Cannabis Insurance

Cannabis dispensary insurance, Commercial General Liability (CGL), is insurance for those who produce, manufacture, distribute, or sell industrial products—such as cannabis, CBD, hemp, and related products. If your product causes bodily injury or property damage to another person or piece of property, you could be held responsible for the costs associated with those damages.

Commercial General Liability insurance can protect your business from claims arising from your industrial products that have been sold in the marketplace. Every product carries unique risks, and Insurance Canopy can help protect you against those risks.

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Your risk profile depends largely upon the structure and the operations of your business. Once you fill out our application, a licensed insurance agent can assess your needs and recommend an insurance portfolio that gives you comprehensive coverage. Check out the sections below to learn more about each insurance type for your business:

General Liability: Protects the commercial insureds from claims such as bodily injury on business property, property damage, and personal and advertising injury.

• Occurrence – “A+ Rated” Carrier
• Up to $2.0M /$2.0M Occurrence/Aggregate
• Pesticide and Herbicide Applicators Endorsement
• Waiver, Primary, and Non-Contributory Endorsements

Product Liability: Protects you against claims made due to property damage, illness, injury, or death caused by the use of your product.

• Claims Made – “A Rated” Carrier
• $1M /$2M Occurrence/Aggregate
• Product Withdrawal Endorsement

Excess Liability: Provides additional limits of insurance.

• Occurrence – “A+ Rated” Carrier
• Up to $4M Limits
• Up to 5 years Retro Date

Property: Covers your business’s building(s) and the contents within from loss or damage sustained from a peril, such as a fire or explosion. Also encompasses inland marine, boiler, machinery, and crime insurance.

• ISO Property Forms – “A+ Rated” Carrier
• Up to $10M Property Limits Per Location
• Property Endorsements – Including Transit/Cargo
• Stock Throughput Options

Crop:

• Non-Admitted Carrier – “A+ Rated”
• Up to $10M Living Plants
• Stock Throughput Options

Equipment Breakdown:

• Admitted Carrier – “A+ Rated” Carrier
• Up to $10M Limits
• Loss of Business Income
• Reputational Recovery
• Data Compromise

Workers Compensation: Benefits provided by an employer to an employee (or family) due to job-related injuries (including death) because of an accident or occupational disease.

• All 50 States
• Classification Minimum Premium May Apply

Every business is different and no two crops are the same. For example, cannabis dispensary insurance coverage and commercial liability insurance for industrial CBD/Hemp will most likely require different types of coverages. Your insurance plan will be tailored to meet the needs of your business. The price depends on a variety of factors, such as, but not limited to:

• Size of your business
• Sales revenue
• Coverage amount desired

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One of the main issues business owners face are concerns around liability arising from their products and operations. Under the definition of “strict liability,” a person who is injured by a product may be entitled to compensation for their injuries without showing that the manufacturer or seller of the product was actually negligent. Attorneys’ costs, court fees, medical bills, and settlement costs can accumulate at a staggering rate. Not having liability coverage puts everything you have built at risk.

Additionally, many mainstream insurance carriers will not offer coverage to cannabis-related businesses because of the higher risks. This leaves your business vulnerable to both first-party and third-party lawsuits. Insurance Canopy offers you the necessary coverage to safeguard your business and strengthen your risk management plan.

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