In recent years, the cannabis industry has grown exponentially. As more states decriminalize cannabis, the demand for insurance coverage has also increased among manufacturers and shop owners.
Cannabis-related businesses are considered high risk for being less-established than other industries, so insurance must go beyond general commercial lines. Our agents at HUB International have a unique level of expertise to insure this specialty market!
Key Risks Facing Cannabis Businesses
It’s essential for all businesses to avoid risk exposure – especially new industries that are constantly evolving. To overcome potential challenges facing the cannabis industry, our coverage includes:
- General & Management Liability
- Product Liability and Product Recall
- Property and Crop Insurance
- Equipment Breakdown
- Business Auto, including Hired and Non Owned
- Workers’ Compensation
- Cyber Risk Services
We insure Cultivating and Harvesting, Transportation, Retail/Dispensaries, Manufacturing and Laboratories, as well as Wholesale and Distribution Centers.
Businesses in the cannabis industry need to be prepared for the unexpected, including:
- Product Liability Lawsuits: You can be found legally liable if your product causes illness, injury or property damage.
- Transportation Troubles: You and your drivers should know the specific rules of the road when it comes to transporting cannabis.
- Property Damage: If you rent space, do not rely on the landlord’s insurance for protection in the event of a fire, flood or other disaster.
- Theft: Anyone inside or outside your organization can steal product or cash.
- Defending Executives: Your officers may be accused of wrongful acts.
Our tailored insurance solutions for cannabis businessowners also include Risk Services, Employee Benefits and Personal Insurance.
No matter your sector of the legal cannabis industry, it’s a fast-paced business. To protect against potential liabilities, direct physical loss, cyber security risks and more, contact the HUB International Southern New England office for a quote today.
CONTACT US TODAYfor a cannabis insurance quote!