Estimated to be worth $13.5 billion in 2021, the legal marijuana market is growing rapidly. As thousands of businesses begin pioneering this new industry, many are unaware of the risks that come with it.
Finding the right cannabis insurance can often be overlooked, when in reality it should be one of the most important investments your business makes. To help you better understand, Insurance Canopy is answering three common questions about cannabis insurance.
WHAT IS CANNABIS INSURANCE?
Similar to how your auto insurance can keep you from paying costly fees in the case of an accident, helps keep your business from paying costly claims from accidents caused by your products or operations. These types of claims can be for:
- Bodily injury (including illness, allergic reaction, or death)
- Property damage
- Failure to provide warnings
- Product design malfunctions
Our cannabis business insurance policy includes both General Liability Coverage and Product Liability Coverage. Additionally, you can include coverage for Business Personal Property (Inland Marine Coverage), Employee Benefits Liability, Product Withdrawal, and more.
WHY DO I NEED CANNABIS INSURANCE?
No one plans for an accident to happen. Even with the most rigorous product testing, you will always carry the risk of an accident occurring. Having cannabis product liability insurance can help you financially safeguard your business and not have to worry about handling a claim alone.
Many insurance companies do not offer cannabis business insurance because of the unique risks your business carries. Insurance Canopy has created customizable coverage options to meet your cannabis business’s needs. Whether you manufacture, import, or sell cannabis products, you can still be held responsible in a cannabis liability claim. Without insurance, you risk:
- Damage to your reputation
- Paying hundreds, or thousands, of dollars in claims
- Halting business operations
- Product recalls
- And more…
With Insurance Canopy’s cannabis insurance, you can have peace of mind knowing you are backed by a top-rated policy. For more than a decade, Insurance Canopy has been helping businesses access specialized coverages, strengthen their risk management, and increase their sales. Our policies can help you boost your credibility and get your products into retail stores across the nation.
HOW MUCH DOES CANNABIS INSURANCE COST?
Because every business is unique and carries their own risks, the cost of your cannabis insurance can vary. When you get a quote with Insurance Canopy, we will calculate your insurance costs based on:
- Gross annual income
- Number of employees
- Additional coverages
Once you submit an online application, you will receive a quote in 24–48 hours.
REACH NEW HIGHS WITH CANNABIS INSURANCE
Whether you are selling CBD oil or cannabis-infused gummies, we cover a wide range of products to businesses big and small. At Insurance Canopy, we strive to help you grow your business and avoid paying costly claims alone. We take pride in creating unique coverages for businesses as unique as yours.