Owning or operating a cannabis-related business takes dedication, patience, and creativity. Navigating a business during a pandemic is tough enough for businesses! And the still-growing cannabis sector presents businesses with additional challenges related to not only local and national laws, policies, but also insurance. But, despite nationwide shutdowns, the Canadian cannabis industry recorded 3.9 billion dollars in sales for 2021. So, how can folks in the cannabis industry continue to grow their business with confidence? Get the right cannabis insurance!
Whether you’re a producer, retailer, or own a testing facility, your cannabis-based business must contend with cannabis-specific risks related to legality, theft, operations, and more. And because the cannabis industry requires such specific coverage, finding an insurance brokerage that specializes in cannabis insurance can be challenging—but that doesn’t mean it’s impossible! Educating yourself on your industry, its coverage and your options can help you protect your business! At Acumen insurance group, we believe it’s important for clients to not only understand their business’ unique risks, but also advocate for personalized coverage.
Today, we’re reviewing just a few ways that you can protect your cannabis business with Acumen Insurance!
While general liability insurance helps to safeguard your business from accidents that occur on your business’ property or claims against your company, product liability insurance is designed to protect your business from claims that relate to your products. Mislabeled, defective or recalled products can result in lawsuits against your business, even if you’re a retailer and did not package the product! Check your existing policy, or contact your broker today, to find out if you’re protected from claims related to your product.
If you have a storefront, lab or greenhouse, property insurance will protect your cannabis business and contents from unexpected damages to your building and its contents. For example, if a fire damages your dispensary, a property insurance policy will cover you for lost assets, such as machinery and office equipment, that are essential to your operation. Specialized business coverage will protect not only your property, but also your business’ livelihood in the event of a shut-down.
Just as you would shop around for the best insurance rate and policy, it’s important to take the time to find the right insurance brokerage, too! And, because the cannabis industry is new, you’ll want your brokerage to have experience with a variety of cannabis insurance clients. We’re confident that our commercial insurance brokers have both the knowledge and experience to get you the best coverage at an affordable rate. Call us today to discover great rates just in time for spring!