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OG Cannabis Insurance Blog

The insurance game is an ever-changing environment, especially in the Cannabis Dispensary Insurance sector. There are a variety of different factors (e.g. cannabis laws and policies) that can affect the way your insurance works and how you and your business are covered.

The OG Cannabis Insurance blog keeps you up to date on cannabis insurance, laws and policies, and dispensary insurance news so you can be proactive on protecting yourself when the unexpected happens. We update our cannabis insurance blog regularly so check back soon for more posts!

Factors To Consider When Shopping For Cannabis Insurance

The US cannabis industry is growing at an unmatched rate. This incredible success is a great boon for the business serving the marketplace as well as the economy. However, it comes with a surfeit of new challenges. While the user base and profits of the legal marijuana business continue to wheel with the industry becoming more regulated, it will perpetually become gradually more difficult for businesses to avoid risk exposure.

Staying in compliance to mitigate customer claims, maintain your operating license, and the potential financial risk of natural perils or theft are just some of the many issues that cannabis businesses face. All these many risks can be financially crippling if your marijuana business is not well-protected, suppose something goes wrong. Thus, you should not expect long-term success without having access to robust and effective risk management solutions.

How to Find the Best Policy for Your Needs?

Knowing that the legal marijuana industry faces an exceptional set of risks and challenges, it is fundamental for cannabis businesses to create tailored risk management plans for themselves. This incorporates fully comprehending what the unique insurance coverage necessities of the cannabis industry are as a whole, and understanding the specific needs of your business. However, this is not as easy as it seems. The major issue that legal cannabis and CBD pioneers face is the disinclination of traditional insurers to enter the marketplace and provide effective policies and a tailored cannabis insurance program.

Selecting the ideal insurance policy for your needs can be overwhelming. Therefore, it is better to consider the strategies below before choosing a plan:

  •       Read the fine print. Insurance industry policies can be nerve-wracking. A lot of information is directed towards you and it can be challenging to retain it all. However, the fine print is the most crucial section of your policy to comprehend. This is where the insurance company lists all your policy exclusions. Hence, it is imperative to pay extra attention to the exclusions as they can be quite unfavorable or not make any sense.
  •       Understand that insurance is for protection and not just licensing. If you are obtaining a license for your marijuana business, then you know that having insurance coverage is one of the primary necessities. Most people, when looking to get licenses, do so to satisfy state requirements. This should not be the case. Insurance aims to protect you and your business. Thus, you should get a policy that provides adequate coverage.
  •       Meeting state requirements is not the only necessary protection. Each state has legal and federal minimum insurance industry requirements. While these may vary from state to state, they may seem familiar. There are requirements for all types of insurance policies, from business liability to auto. All states have mandatory coverages.

Conversely, with professional help from skilled and experienced insurance brokers, you can easily identify the best policy for your needs. Insurance agents from OG Cannabis Insurance can guide you on the whole procedure and how best to go about it. When you choose to work with us, you will not need to worry about anything concerning your marijuana business as our team is well-versed in the industry.

Different Types of Cannabis Insurance

Cannabis insurance policies are tailored for your unique needs if you collaborate with our professional cannabis insurance brokers. There are a plethora of options to choose from. With more than a decade of solid cannabis insurance experience, our team members can find you the highest quality and most affordable insurance you can rely on for your cannabis business. With several states legalizing marijuana use, new cannabis insurance carriers pop up to urge our professional insurance agents to include them in high-quality policy products. We have various specific policies that you can pick from.

Cannabis Insurance Coverage

As aforementioned, the marijuana business involves a plethora of risks. Hence, it is vital to get insurance coverage to protect you against these risks. The policy you pick should cover the below risks:

  •       Theft. Medical and recreational marijuana dispensaries can be victims of crimes committed by outsiders or employees. Irrespective of the liable party, with crime insurance, you have some financial protection. For example, if your inventory gets stolen, your theft insurance policy should help cover some of the expenses of replacing it.
  •       Product liability. Whether you are manufacturing or selling marijuana products, OG Cannabis Insurance is ready to give you access to some of the best insurance options in the hemp or cannabis industry to protect you against crippling lawsuits if you are found responsible for manufacturing or selling defective cannabis products.
  •       Property damage. From indoor growing facilities, greenhouses, extraction plants, and laboratories, you need to insure all these properties. Figure out how OG Cannabis Insurance is ready to protect your business property to your poised satisfaction, hence enabling you to sleep easy knowing that your business is in good hands even if calamity strikes.

The Cost of your Policy

While many people shop for insurance, they like to hone in on the price tag. In most cases, time buyers are blinded by the cost. Saving money is an integral objective. However, the cheapest insurance is often the least inclusive and least protective. Consequently, when shopping for insurance, it is essentially important to understand that proper coverage ought to be on the vanguard of your purchasing criteria. After all, the primary purpose of insurance is to be protected in the best means possible, and when it comes to purchasing, protection eclipses price.

Nevertheless, you should still look for affordable coverages, and the most expensive is not ideally the best.

Review your Coverage Before Signing Up for a Plan

Insurance is a complicated topic to navigate and comprehend, especially when it concerns cannabis insurance. It can be challenging to understand when you need to be protected. Therefore, it is integral to have an insurance agency that not only takes good care of you but also has your business’s best interests at heart. At OG Cannabis Insurance, our highly knowledgeable and well-versed brokers can help you sort through your needs and pair you with a policy that does not have irksome exclusions or superfluous coverages. For more information or queries on cannabis insurance, contact us today!

Consult the Experienced Cannabis Insurance Agents

Cannabis coverage through OG Cannabis Insurance can help your clients manage the exceptional risks associated with the regulatory operation of nurseries and dispensaries. Additionally, the coverage helps manage risks for leased facilities and building owners. All our clients are handled with cannabis industry expertise, a solutions-based approach, and strong market and carrier partnerships to help them understand the needs of their customers.

Feel free to contact us to get a quote from our professional and experienced cannabis insurance agents.

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