Whether you own a medical or recreational marijuana dispensary, it’s essential to keep your business protected from liability and other risks with the appropriate insurance coverage. At GreenWrap Insurance Solutions, our experts can help you decide which policies will best help you manage the unique risks associated with operating your marijuana dispensary. Here, we explore more information about the recommended cannabis coverage for both types of businesses.
Types of Cannabis Insurance Coverage for Dispensaries
Insuring your cannabis dispensary, whether it’s recreational or medical, with thorough insurance coverage will help protect you from lawsuits that could jeopardize your reputation and livelihood. While both types of dispensaries are becoming more popular, many mainstream insurance carriers avoid offering coverage due to industry risks. GreenWrap Insurance Solutions is proud to offer various lines of insurance to meet your dispensary’s needs, and they’re generally the same for both medical and recreational stores. Types of coverage we offer and recommend for marijuana dispensaries include:
General Liability
General liability insurance is a standard policy issued to cannabis businesses to protect them against liability claims for bodily injury and property damage. These include injuries that occur on your property, bodily injury or damage from a defect in your product, and legal defense costs.
Property Coverage
Property insurance covers your business’s commercial property, inventory, equipment, and more from damage caused by events like storms, fire, hail, wind, theft, and vandalism. Property coverage is crucial to helping you get back on your feet quickly in the event of damage to your marijuana dispensary.
Product Liability
Product liability insurance protects your dispensary in the event of a lawsuit over a defective cannabis product or a third-party claim that an accident occurred while using your products. This is critical to safeguard your dispensary from lawsuits and legal action.
Workers’ Compensation
Workers’ compensation is critical if you own a dispensary with other employees to ensure you are covered in case one of them is injured while on the job. Depending on the state, this coverage is mandated once businesses reach a certain number of employed workers.
Cyber Liability
Cyber liability insurance protects cannabis businesses from certain risks relating to cyber attacks or data breaches. Since marijuana dispensaries often keep medical and financial data, store confidential information, and accept credit cards, it’s crucial to protect them against liability stemming from data breaches and other cybercrimes.
Protect yourself and your dispensary from losing money with reliable and customizable coverage from GreenWrap Insurance Solutions. Whether you’re running a small recreational dispensary or a full-service medical dispensary, you can trust our team with more than 20 years of combined experience to safeguard your company with reliable coverage.
Find the Right Marijuana Dispensary Insurance for Your Business
We know comprehensive insurance policies are essential to operating a dispensary successfully. Protect yourself against legal action, regulation changes, and other business risks. We provide several types of insurance coverage for both medical and recreational marijuana dispensaries throughout North America, the Caribbean, Europe, and sectors of Latin America. Contact us today to request a consultation and to discuss insurance coverage for your dispensary.