If your company is part of the supply chain of cannabis or cannabis-related product — growing, sales, distribution, or manufacturing — you need a risk management solution for your business. Insurance Canopy is excited to offer cannabis insurance to encompass a wide range of cannabis-related products.
As one of the first-to-market solutions to address the growing need for cannabis business insurance, we offer a range of comprehensive coverages from property, general liability, crop insurance, product liability, and inland marine coverage for a comparatively low premium.
Our agents are available to help assess your risk profile, based upon the following factors:
- Type of business
- Type of products
- Company value
- Geographic location
- Claim history
- Coverage limits
Each cannabis-related business is unique and your needs may vary. Our representatives understand the various operations that are part of the cannabis industry. We can help you develop an insurance portfolio that will keep you protected from potential financial loss due to claims and lawsuits, disasters, and other covered perils. To manage your risk, select an application below that best describes your operations.
CANNABIS INSURANCE OPTIONS
This policy is designed for cannabis business owners who need property insurance, crop coverage, general liability, product liability, and inland marine coverage.
Topical Hemp/CBD Insurance
This coverage is designed for cannabis business owners selling non-ingestible products, such as lotion and skincare products.
Ingestible Cannabis Insurance
This insurance is designed for cannabis business owners who sell ingestible products, such as supplements and cannabis-infused food products.
RISKS BUSINESS OWNERS FACE IN THE INDUSTRY
Third-Party Product Liability Claims Can Turn Into Lawsuits
$100–400: The amount a lawyer will charge you per hour, depending on where you live. Regardless if you are not found liable, you still need to pay the bill and possibly figure out a payment plan if you aren’t insured.
Here’s are some litigation costs you might pay out of pocket.
- Court filing, processing fees, and evidence
- Any late fees
- Hiring experts in the industry
- Travel expenses for yourself and the legal team
In 2016, the average jury award was $3,762,500 with the highest personal injury jury award reaching $7,074,294. Cannabis insurance may help you cover the costs associated with litigation. Product liability coverage may provide protection against bodily injury and property damage losses caused by a product you sold, manufactured or distributed.
Types of product liability claims include:
- Defective warnings or instructions: A claim based upon the labels or warning regarding the end user’s risk of the product. Sometimes this involves marketing or advertising claims.
- Defective design: A claim based on the design of the product.
- Defective manufacturing claim: A claim that is made due to an error in the manufacturing process where a product may have caused injury to the consumer.
You can be exposed to a cannabis product liability claim if your business operations include:
- Growing or processing a product
- Transportation of a product
- Importing or distributing products
- Retailing products to consumers
- Wholesaling products to retailers
Did you know 85% of fires are due to human error and property damages caused by fires cost $10 billion annually? Make sure your business isn’t a part of the statistic and cover your livelihood. From office equipment to your storefront, you have spent time and money to make your business your reality. It’s hard to predict when the next worst case scenario will occur. However, you can be prepared for the outcome with insurance coverage and have peace of mind.
The crops that you grow play a significant role in your business and you have clients depending on the success of your harvest. One risk that you face is your crop being destroyed and you could lose out on weeks or even months of business. When you add cannabis insurance to your risk management strategy, you can have peace of mind that your policy may respond to a covered event and may keep your business from experiencing a huge loss.
There are roughly 2.5 million burglaries a year and police solve only 13% of reported burglary cases due to lack of a witness or physical evidence. Whether you store inventory at your warehouse or place of business, you need to be prepared for the worst-case scenario. While locking your doors and setting up an alarm system can deter thieves, you can’t be 100% confident that nothing will go wrong because you set up necessary precautions. If a thief does break into your business, they can potentially steal thousands to tens of thousands of dollars worth of inventory and personal property.
CANNABIS INSURANCE AND THE INSURANCE CANOPY DIFFERENCE
No need to drive to an insurance agent’s office. We offer an online application that takes about 10-15 minutes to fill out.
Fast Quote to Coverage:
Once we receive your application, you will receive a quote within 24-48 business hours from one of our licensed agents and you will have an option to purchase.
Licensed Agents Available:
Our team has over 20 years of experience in the insurance industry and are available to answer your insurance questions.
Let us help you protect your cannabis business. Regardless of how meticulous you run your operations, it only takes one incident that could potentially cost you your business. The last thing you want to do is manage your business without cannabis business insurance.