As the legal cannabis industry has significantly expanded over the past few years and has grown momentum as one of the fastest growing health markets in the US, Marijuana businesses have begun to experience a number of new challenges that previously were not an issue for them. However, due to their new place within the US health market, there are certain steps that Marijuana dispensaries (Provisioning Centers) now need to take to protect themselves.
Over the past 24 months, claims against Marijuana dispensaries have increased ten-fold, with claims and lawsuits for everything from inadequate warning labels to the presence of pesticide residue on products, in addition to issues regarding unsafe handling practices linked to the manufacturing process.
The fact is that whether a customer slips and falls at your Marijuana dispensary or a product liability claim is made against you, or whether a fire breaks out at your business premises or a break-in occurs, having the necessary insurance protection in place can help to ensure that no matter what, your business is able to survive.
Do I really need insurance to protect my Marijuana dispensary?
Whether insurance is necessary for your Marijuana dispensary is a common question – a lot of businesses are unsure whether insurance is really necessary or whether it’s just another added cost.
The key factor when it comes to insurance is asking yourself what you would do if something happened to your stock or to your store or to a customer at your store, would you be able to afford to cover the cost of any repercussions? The chances are that the answer is no, as sometimes lawsuits can cost hundreds of thousands of dollars – the kind of money that could break your business.
It’s for this reason that having Marijuana dispensary insurance in place is so important, to ensure that you are able to protect yourself and your business from losing money in the event that something unexpected should happen.
Taking out insurance
By taking out adequate Marijuana dispensary insurance you can guarantee that your business has the protection in place that it needs, ensuring that no matter what happens you are protected from financial ruin as a result of any type of unexpected situation occurring and impacting your business in a negative way.
It’s a common misconception that the cost of Marijuana dispensary insurance is extremely high priced and unaffordable. However, this isn’t true, it is actually extremely reasonably priced – we are able to offer you a wide number of options, including the below types of insurance cover:
- General liability
- Product liability
- Business income
These areas of the insurance that we offer, ensure that our Marijuana insurance coverage is as comprehensive as possible, which will help to protect your business, should something unexpected happen and impact your Marijuana dispensary in a negative way.
Whether your dispensary is damaged by fires or floods, it’s broken into and your stock stolen or damaged, or a customer brings a claim against you due to an accident that occurred at your store, we’ve got you covered.