Cannabis Insurance

Cannabis insurance helps protect your business from going up in smoke.

Insurance that grows as the industry evolves.

Legal cannabis businesses are a new and controversial sector, but they are businesses nonetheless and operators may find real benefits from industry-specific insurance policies. Here are some examples of cannabis businesses that may benefit from a cannabis insurance policy:

Cannabis Cultivators
Cannabis Dispensaries
Cannabis Distributors
Cannabis Labs
Cannabis Manufacturers
Cannabis Retailers

Risks related to cannabis businesses.

As with any business, you’ll need to protect your property against damage from risks such as fire and theft. Check carefully to make sure your products are covered in transit, such as between a cannabis farm and a storage facility. It’s also worth looking at coverage that pays out for lost income and profits rather than simply the cost of the raw materials.

Liability coverage options for cannabis businesses.

Liability issues are also important in cannabis insurance. This includes general liability insurance that helps protect against incidents such as a visitor to your facility being injured. In addition, product liability insurance helps provide coverage that kicks in if you are sued over your products.

Policies for medical and recreational cannabis.

You’ll need to check policy conditions carefully. Often it’s a condition of the insurance that you comply with all local laws, regulations, and licensing. Also, remember that the insurance conditions for medical cannabis may differ from those for recreational cannabis.

Cannabis insurance is a new, thriving industry, but you may still get coverage to protect your business. To find out more about the risks you need to cover, contact us.