against equipment that has broken down due to age, improper maintenance, or intentional misuse.

Cyber Liability Insurance

a cannabis provisioning center owner using secure systems with protection with Michigan Cannabis InsuranceIf your cannabis business is a victim of data theft or information mismanagement, cyber liability insurance will cover legal fees and court settlements. This includes damages owed for the reception or distribution of personal information such as social security numbers, credit card numbers, employee health records, and more by unauthorized parties. Cyber liability insurance will also cover any non-sensitive data from clients or customers that is lost or stolen.

Loss of Income Insurance

Cannabis organizations will likely experience loss of income at some point during their operations. A loss of income policy can be added to your Michigan cannabis insurance package to protect against monetary losses that occur during a natural disaster. Loss of income insurance will provide financial support for organizations to help pay employee payroll, income taxes, advertisements, and mortgage payments, as well as grant a percentage of projected sales or the actual loss sustained.

Employee Benefits Insurance

In some cases, errors and omissions can occur within an employee benefits program. Employee benefits insurance will cover any owed benefits to your workers that would have been paid had it not been for an error or omission. It is essential that your employees in your cannabis organization have access to their benefits – if they do not receive money in their retirement account, for example, MFE Insurance will cover up to the dollar amount they should have received.

Crime Insurance

an employee stealing money from his companyOrganizations in the Michigan cannabis field must have a set of protections against crimes committed by an employee or a third party. If your organization has suffered from employee dishonesty (theft), forgery or alteration of documents, fraud, kidnap, or counterfeit money, among others, MFE insurance will reimburse your organization for the amount lost, as well as provide any necessary protections such as court and lawyer fees.

Property Insurance

Accidental property damage occurs more frequently than business owners would often expect. The property insurance policies offered by MFE Insurance will assist your Michigan cannabis organization in repairing or replacing any property that is covered. For example, if a grower or cultivator working for your operation accidentally breaks a pipe that waters the cannabis plants, the insurance policy will cover any repair or replacement expenses and loss of income.

EPLI Insurance

Employment practices liability insurance (EPLI) is essential for organizations, especially those in the cannabis industry. EPLI insurance protects employers against claim against discrimination based on age, sex, race, and disability, among others, as well as wrongful termination, sexual harrassment, overtime payment failure, and more. While EPLI cannot guarantee coverage for all claims made against your Michigan cannabis organization, EPLI can allow it to be more prepared with a well-established policy in place.

Product Recall Insurance

A recall announcement is something no business wants to face. A recall often can heavily impact a business’s financial position. Product recall insurance protects your business from the financial risks it faces when selling products that are consumed. The costs covered include the disposal of recalled products, the costs associated with getting the products shipped back to the manufacturer, and getting new products shipped back to restock your shelves. MFE Insurance will help you through the recall process and reimburse your business when a recall is announced.

Organizations In Michigan That We Provide Cannabis Insurance

a medical marijuana farmer tending to his product as it growsMFE Insurance offers Michigan cannabis insurance options for all types of organizations in the industry. Whether you own a provisioning center or are in charge of transporting products from farms to shops, cannabis insurance will provide a variety of protections for your business. The aforementioned insurance policies can limit the amount of liability your organization assumes and can reduce its risk of forfeiting profit. Below is a list of the types of companies we provide Michigan cannabis insurance for:

Provisioning Centers And Retailers

Provisioning centers and retailers are the two types of organizations in the cannabis industry that deal with customers and other third parties the most. Therefore, MFE Insurance will provide a comprehensive Michigan cannabis insurance package to ensure you are shielded from liability. We will work to find the best possible coverage options so that your organization will not have to worry about lawsuits from employees or third parties.

Growers And Farmers

If your organization deals strictly with growing or cultivating cannabis plants, or if you are a contractor that works for multiple provisioning centers, MFE insurance has several insurance options available to you. Product liability, crop and inventory/finished stock and workers compensation are the three necessary policies for growers and farmers, but it is also important to ensure your business is not susceptible to any other form of liability or monetary loss.

Processors And Laboratories

medical cannabis in a Michigan laboratoryMichigan cannabis processors and laboratories inherit a unique set of risks, especially when combining strains with other ingredients or infusing products. Our experienced insurance brokers will provide several coverage options, such as equipment breakdown or loss of income insurance, to limit expenses and increase profitability. Additionally, we will work to reduce your liability by recommending multiple policies that cover legal fees and settlements.

Product Transporters

Truckers and other product transporters must be covered from damages that occur due to employee negligence or the error of another driver. MFE Insurance recommends acquiring a commercial auto insurance policy in order to cover damages to vehicles regardless of who was at fault, as well as inland marine insurance to protect the cannabis and other assets on board. Commercial auto insurance takes on many forms, and even has a policy that can protect organization’s trucks from liability when the drivers are off duty.

Ancillary Cannabis Companies

Organizations that work directly for Michigan cannabis provisioning centers or retailers such as attorneys, technology firms, marketing companies, and financial institutions are eligible for cannabis insurance. MFE Insurance will offer several different lines of coverage including general liability and cyber liability insurance to ensure any data or software you use to enhance the cannabis business is protected from liability due to a breach or unauthorized dissemination of information.

Property Owners And Landlords

marijuana growing in a building owned by a landlordMichigan cannabis insurance provides a host of protections for property owners and landlords that rent spaces out to provisioning centers and growers. We will ensure you have acquired proper policies, such as property insurance, to cover any expenses that may be caused by the tenant. Additionally, property owners and landlords can reduce liability by acquiring a crime insurance policy in case a crime were to occur at or near the owned building.

Speak To The Michigan Cannabis Insurance Brokers

With the cannabis industry continuing to evolve, it has become increasingly important to ensure your business in Michigan is thoroughly protected. The cannabis insurance brokers at MFE Insurance are willing to work with you to develop a custom plan that is tailored to the wants and needs of your organization. Do not wait until disaster strikes – your company may end up spending substantially more money or potentially forfeiting its license to operate if you are uninsured and a claim is filed against you. For more information about Michigan cannabis insurance or to apply for a policy, call MFE Insurance’s Michigan office at 213-266-7990 or apply for cannabis insurance online today.

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213-266-7990

1019 E. 4th Pl.
Los Angeles, CA 90013
213-266-7990

344 N Old Woodward Ave,
Suite 302
Birmingham, MI 48009
313-395-1855

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MFE Insurance Brokerage
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Tara Fartemer
Tara Fartemer
13:34 20 Aug 19
I called MFE Insurance Brokerage about car insurance for my son after seeing the reviews on Yelp. (My son is a student in CA and I live in TN.) Payman explained everything in detail and got a great rate for us! I would definitely recommend him to anyone looking for insurance!
Aaron Godfred
Aaron Godfred
16:55 10 Sep 18
MFE Insurance is great. Omaze has demanding and constantly changing insurance needs and MFE is easy to get in touch with, has a great online cert generator and are awesome people to boot! Highly recommend.
Oscar Bucher
Oscar Bucher
05:25 15 Mar 18
Alec Roberts and his team really go the extra mile to ensure their clients receive the proper insurance that is right for their business at the best price with a timely turnaround. They provided same day service - from quote to a full policy with proof of insurance and helped me win bids and develop my business. They are your allies in the insurance world - look no further!
Jon Keeyes
Jon Keeyes
19:21 13 Sep 17
I've worked with many insurance companies over the years for production insurance on feature films. Once I found MFE, I never looked back. Not only is there pricing competitive (and typically better than many other brokers), Alec and his staff are amazing, quick to reply, and fast to assist. And they make all your insurance needs for production run smooth and easy. I couldn't recommend a better broker.
Ashley Rosenberg
Ashley Rosenberg
22:26 24 Oct 17
AMAZING. Never felt like they were giving me BS information, or quotes that weren't necessary for my production. Always informative (explaining in depth what I would, or wouldn't need for certain situations! Claims were seamless, and the team is always responsive. So grateful to have a broker that really is working for my best interest!!
Ian Bell
Ian Bell
18:03 03 Apr 18
Kat and the rest of the MFE team are amazing. Great communication and quick to find the best possible coverage.
Nick Scully
Nick Scully
20:20 29 Nov 18
John Hart was my broker for my first project requiring insurance, and he was incredibly helpful, professional, and patient with a first-timer. Highly recommend MFE and John's services!
Aaron Brown
Aaron Brown
16:25 13 Sep 17
I've been working with Alec and his team for years. They provide our production insurance and throughout the entire process, including a handful of claims, I've always felt informed, supported, and taken care of. Can't recommend MFE enough - these guys are the ones you want in your corner. They know the best insurance policies and will help manage any claims that arise.
Kate Ryan
Kate Ryan
16:50 08 Mar 19
MFE Insurance saved my business money and offered better coverage. We've worked together over the last several years, and have recommended MFE to family and friends. Alec Roberts and his team are always available to answer our questions or requests, and everything is done in a timely manner. We can't say enough about how well we are treated!
Alexander Baker
Alexander Baker
02:17 26 Sep 20
We were looking for last minute equipment insurance for a film shoot and MFE couldn't have been more helpful. John Hart was fantastic and made sure we got our coverage in time! I could not recommend this company more.
Kyle McKee
Kyle McKee
16:28 01 Mar 22
Been a customer for almost a year. Quick and easy to set up and was able to get a much cheaper price than my "good neighbor" insurance.
Cody Michler
Cody Michler
17:26 07 Jun 22
Peter was great! I did have to cancel temporarily but due to pivoting my business in a different direction. If you have niche and need coverage reach out to them! Its hard to find insurance for specific niches but they got it working for me while I was doing more onsite work!
Matthew Michael Ross
Matthew Michael Ross
20:21 05 May 23
I just wrapped an Independent Feature and I can tell you, Insurance was extremely important. Nick Pursel and MFE were amazing to work with! They answered calls when I needed them and I did on several occasions. Their policy got me equipment and locations with no problems due to their reputation. And Nick advised me on what I needed and what I didn't need. Supporting my project while keeping my costs down. Thanks MFE for protecting my cast, crew, and production. We did it!
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