Just like any commercial enterprise, cannabis dispensaries need a proactive approach to managing risk. Nevertheless, dispensaries’ risk exposure is somewhat unique, so they must be particularly attentive towards protecting their operations. Comprehensive commercial insurance is an integral part of risk management for cannabis dispensaries.
In years past, it has been difficult for dispensaries and other cannabis companies to get insurance. Ongoing deregulation in a growing number of states is making insurance more accessible.
In an industry that is still expanding and subject to anachronistic federal regulations, the demand for insurance from dispensaries has not yet been fully met. Dispensaries in many regions have struggled to find affordable coverage. They may be able to find savings by working with insurance companies who have worked with dispensaries and can access quotes from a carrier that is experienced in serving the cannabis industry.
Dispensary insurance may need to include more than one basic form of general liability insurance in order to provide adequate coverage. Dispensary operators should consider the necessity of property insurance and familiarize themselves with what types of damage a policy will cover and what it may exclude.
Dispensaries need coverage that’s effective and affordable. Insight from experienced agents can help them build packages to fully meet their needs.