Insurance options for cannabis businesses are limited. However, they are much more vast today than they were just a few short years ago. As protests have taken place in recent weeks against the killing of George Floyd by a Minnesota law enforcement officer, numerous cannabis dispensaries have been broken into and looted by rioters. This has happened intensely within the Bay area in addition to several other places across the nation. This has many business owners wondering what their options are.
Many different business sectors cater to the overall growth and success of legal cannabis markets in the United States. However, each type of cannabis-centric business will have different requirements and needs when it comes to insurance. Let’s take a closer look at the options available to cannabis businesses, such as the recently victimized dispensaries.
In most markets, some insurance requirements must be fulfilled by those doing business in the cannabis space. The common types of insurance required in many states include general liability insurance and worker’s compensation. Let’s take a closer look at these insurance policies and what they cover regarding cannabis businesses.
When it comes to dispensaries operating in legal cannabis markets, there are various ways in which owners could find themselves in legal trouble and in need of other coverage and protection for their businesses. This is where additional policies aside from worker’s comp and general liability policies are recommended. Some of the additional policies available to dispensaries that should be considered include but are not limited to the following.
Luckily, today there are many coverage options for cannabis businesses and various brokers ready to help keep the growing cannabis insurance protected and insured. Are you a cannabis insurance professional? If so, let us know your thoughts on insuring the growing cannabis sector in the comments below!
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