Cannabis, Hemp & CBD Dispensary Insurance

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Cannabis Dispensary Insurance

A Cannabis Dispensary has some similarities to a traditional retail store or restaurant in that it is not immune from financial and physical disasters. Theft, fire, customer injury, are just some of the issues that Dispensary operators face. However, as a Dispensary operator you face additional risks and challenges.
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Purchasing insurance is a standard practice for most commercial ventures. If you were a traditional retailer, general liability policy that covers the basics might be sufficient. However, as a marijuana dispensary, your company has specific requirements.

At CannaCorps, we have the expertise in the cannabis industry to know and understand the specialized needs of dispensary operators. We customize an insurance plan that gives your dispensary the coverage you need. From general liability to product liability and everything in between, the Corps has you covered.
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CannaCorps will customize your plan so that your business, the building, contents, drivers, inventory, and employees are covered. With exceptional customer service, our insurance agents will help you protect your growing dispensary business.

Even though the Cannabis industry is rapidly growing, there is a lack of federal cohesion for cannabis related businesses. It is harder than ever to recover from losses resulting from theft, crops damage, fire, or onsite injury. In constructing a properly structured Cannabis Dispensary insurance package one must first consider the basic coverages of general liability, product liability, crop, workers compensation, and property liability.

What Does Cannabis General Liability Insurance Usually Cover?

General liability insurance policies typically cover you and your company for claims involving bodily injuries and property damage resulting from your products, services, or operations. It may also cover you if you are held liable for damages to your landlord's property.
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Bodily Injury

Even when the best practices are maintained, accidents and injuries can still happen. CannaCorps provides access to general liability insurance that can cover claims by third parties for bodily injuries. If you work in an office, store or even at a customer’s location, general liability coverage can protect you from lawsuits and claims.

Medical Expenses

If an accident happens and someone other than you or an employee is injured, your general liability policy can cover the associated medical expenses for each injured person. Protect yourself and your cannabis business with a general liability insurance policy.

Property Damage

Damage to someone else’s property, whether caused by you or one of your employees, can potentially create huge expenses that you as a business owner would be responsible for. Therefore it is wise to protect yourself and your business with a general liability insurance policy.

Legal Fees

Legal fees are expensive if you do not have a plan in place for your defense. Your general liability insurance policy can cover legal costs on your behalf reducing your limit of liability.

What Does Cannabis Product Liability Insurance Usually Cover?

Product Liability Insurance — protection against financial loss arising out of the legal liability incurred by an insured because of injury or damage resulting from the use of a covered product or out of the liability incurred by a contractor after a job is completed (completed operations cover).
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We recognize that Product Liability insurance in the cannabis industry is new and evolving. However, there has been an increase in the number of cases brought up that deal with accusations of defective cannabis product, as well as new guidelines and regulations that have caused product recalls. Product liability Insurance provides coverage in the event you are found liable due to a defective product, whether you manufacture or just sell the product to a consumer.

What Does Cannabis Crop Insurance Usually Cover?

Cannabis crop insurance protects you from a financial loss to your cannabis crops. This primarily applies to grow operations. Cannabis crops can be damaged or destroyed under certain weather conditions such as heavy wind, fire and flooding. They are also targets of theft, which crop insurance protects against as well.
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A crop insurance policy covers cultivators if there is a loss to the crop, under certain conditions, such as fire, lightning, wind, hail, theft, and sprinkler leakage, among others. Loss caused by changes in climate or mold, disease and fertilization issues, however, is generally not covered by crop insurance policies.

In addition to the standard coverages, there are an array of additional coverages that may be considered. With the right Cannabis Dispensary insurance program operators and investors can be assured that their growing business is protected.
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Additional coverages may include:

Motor Truck cargo

An inland marine form covering loss of property in the course of transit, either by common carrier or on the insured's own vehicles, depending on the form used.

Management Liability

Insurance that covers exposures faced by directors, officers, managers, and business entities that arise from governance, finance, benefits, and management activities (also called "executive liability insurance"). This includes:

  1. directors and officers (D&O) liability insurance
  2. employment practices liability (EPL) insurance
  3. fiduciary liability insurance
  4. "special crime" insurance (covering kidnap, ransom, and extortion exposures)
These coverages may be written as stand-alone insurance policies or combined into a single, "package" policy.

Commercial Auto

Auto — as the term is currently defined in Insurance Services Office, Inc. (ISO), commercial auto and commercial general liability (CGL) insurance policies, any land motor vehicle, trailer, or semi trailer designed for travel on public roads; or any other land vehicle that is subject to a compulsory or financial responsibility law or other motor vehicle insurance law where it is licensed or principally garaged.

Excess Liability

A policy issued to provide limits in excess of an underlying liability policy. The underlying liability policy can be, and often is, an umbrella liability policy. An excess liability policy is no broader than the underlying liability policy; its sole purpose is to provide additional limits of insurance.

Cyber and Privacy Insurance

A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.

Errors and Omissions

Errors and Omissions (E&O) Insurance — an insurance form that protects the insured against liability for committing an error or omission in performance of professional duties. Generally, such policies are designed to cover financial losses rather than liability for bodily injury (BI) and property damage (PD).

Directors and Officers

A type of liability insurance covering directors and officers for claims made against them while serving on a board of directors and/or as an officer. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as "management errors and omissions liability insurance," covering claims resulting from managerial decisions that have adverse financial consequences.

Employee Practices Liability

Employment Practices Liability Insurance (EPLI) — a type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policies cover claims from a variety of other types of inappropriate workplace conduct, including (but not limited to) employment-related: defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation.

The Corps Difference

While no business owner wants to think about the probability of damage to their products, property, or company, the risks are very real. The best way for you to prepare your dispensary for such a possibility is by purchasing cannabis dispensary insurance. CannaCorps is here to help you protect your business.

Our mission is to make sure your company is covered no matter what area of the cannabis industry you are a part of. We know that your industry is complicated and unique with ever-changing rules and regulations. Allow us to help you ensure your business is covered.

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