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What Is Cannabis Insurance?

Medical marijuana is a quickly growing field, but it still quite a new field and the businesses that operate in it are exposed to some unique risks. Cannabis insurance policies help Massachusetts businesses that are involved in the medical marijuana industry protect themselves from both common and not-so-common risks that they might face.

Cannabis insurance is a specialized form of commercial insurance that’s specifically developed to meet the needs of businesses in the medical marijuana field. Since these businesses typically are exposed to multiple risks, cannabis policies usually come with multiple coverages in them. The individual coverages are packaged together, and businesses can often select exactly what coveages they want included in their package.

Because this field is still quite new and cannabis policies frequently come with multiple coverages, businesses that need this type of insurance should work with an agent who’s specifically familiar with the nuances of cannabis policies. A specialized agent will have the expertise necessary to help businesses make sure they find the coverages that are right for their situation.

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What Massachusetts Businesses Need Marijuana Dispensary Insurance?

Generally speaking, most Massachusetts businesses that are directly involved in the production or sale of medical marijuana should have marijuana dispensary insurance or some other form of cannabis policy. This includes the vast majority of dispensaries located in the state, as well as other related businesses.

In situations where a single operation is segmented into distinct businesses for legal or tax reasons, some of the distinct businesses might need mairjuana dispensary insurance while others might not. Whether this type of policy is required depends on the exact nature of each business’ operations, and a knowledgeable agent can help sort out what type of coverage is appropriate for each distinct business in this sort of scenario.

Cannabis Insurance Massachusetts

What Coverages Are Available Through Marijuana Dispensary Insurance Policies?

The exact coverages that a mairjuana dispensary insurance policy provides can vary depending on the policy’s terms and conditions. Nonetheless, there are several common coverages that most policies make available. Some of these more commo protections include:

  • General Liability Coverage, which may cover basic accident that occur on a dispensary’s premises
  • Product Liability Coverage, which may cover injuries and illnesses that are caused by a dispensary’s products
  • Professional Liability Coverage, which may cover injuries, illnesses and other issues that are caused by bad advice a dispensary’s employees provide
  • Medicine Coverage, which may cover a dispensary’s inventory of medical marijuana
  • Business Income Coverage, which may cover revenue that’s lost following a natural disaster

Along with these, marijuana dispensary policies might also make cyber liability coverage, inland marine coverage, equipment breakdown coverage, and directors and officers liability coverage available.

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Do Cannabis Policies Come with Workers Compensation Coverage?

While most medical marijuana dispensaries are required by state law to carry workers compensation coverage because they have employees, the coverage usually isn’t found in cannabis policies. Instead, dispensaries typically source workers compensation from a stand-alone policy that’s purchased separately.

Are Cannabis Policies Expensive?

Cannabis policies aren’t the cheapest form of commercial insurance policy, but they also aren’t exorbitantly priced. Their premiums are normally quite affordable for the businesses that need these policies, and the cost of a policy certainly is less than what a major loss or claim could end up being. 

Cannabis Insurance Massachusetts

How Can Massachusetts Businesses Get Cannabis Insurance?

For help finding cannabis insurance in Massachusetts, contact the independent insurance agents at Paul T. Murphy Insurance. Our agents have the expertise necessary to help your business find a good cannabis policy that’ll offer multiple protections, and we can show you the best available policies from a range of insurers since we’re an independent agency.

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