Now that several states have legalized the sale of marijuana, there’s a lot of money to be made in the cannabis business. We aren’t talking about kids selling baggies full of weed outside of junior high schools, but legitimate cannabis companies – which are springing up across California as quickly as their product. But with potential reward comes risk. And the cannabis industry is rife with potential pitfalls. However, if you hire the right insurance agent to cover your endeavor, you will be able to rest in the knowledge that we’ve got your back, on many fronts!
Do you need insurance for your cannabis business?
Like any retail location, the minute you open your dispensary doors, you open yourself and your company up to litigation. Cannabis insurance covers and protects cannabis operations from everything from fire to theft to raids. But don’t forget to consider the ramifications of losing your entire inventory or being held responsible if someone uses your product and later becomes ill or dies. Since you have invested so many of your resources, money, and time into setting up your business, prepare to make sure the whole thing won’t go up in smoke.
Benefits of Dispensary Insurance
Marijuana dispensary insurance covers multiple areas of protection.
General liability covers:
- Bodily injury
- Property damage
- Cost of legal defense, if necessary
- An additional landlord endorsement would limit damages to rented premises, medical limits, and defense outside policy limits.
Product liability covers inventory:
- Scheduled cannabis
- Hemp & CBD products
- Non-cannabis products
- Hemp, and CBD products
Equipment manufacturerswould cover product liability for medical and recreational use. Also of note, insurance is often retroactive for up to five years, covering product recall and product withdrawal, and duty-to-defend.
Property coverage provides peace of mind:
Dispensary inventory (cannabis, edibles, CBD products, and non-cannabis products, business personal property, the building you own, tenants, betterments and improvements, money and securities, outdoor property like signs and fencing, personal effects of others, and even employee theft or other forms of fraud. Property coverage also includes coverage per locations, no sub-limit on theft, multiple deductible choices, and fire.
Many of the aspects of the cannabis industry are still in motion. And as with any business venture, opening a pot shop is a risky endeavor. But you have a way to protect your investment just like every other California business owner. And we would love to help.
Insurance Services in La Verne
Inclán Insurance Services in La Verne, California, near San Dimas, and offers myriad insurance programs, inside as well as far outside of our immediate geographical location. Among our book of extensive insurance offerings: business – cannabis, contractors, general liability, worker’s compensation, commercial auto, commercial property, and entertainment; and personal – automobile, classic cars, motorcycle, health, homeowner’s, renter’s, and life insurance.