What Coverages Do Marijuana Dispensary Insurance Policies Provide?
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.
Is Workers Compensation Included in Marijuana Dispensary Insurance?
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.
Do Marijuana Dispensary Policies Cover Subcontractors?
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.
How Much Do Cannabis Policies Cost?
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.
Is Insurance Available to Segmented Marijuana Dispensary Businesses?
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.
How Can Dispensaries in Massachusetts Get Cannabis Insurance?
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.
