The field of medical marijuana is still in its beginning stages, and businesses operating within this industry have particular insurance needs that companies in other areas don’t. Cannabis insurance helps protect Massachusetts dispensaries from a variety of common and uncommon risks that they’re exposed to.
Cannabis insurance policies are commercial policies that have been specifically designed to meet the insurance needs of marijuana dispensaries. Policies are generally written as package policies that offer multiple coverages, so they can provide dispensaries with robust protections.
Because the field of medical marijuana is still relatively young and insurance policies normally come with multiple coverages, dispensaries should seek out guidance from an agent who specializes in this type of insurance. A knowledgeable agent will be able to provide informed advice, and they’ll be familiar with the latest developments and trends in these policies.
The majority of marijuana dispensaries located in Massachusetts ought to have marijuana dispensary insurance in place. Not carrying a policy leaves these businesses unnecessarily and dangerously exposed to risk, and this is generally the most appropriate kind of policy for dispensaries.
Dispensaries can usually adjust the coverages in their particular policy to suit their needs. Policies might offer a large number of different coverages, possibly including:
In addition to these, dispensaries might also choose coverages that protect against data breaches, loss of inventory during transit, equipment breakdown, accusations made against board members and other risks.
Although dispensaries typically have employees and are required by state law to carry workers compensation coverage, this protection normally isn’t included in marijuana dispensary insurance. Instead, insurance agents normally help dispensaries purchase this coverage through a stand-alone policy.
Most marijuana dispensary policies don’t include coverage for subcontractors as part of their standard protections, but this can sometimes be added if it’s needed. Subcontractors might be put on specific coverages as additional insureds.
Most cannabis policies aren’t the least expensive commercial insurance policies available, but they also aren’t prohibitively expensive for businesses that need them. Premiums tend to be affordable for dispensaries, especially when considered in light of how much recovering from a disaster or lawsuit can cost.
An independent insurance agent can help dispensaries find out how much a policy will cost them. Independent agents generally aren’t obligated to promote a single insurer, which lets them request quotes from multiple companies and compare.
Dispensaries that are segmented into multiple separate entities for legal or tax purposes often have complex insurance needs. Insurance policies are available for these situations, dispensaries should be careful when selecting protections to make sure there aren’t overlaps or gaps. An insurance agent who’s well-versed in cannabis policies can help with this process.
For help insuring a dispensary, contact the independent insurance agents at The Feingold Companies. Our team has helped many Massachusetts dispensaries get the cannabis insurance they need, and we’re ready to assist you. With experienced agents on staff, you can be confident in the policy that we help you select.