Jumping into the Cannabis Market requires a substantial investment; no matter the nature of your operations, you will need a state license, a location as well as products and materials before you can begin operations.
Whether you are a Grower, Lab, Transporter, Processor/Manufacture, Delivery Services or Dispensary, protecting your initial investment and future earnings is key to your success. Insurance has always been a tool used by business owners to protect their assets. Life is unpredictable, insurance helps us pick up the pieces after a covered loss and allows business owners to continue operations and maintain their business for years to come.
Deciding on coverage and limits is similar to standing at a crossroads, we can choose the road of self-insurance or go with the basics believing we will be okay, only to wake up to a knock at the door where a smiling face has informed you that you have just been served, you are being sued, or perhaps you receive a call at 3:00 am from the police informing you that the building your business occupies has just burned down or has been burglarized. By noon, you can be optimistic, as your insurance is kicking in and you know you will be able to recover and open once again or you will have this sick feeling in your stomach because deep down you know you do not have the funds to recover and rebuild.
Outlined below you will find the different Cannabis related industries with the recommended coverages. Keep in mind, coverage can grow with your business. If the funds are not available for all the coverages you would like, coverages can be added throughout the year.
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