Dispensaries / Bakeries
Why should I buy insurance for my medical marijuana business? This is the most common question we hear when meeting with clients. Our response is always simple, if you experienced a fire or were broken into and lost your medicine or your business was destroyed would you be able to re-open your doors without financial duress? We have yet to find a business owner who has said yes.
The cost of insurance for the medical marijuana industry is surprisingly affordable. Most business owners are pleasantly surprised to find out that for relatively small amount you can secure $1m in general liability insurance, $100,000 in property (furniture, fixtures and computer equipment) and $25,000 in medicine coverage.
In addition to basic general liability, property and medicine coverage we are able to offer business income & extra expense and product liability insurance. These important coverage’s are not part of the standard medical marijuana policy but they are part of almost any main street America businessowner’s policies.
Business Income means the net income (net profit or loss before income taxes) that would have been earned and the continuing normal operating expenses incurred, including payroll. Extra Expense means the cost associated with efforts to operate a business that is damaged by a peril such as fire. The policy would provide funds to the business owners that are over and above the normal expenses required to operate the business such as the cost to move to a new locations after a fire or the cost to locate stock.
Product Liability Insurance provides coverage for manufactures of smoking/vaporizing apparatuses, edible medical marijuana products and dispensaries. This valuable, but often overlooked, coverage will protect the policy holder from lawsuits arising from patients who have experienced unintended side effects.
To receive a quote on general liability, property, medicine and products liability please click here.
