Cannabis Crop & Dispensary 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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