Fractional Risk Advisor

Managing and Simplifying High Risk Insurance Portfolios. Plant Medicine Specialty.


Get Plugged In

The Plug is an insurance purchasing and policy management specialist.

A solid insurance program is vital to keeping your business protected and thriving. However, the process is burdensome and complicated. Who are the insurance vendors we trust to provide the best coverage, price, and service?

We act as a member of your executive team, at a fraction of the cost. By being an independent and fractional advisor on behalf of the operator we are able to interface with every player in the insurance landscape: Carriers, Managing General Agents, Brokers, General Agents. As an independent advisor our software interfaces with the client, whereas other players need to interface with one another on legacy systems… and those players have their own interests, rather than yours, at the forefront.

Our Specialty

The Plug Brings Perspective & Clarity

We specialize in consolidating key data: policies, premiums, loss ratios, applications… the important stuff. We capture all of this data within our software and share it back with you in a manner that brings clarity to your insurance portfolio. This clarity allows for confident risk management and business growth. Together, we utilize this information to build the proper narrative of your business within the insurance marketplace; delivering stronger, more affordable relationships with our insurance partners.

Case Studies

The Multiple State (with multiple agents) Operator

  • A Multiple State Operator had grown significantly via M&A activity, and now had additional, larger exposures. The M&A strategy was solid, the accompanying insurance program, however, was outdated and seriously jeopardized the operation. With each acquisition, leadership elected to maintain previously existing insurance relationships. Across the organization there were multiple insurance carriers, serviced by multiple agents – lacking coordination and consistency.
  • One arm of the business had a claim that went uncovered. The multiple agents started asking for the entire business to protect against such a mistake in the future. The Request For Proposal process was overwhelming.
    • The Plug was able to come in and take over coordination of the project.
    • We executed the RFP among the various agents.
    • We presented the top two solutions. Senior leadership reviewed the top two agent options and made their selection after recommendations and interviews.
    • Over $150,000 in premium savings was realized, countless leadership hours saved, and coverages enhanced. A coordinated, and organized program had been put into place for their entire P&C program across all states.

Time Saved = 30+ hours
Premium Saved = $150,000+


The Management Liability Case

  • The client had an agent that specialized in agricultural risks. The cultivation facility had grown into a Multiple State Operator, yet their portfolio did not account for important Management Liability Coverage, which includes:
    • Directors & Officers
    • Employment Practices Liability
    • Cyber Liability
    • Errors & Omissions, Budtenders E&O
    • Theft & Crime coverages
  • Directors & Officers – The MSO had been publicly traded on the Canadian stock exchange for over a year when The Plug came aboard. Amidst everything for a successful public launch, the controller handling insurance tasks overlooked the company’s new D&O policy…
    • Issue – The original D&O policy was written for a private company, and was not amended to be in line with the now public company.
    • Adjustment was made to adapt for a public company. We also provided several insurance captive options with various layers of risk financing options up to 10M in coverage.
  • Employment Practice Liability – Covers wrongful termination, discrimination and other employment related issues.
    • We added the important 3rd party endorsement, which covers claims resulting from non-employees, typically customers/clients/vendors.
  • Cyber Liability – A comprehensive and affordable policy was added.
  • E&O and Budtenders insurance.
    • The insured was not aware of, nor had this coverage. We were able to affordably add it.
  • Crime/Theft – added 1st and 3rd party coverages
    • 1st party covers inside jobs.
    • 3rd party covers outside jobs.

Time Saved = 15+ hours
Premium = Additional premium was allocated to insurance needs solving a non-existent management liability program.

The Classic Sleepy Agent

  • A vertically integrated cannabis operator had a trusted agent. There was no outside competition or review for nearly a decade. The products and complexity of the operation had evolved significantly over the years as the cannabis market had matured on the west coast. Without competition on the account, gaps had crept into their coverage. Due to the friendly client/agent relationship, annual reviews of coverage were not taking place. Nor was the insured getting updates on new and evolving markets and coverages.
    • The original retail location did not have product liability coverage.
    • Their cultivation and manufacturing headquarters had undergone expansion to their original property, and now valued at over 35M in building coverage. We helped bring in a new carrier and increased property coverage with a more competitive rating structure.
    • Vape products had been added to their line. A vaping health hazard exclusion was on the old policy. We removed it.
    • Business equipment had increased significantly to scale various business segments, but was never adjusted. We properly updated limits.
    • Indoor crop coverage was now available in their home state. We advised on the new forms available.
    • We consolidated multiple inland marine policies into a single comprehensive stock-through-put policy.
    • Business interruption and equipment breakdown coverage was added.
    • The auto policy had an armed guard exclusion and a theft exclusion. The insured had a great safety program, we replaced the carrier and removed exclusions.
    • Coverages were cleaned up on the renewal. Due to the previous coverage gaps, and noncompetitive renewal pricing the insured asked The Plug to carry out a RFP among the industry’s best cannabis insurers.
      >  We were able to provide significantly increased coverages with 17% savings, and initiated industry leading risk management programs.
    • Health and Benefits were evaluated at renewal.
    • Life Insurance – We issued multiple key person insurance policies to encourage employee retention.

Time Saved = 20+ Hours
Premium Saved = $24,000 * including coverage enhancements

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