Obtaining marijuana dispensary insurance is one of the most important business decisions you can make whether you operate a medical marijuana dispensary or a recreational dispensary. The recent wildfires in Northern California highlight the need for cannabis retailers to have their facilities, operations and inventory insured against all perils. Premiums are a small price to pay to ensure that your livelihood, assets, and most importantly your people are protected.
For years it has been difficult, if not impossible to get insurance for cannabis dispensaries and retailers. Times have changed and Cryptosure is here to provide you with the most comprehensive coverage in the industry.
Will Marijuana Dispensary Insurance cover my entire operation?
Cryptosure provides insurance for all aspects of your cannabis dispensary operation including:
- Health insurance and workers compensation insurance for your personnel. People are your most valuable asset. Ensuring that you and your team are well-protected is our primary goal.
- Property insurance for your facilities and equipment. Starting and operating a cannabis farm requires a significant investment of capital. Acquiring real estate, purchasing expensive equipment and getting it all set up for your manufacturing facility or laboratory requires a large investment of both time and money in order to be successful. Providing coverage to rebuild in the event of a loss is paramount.
- Liability insurance to cover accidents at your facility or issues with the end product.
- Business income insurance compensates you for the business income you may lose following a disaster. Disasters typically disrupt operations and may cause you to vacate your premises.
- Product insurance for your raw materials and finished inventory in all stages from raw materials to finished product.
What will I be protected against?
At Cryptosure, we can protect you against virtually every type of danger including:
- Fire and smoke
- Storms and Lightning
- Terrorism and Explosions
- Theft and Vandalism
- Water damage caused by equipment failure
If you need any specific coverages that we have not listed, our agents are ready to prepare a custom quotation that fits your needs.
Important Things To Remember
When purchasing marijuana dispensary insurance for your marijuana business it's important to obtain the right amount of coverage. Be sure that your company is neither overinsured nor underinsured. To help you decide the amount of property insurance you need, list all your company’s assets—including property, equipment, and inventory. Insurance for businesses in the marijuana industry is not something you can buy from anyone. Because of its unique standing, only a few companies are able to evaluate the true risks of your business. There are other important considerations you need to keep in mind such as the need to maintain higher levels of security than a traditional business.
You can buy property insurance on the basis of the property's actual value (the replacement cost minus depreciation) or its replacement value (the cost of replacing the item without deducting for depreciation). At Cryptosure we take all factors into consideration when determining your insurance needs and eligibility including:
- Individual history of claims versus losses
- History of losses and claims in your industry
- Company financials and credit rating
- Collective Risk models and mitigation planning
- Legal defense plans and coverages
- Electrical inspection of your facility
- Security system
- Safe to secure your product