The legal cannabis industry is one of the fastest growing markets in the US. However, running this type of business is not without risk. Unexpected losses can occur and it is important that you have the necessary protection for your business. This is where marijuana dispensary insurance coverage comes in.
Assuming you are leasing a building, most landlords require that you purchase general liability insurance. In fact, some states have increased requirements and require you to have general liability insurance before you can obtain a license from the state. General liability insurance covers premises liability, product liability, and completed liability.
Medicine coverage provides protection for the cannabis you are selling. This protection insures the cannabis in the case of fire or theft. In addition, this coverage applies while the cannabis is in transit from the grower to your dispensary.
This insurance comes into play after a damaging event takes place. It not only covers your product, but also your dispensary furniture and equipment. This also covers potential damages that the business could cause to a customer’s property. An example of this could be damage to a customer’s car while it is parked in your lot.
When you are the owner of a marijuana dispensary, you have many regulations to juggle in addition to the typical responsibilities that businesses have to worry about. It is very important to protect your dispensary with the right insurance.