Specific Insurance Needs

Video Transcript

Larry Harb:               

So, recap, if you are in a cultivator business, the other things you wanna thing about is, obviously, crop coverage, product liability and product recall. All three are very, very important coverages. If you are in manufacturing, again, product liability, inventory coverage, and product recall. What if I’m a dispensary? Well, then, obviously, my general liability and everything else, but I really wanna talk about product liability and, oh, miscellaneous errors and omissions coverage. What happens when that bud tender says, oh, I  think you’re gonna really like this strain, it’s really gonna be good for you and it’s gonna take care of your medical problem, whatever it is—and, oh, that person had asthma and that was the wrong strain or didn’t work right and you get sued, here’s where the coverage is gonna be. It’s in the errors and omissions coverage. Professional liability is errors and omissions, same type of coverage, but if you’re in a testing lab, you wanna make sure that you’ve got professional liability or E and O coverage as it’s mostly referred to.

Transporter. Obviously, what’s very important for transporters are commercial auto. Gotta have commercial auto if you’re a transporter and how about cargo? Property of others coverage. So, while you’re driving around and you’ve got three, four, pounds, whatever the number is that you’re moving for somebody and something happens and now you lose that. That was valuable product that you just lost. So, all of these are important things to keep in mind.

If you’re conducting business online and you have a website, well, then you probably really wanna consider what’s called a cyber liability, or we like to call it a database policy, okay? ‘Cause this is where that coverage is. What most people don’t realize is, is the moment you put a website out there, you’re in the publishing business. You’ve created a whole set of new exposures that aren’t covered by your traditional general liability policy, but where they’re picked up is in a cyber liability or, what we like to call, the database policy.