Marijuana Dispensary Insurance
Conversations about medical and recreational marijuana are being had all over North America these days: in the halls of government, in the non-profit sector, between neighbors and especially in preexisting dispensaries. While it seems like everyone has an opinion on pot, there should be no debate about whether insurance for marijuana dispensaries is necessary. It certainly is.
All businesses should have insurance, but Michigan dispensaries often must face additional rules, regulations and legal issues that traditional businesses do not have to worry about. As such, it is important that you and your small business are protected from theft, damage and liability. Here are a few different types of comprehensive Michigan medical marijuana dispensary insurance you should be thinking about:
Also called Commercial General Liability, this policy is issued to businesses to help protect them against property damage and bodily injury lawsuits. General liability policies are extremely common, and they are often required by landlords or by state licensing agencies. CGL is an inclusive coverage model, meaning that it is fairly comprehensive and a good catch-all to have on your side when the going gets rough. Premises liability and completed operations liability, which protect you against different types of customer lawsuits, are frequently included in general liability.
Medical marijuana dispensaries often have expensive equipment, and they certainly have lots of relatively expensive product on hand at all times. Property liability is another fairly comprehensive policy that protects business owners against theft, machinery breakdowns, or accidents (including fire, flooding, smoke and wind damage.) Getting a business back up and running again after a devastating accident is hard work even with insurance -- without insurance, it's often impossible.
This coverage package is uniquely suited to marijuana dispensary insurance needs. Medicine coverage protects your dispensary's inventory at all stages of its lifespan, particularly during the time when the cannabis is being transported from the cultivation facility to the dispensary. This is when the risk of fire or accident are highest, and seeing as your product is your business, it's best to have specific insurance to protect against that possibility.
This is another classic insurance package that is required by law in most states. It is particularly suited to those business owners who may also cultivate the marijuana that they sell. Although cultivation isn't generally considered dangerous, it is always preferable to pay a bit more for an insurance package that will give you peace of mind that your workers will be taken care of.
Insurance for marijuana dispensaries can sometimes look a lot like insurance for any other business. Customer has a bad experience with your product? Something doesn't work the way they think it should? They might sue if they're feeling litigious, so you have to be ready. Long-term success in the dispensary industry is reliant upon having insurance for your product as it leaves your facility. Without that assurance, dispensaries cannot confidently expand their operations into new and exciting areas.
Purchasing marijuana dispensary insurance in Michigan is an important but often overlooked step to becoming a successful operator in the industry. Request a quote from us today or contact a representative to further discuss the insurance needs of your business.