When it comes to getting business insurance (or any kind of insurance, for that matter), the process always ends up being fairly difficult and is accompanied by a variety of different concerns. Individuals need insurance coverage for their homes, cars, health, and life; businesses need tons of insurance coverages to ensure that any type of accident or incident in or around the company is covered. Insurance companies will recommend things like general liability, premises liability, auto insurance, workers’ compensation, and many other types of coverage for most businesses.

In the cannabis industry, getting the right kinds of cannabis business insurance can be very difficult. Multiple insurance carriers will not be able to offer a policy due to the concerns and issues surrounding the cannabis industry such as illegality at the federal level (though many states have legalized marijuana). When you need cannabis insurance for your company, you have to be willing to do your research and ask plenty of questions to the insurance broker.

The Basics of Marijuana Insurance for the Cannabis Industry

If you are in the market for marijuana insurance for your company, you must be able to get multiple cannabis insurance quotes from a variety of cannabis insurance carriers. You also need to find out from the insurance broker how their policy implementation works and what may be excluded from their coverage.

How Cannabis Insurance Works

In general, business insurance is designed to protect the company from a variety of different concerns, problems, and circumstances that could potentially put them in financial distress without the coverage from their insurance policies. The same should be true for the cannabis industry, but there are unique issues that accompany this particular industry.

First and foremost, the federal illegality of marijuana makes businesses in the industry difficult, if not impossible, to provide coverage. Insurance companies see the risk of breaking federal law as outweighing the benefits, and they will simply not offer coverage. Or the coverage that is offered does very little to protect the business.

There are other risk factors for cannabis businesses that are also present in other types of companies, but insurance carriers see the cannabis industry as a much higher risk. Insurance providers believe that cannabis businesses are at a higher risk of theft due to the very nature of the products, and they are also at a higher risk of product liability. Coverage for that would be extremely risky.

Cyberattacks are also a major concern because dispensaries and other sellers of cannabis, marijuana, or CBD products have lists of patients and consumers. Without extremely good security, these lists could be easily taken from the cannabis stores without their knowledge, and the lawsuits would be incredibly expensive.

Cannabis insurance needs to account for these and other concerns that the business might face. Insurance brokers that understand the industry are willing to take the risk and provide the coverage needed for the success of the business.

Types of Coverage from Cannabis Insurance Companies

Marijuana business owners need to be aware of the types of insurance that would most benefit their company. That can make finding insurance easier because you know exactly what your cannabis-related businesses need from the local insurance agent.

The types of cannabis insurance we offer through OG Cannabis Insurance include:

• Cultivation/Crop Insurance
• Cannabis Property Insurance
• Product Liability Insurance
• Marijuana Dispensary Insurance
• Laboratory/Testing Facilities Insurance
• Workers’ Compensation Insurance
• Commercial Auto and Cargo Insurance
• General Liability Coverage
• Lounge and Club Insurance
• License Surety Bond
• Special Event Insurance

Be sure that when you are looking for the ideal insurance policy for your company you are presented with comparative cannabis insurance quotes from more than one insurance carrier to ensure you are getting the best deal for your insurance needs as well as the rapidly evolving regulations from law enforcement.

How Your Cannabis Business Can Get Insurance Coverage

The easiest and most reliable way to get the coverage you need from your insurance program is by allowing a company such as OG Cannabis Insurance to compare rates and get you the right policy for your cannabis-based businesses. There could be multiple carriers with attractive policies, but our agents will work to ensure that your cannabis/hemp company gets the best one.

We have over 19 years of experience in the industry, and we know what the most important aspects of insurance policies should be included in the insurance quote. Our agents are here to ensure you get the coverage options you need for the best possible rate.

How Much Coverage Does Your Cannabis Business Need?

When it comes to insurance, cannabis and marijuana businesses can never be too careful. You must have comprehensive coverage for things such as commercial property damage, bodily injury, and professional liability, but there are also certain types of coverage that not all companies need.

Something like crop insurance would likely go unused by a lounge or club because there are no crops involved. They already have the finished product, so crop insurance would be unnecessary. Before you sign your policy, be aware of what is included and look for parts of the policy that are unnecessary.

Know Your Exclusions and Coverage Limits

Exclusion and coverage limits are also important to discuss with your insurance broker. In the policy selection process, you must understand what is not covered or where the limits of your coverage are.

If a situation arises that needs you to have insurance to prevent bankruptcy or the fall of the business and your policy excludes that circumstance, your policy is essentially useless because you will not be able to file claims. Be sure to know and understand the limits and exclusions before you sign so that you can add more coverage if necessary.

Contact Our Cannabis Insurance Experts to Get a Policy

If you have a cannabis or CBD business and are looking for insurance, contact OG Cannabis Insurance. We know federal laws and insurance requirements to help you decide which types of insurance would most benefit your company. Our team is exclusively dedicated to marijuana insurance for a business like yours, and we are committed to getting you the best policy for your business needs.

Contact us today at (877) 473-7979 to get a free cannabis insurance quote!