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What is Cannabis Business Insurance?

Buying insurance for any type of cannabis business is a vital part of your operational responsibilities, and you must ensure your company has the very best business insurance for its work in the cannabis business industry. Whether your search to buy cannabis business insurance today is because you are researching setting up a company, or you are an existing dispensary, cultivator, eCommerce business, we can help you understand what types of insurance your cannabis or hemp company needs.

Who Needs to Buy Cannabis Business Insurance?

With the rapid growth in the hemp and cannabis industry in recent years, there are now even more businesses that are looking to buy cannabis insurance for their company. Here are just a few examples of the types of companies that need to buy cannabis business insurance.

  • CBD Product Manufacturers, Distributors, and Resellers
  • Dispensaries
  • Cultivators
  • Manufacturers
  • Processors
  • Landlords
  • Testing Facilities

What Type of Insurance Does a Cannabis Company Need?

While the insurance needs of a cannabis cultivator will differ to that of a CBD store insurance policy, there is a range of core insurance policies for cannabis companies that should be bought in order to transfer or mitigate the unique risks they face.

Commercial General Liability Insurance for Cannabis companies is a must. It offers indemnity against risks that almost all companies in the hemp and cannabis industry face on a regular basis and protects core business assets from any financial claims made a third-party because of any property damage or personal injury.

Product Liability Insurance for the hemp and cannabis sector is another core type of insurance that needs to be bought. It is usually sold as an extension for a general liability policy and will cover your business in case you are found to be liable because of a defective product that causes damage or injury to a third-party. For the hemp and cannabis sector, this is known to be an evolving challenge. For this reason, buying product liability coverage and ensure you are covered in case the consumption of any of your products results in unwanted side effects or illness.

Regardless of whether your business resells cannabis or hemp products or manufactures them, your place in the supply chain is irrelevant; you will still need to buy cannabis product liability coverage.

Commercial Property Insurance for any cannabis or hemp business is crucial. It will protect your physical business premises from a range of covered perils. And, it will also cover your inventory, personal property, equipment, and any furnishings from theft, fire, and other named natural disasters.

Business Interruption Coverage for cannabis companies will typically be offered alongside your business property insurance. It will provide coverage for any lost income should your business be unable to operate following a named peril on your policy. It can cover the set-up and relocation of your company to a temporary premise, wages, lost profits, loan payments, and more.

Crop Insurance for Hemp and Cannabis cultivators is another critical business insurance that you should buy. It can give you coverage for your crop throughout the entire growing cycle. It will typically cover interior and exterior hazards, such as temperature changes, soot, water, and fire.

D&O Insurance for cannabis company management can cover any legal expenses, including the cost of defense and any awards or settlements that need to be paid, which arise from any allegations, wrongful acts, and lawsuits that could be brought against your board members or officers. It can protect your present and past board members from litigation and trials. In the cannabis and hemp industry, it is not uncommon for there to be investors or VC funds involved, as such, having a D&O policy is a sound investment, and gives added protection to those with a vested interest in your business.

Employment protection liability coverage is designed to protect your cannabis business from any potential employee claims that related to harassment, discrimination, or wrongful termination.

You can also combine a D&O with EPLI insurance into a Management Liability Policy.

Worker’s Compensation Coverage is essential if you hire staff. If a worker was to become injured at work or develop a work-related illness, this type of insurance would cover any medical expenses and, in most cases, it will cover their lost wages too.

Cargo Insurance for a cannabis company will serve to protect any items that are being transported for your business or by your business. It can also provide coverage should your products be damaged, lost, or stolen why they are being transported, loaded, or unloaded.

Getting Insurance Quotes for a Cannabis Company

If you need to buy insurance for a company that operates in the hemp or cannabis industry, speaking directly with a commercial insurance expert can help you get the best coverage at the right level for your individual business operations.

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