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How Marijuana Business Insurance might apply to the Sea of Greens Fire

Submitted by Marijuana News on Tue, 04/14/2015 - 08:00

With any Marijuana Business Insurance program, or any commercial insurance program for that matter, a lesson can be learned from the unfortunate fire of Seattle’s first legal marijuana farm, Sea of Green Farms. The lesson to be learned is always apply the ‘Golden Rules of Risk Management’ which are:

  1. Don’t risk more than you can afford to lose. This is a measure of severity. If the maximum possible loss could not be paid out of your existing finances without necessitating borrowing or if such a loss might lead to bankruptcy then insurance must be considered.
  2. Consider the odds. What is the probability that a loss will occur?
  3. Don’t risk a lot for a little. After weighing the cost of insurance compared to the potential out-of-pocket expense. Don’t self-insure a loss that could be transferred to the insurance carrier for
    4. ...
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