Insurable Risks

Video Transcript

Larry Harb:               

So, let’s talk about coverages that every business ought to think about. If you think about these and—like I said, if you run it like a business, we’ll insure it like a business. So, basically, a generally liability, a products liability, property coverage, and worker’s comp, those are standard coverages that every business should talk about. Product recall. We sort of talked about that earlier. If you’re gonna be transporting at all, you’re gonna need commercial auto liability coverage. Database or what’s called cyber liability. This is gonna protect you in terms of if you lose personally identifiable information or if you lose personal health information. This is where that coverage is going to be in if you get sued. Commercial crime policies—this protects you—in fact, if your employees are stealing from you. You also get into EPL which is employment practices liability. And, sorry guys, but in today’s world of #MeToo, I would not own a business that didn’t have EPL coverage today. This is going back forever and ever. We’ve been selling this coverage and that’s basically back in the days of Anita Hill, she was the one who started this, but she’s the one who made the coverage take off, but today this has been out there for about 20 years. And it’s a coverage—I wouldn’t be without it today. It’s just not good sense.

Health and disability insurance—something that’s really important to give your employees obviously. It’s a business it’s a business called easier, better employees—works easier. And then life insurance, if in fact, you’re in a partnership and so many cannabis businesses are—they’re partnerships—at the end of the day, you and I may like being in business together, but you may not like being in business with my spouse. So, something happens to me, how do you get the money to get me out of the business or to get my spouse out of the business? Key man life insurance is an easy way of funding that and easy to use for transfer, and that’s what it’s there for.

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