Cannabis Insurance

If you’re one of the entrepreneur business owners taking advantage of the new cannabis industry in Connecticut, it is important to understand the insurance surrounding these products before you launch your business. Not all insurance companies will write insurance on these products, but fortunately, we have partnered with several who do offer insurance for dispensaries, cannabis-infused product sales, and cultivation or grow operations.

Believe it or not, most insurance coverages offered for the cannabis industry are the same as coverages offered for other businesses. It is just finding the right coverage at the right price for your business that can be tricky. Some of the insurance offered for the cannabis industry include:

General Liability: This coverage provides the liability protection of up to $5 million and will protect your business from injury or other damages that may occur. This would be a minimal requirement for your business to carry, but limits less than $5 million are available.

Property Insurance: Protecting your cannabis store, farm or warehouse from fire, theft, vandalism, or other losses including natural disasters is important. Consider this: Would you be able to survive financially if your property experienced a large fire loss or if inventory was lost or damaged? Probably not. Purchasing property insurance for your cannabis dispensary, storefront or warehouse is going to be important.

Medicine Coverage: Coverage is available to protect your cannabis shop from theft or other loss. Consider this coverage inventory coverage. This coverage can also protect your product while in transit from a cultivation facility to where you store or dispensary.

Business Income/Extra Expense Coverage: This coverage protects your business from income interruption. Essentially, if your business was interrupted by a fire or other covered loss, this coverage could help pay your income while you transition or get back on your feet with a new location or rebuild your building if a fire occurred.

Product Liability: If your store carries edible cannabis products, vaporizing tools, smoking devices, and dispensaries for medical purposes product liability would cover these items in the event you suffer a covered loss such as a fire at your facility. Additionally, product liability is meant to protect you from lawsuit from selling a product that someone had a negative reaction to. In this newly emerging cannabis industry, this is critically important to understand and be covered for. Included with this coverage is the cost to defend (attorney’s fees).

Cannabis Plant Coverage (Cannabis Crop Insurance): Your cannabis plants are expensive and cultivation activities are time-consuming. Don’t be out of business if a loss occurs to at your cultivation center. We offer insurance coverage for not only the buildings but also your plants! Cannabis Crop Insurance Coverage for your plants is available from the time it is seeds to the time it is harvested, dried and ready for sale. Protect your crops of cannabis with a great insurance policy from our Connecticut insurance agency.

Bonds Required for Cannabis Dispensaries in Connecticut: If you’re in need of an insurance bond for your cannabis facility or dispensary in Connecticut, contact us. As a licensed insurance agent in Connecticut, we’re one of the few insurance agencies offering insurance bonds to the cannabis industry. This bond is required by state law and we can easily help you determine the correct insurance to accompany your bond.

Medical or Recreational Cannabis Insurance in Connecticut

So, regardless of whether you’re producing recreational cannabis edibles, edible cannabis-infused products, sodas, oils, capsules, or simple selling cannabis itself, you need to protect yourself from loss and lawsuit. Losses to the cannabis industry can range from lightning to theft, fire, hail, windstorms or water damage. You’ve worked hard to establish yourself in this business, so protect yourself with cannabis insurance in Connecticut today by calling our insurance agency.