For Jessica Hoehn, medical marijuana liability insurance is not just another business expense—it has become a necessity.
“Whether you are a medical marijuana physician, clinic, or dispensary, the potential legal costs of uninsured suits are astronomical and could have disastrous consequences on someone’s practice,” says Hoehn, an insurance agent for Danna-Gracey, the leading independent medical malpractice insurance agency in the state of Florida and the top agency for several of the leading insurers in Florida.
It’s a common misconception that medical marijuana coverage needs are very expensive or unattainable, but it is actually very reasonable priced, she notes. The agency works closely with clients to identify insurance needs specific to their medical specialties and practices.
“We understand the complex landscape of insurance coverage for medical professionals,” says Hoehn. “Our personalized attention and command of the insurance marketplace enable us to effectively negotiate competitive rates.”
Since 1981, Matt Gracey and the team at Danna-Gracey have become well known throughout the state as strong advocates for health care providers, as well as creators of society and network insurance purchasing programs. When it comes to the medical marijuana industry, Hoehn says that it was a no-brainer for them to continue to provide the best coverages for those looking to provide alternative care options.
“This isn’t your great grandfather’s insurance company,” says Hoehn. “We always aim to be a progressive company that is willing to assist growing and support alternatives to the normal healthcare avenues. And we are right here locally. We aren’t an out of state company that cannot relate to the ever changing climate of the insurance industry in the state of Florida.”
Types of Insurance Protection
The types of insurance protection Danna-Gracey offers include:
Workers’ Compensation Insurance:
If you have four or more employees, you are required to have workers’ compensation insurance. This will cover your employees if they get injured on the job. These rates are mandated by the state but the agency has a great program which can get you up to 30% back in dividends annually.
Professional Liability Insurance:
Professional Liability Insurance (Malpractice) covers your business should a negligence claim be made against you. This can also include mistakes, oversights or errors that are made by accident.
Cyber Liability Insurance:
With major companies recently in the headlines for having their personal client information hacked, you want to be sure your business is protected should that happen to you. Cyber liability insurance is especially important if your website collects personal information or you sell items online.
“If you think you won’t ever get breached, you are wrong,” says Hoehn. “It’s not a matter of if but when. Look at the MJ Freeway cyber attack that happened in 2017.The attack took out their production and backup server. You are storing personal client information and it needs to be protected.”
Employment Practices Liability Insurance (EPLI):
If your employees interact with the general public as part of your operations, it is smart to get EPLI Insurance.
“EPLI insurance covers claims against your company for sexual harassment, wrongful termination and discrimination,” says Hoehn. “These allegations can come from the employees or the general public. This insurance would cover your legal costs and potential payouts you may be responsible for.”
Hoehn adds that General Liability Insurance and Commercial Property Insurance are important too and as a result, they partner with some excellent individuals to get clients those coverages as well.
Getting Your Business Insured
If you want to get insured, it is a short application process that Danna-Gracey will gladly assist you in completing.
“We will shop the market in order to present you with several offers and we can then compare and decide which avenue is best for you,” says Hoehn.
The cost of insurance depends on which type of insurance you’re seeking.
For example, for cyber insurance, Hoehn says that they are going to need to know some details about what you currently do to protect yourself, how many files you store roughly, etc. For Medical Professional Liability, they need to know how many doctors you employ, their backgrounds, what coverages they may currently have, and so on.
“The cannabis industry is susceptible to the same types of claims as any medical profession,” says Hoehn. “The liability may be a bit less since medical marijuana clinics are recommending and not actually prescribing but the suits that incur are the same as any other.”