This coverage could make the difference to getting your products sold.
Specialized cannabis insurance provided by CanaRisk Solutions.
Legal marijuana businesses are a new and controversial sector, but they are businesses nonetheless and operators can get real benefits from specialized insurance policies.
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 issues are also important with marijuana insurance. This includes general liability insurance that protects against incidents such as a visitor to your facility being injured, and product liability insurance that kicks in if you are sued over your products.
CanaRisk Solutions is looking to provide the following best-of-class cannabis businesses with comprehensive, cost-effective risk management solutions:
- CBD/Cannabis Events: Liability coverage (often required) for events can be a problem for sponsors. Not anymore. We have markets that are competitive and responsive.
- CBD/Cannabis Manufacturing and Processors: Beyond insuring tech equipment and instruments, manufacturers and processors face increased scrutiny from state and possibly Federal regulators. Products Liability needs to be addressed with care and detail. Don’t neglect this critical area. We have substantial expertise in this area.
- Cultivators: Indoor or outdoor – we got you covered. Irrigation, lighting, HVAC, security systems, farm equipment, etc. can be a problem to properly insure. Let us provide you options to consider.
- Dispensaries: Present unique risk factors due to the nature of their products and the required cash on hand. Cyber and Crime coverages have become particularly important to dispensary operators, in addition to traditional property and liability coverages. You have options.
- Laboratories/Testing Facilities: More stringent testing protocols mandated by states as well as increased demand has put increased pressure on labs and testing facilities.
- Real Estate Owners: Cannabis businesses often present problems for some landlords as some insurance companies will not insure buildings with cannabis businesses. We can help.
- Service Providers: Security, lighting, irrigation, fencing, packaging and transportation providers to the cannabis industry are problematic for some insurance companies. We have markets that have the expertise to handle with ease.
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. Note that the insurance conditions for medical marijuana may differ from those for recreational marijuana.
Cannabis insurance is a new industry, but you can still get a good deal. To find out more about the risks you need to cover, contact us today.
Specialized Cannabis Insurance Quote Request
As an independent agency, we offer multiple options at competitive prices.