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What to Look for in a Cannabis Insurance Agency

24 November 2023 / Category: Blog
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With more and more business owners stepping into the cannabis industry, there is a great need for proper insurance coverage in a business that can sometimes be high-risk. Because legal cannabis is such a new concept, changes and developments are an ever-changing process, which means it is critical to select the proper levels and types of insurance coverage. Check out this short list of what you should be looking for when choosing a cannabis insurance agency.

Familiarity with Cannabis as a Business or Specialization in Cannabis Insurance

Picking up cannabis business insurance will become increasingly easier as more states see legalization because more insurers will have policies available. However, a one-stop shop that offers insurance coverage in multiple forms for various things may not always be the best. It is a better idea to opt for coverage with an agency that either specializes in cannabis as a business or is highly familiar with the cannabis industry and the specifics of this unique business model. According to Cannabis Business Times, business owners can skip a lot of frustration by doing so. Otherwise, you could come up lacking certain coverage specifics.

Comprehensive Range of Coverage Options to Fit Your Business

The insurance needs of cannabis business owners can be highly diverse because there are multiple types of businesses, one size does not fit all. For example, a dispensary will not benefit from crop coverage unless the business is also involved in the cultivation, but a cannabis grower will be wise to invest in crop coverage. Make sure the insurance agency you’re considering has different coverage options to cater to your specific business model, coverages such as:

  • General and Product Liability
  • Business Auto Coverage
  • Property and Crop Coverage
  • Workers Compensation
  • Cargo Protection
  • Equipment Breakdown Coverage

Stability of the Insurance Agency for Reliable Service

In areas where cannabis legality is just beginning, it is hard to determine what insurer can provide service and coverage that is fully reliable. Therefore, it is up to you to investigate an insurer before accepting them as your covering agency. Make sure the company has an overall good reputation among others in the industry and has stable rooting in the cannabis business system. Talk to one of their agents and feel them out, do they seem to know what they are talking about? Are they familiar with the type of questions you are asking? How long have they been in the business? Always go with your instinct, and shop around, the best agency will be up front and have security in what they can provide for you.

Here at Cover Cannabis, our commitment is to provide superior service with a level of expertise you will not find in non-specialized cannabis insurance providers. Our goal is to ensure you are covered and protected through a rapidly growing and changing industry. With over 10 years insuring cannabis businesses we can ensure you are always protected. Request a free quote today or call us at (833) 819-5010 and let’s explore your options.