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Businesses that have entered the medical marijuana industry are exposed to a wide variety of risks, including both property- and liability-related risks. Some of these perils are common to businesses in this industry and many others, while other perils are particular to the production, holding or distribution of this drug. Cannabis insurance helps Massachusetts businesses in the medical marijuana industry protect themselves from many of the risks that they face.
Cannabis insurance policies are specially formulated commercial insurance policies that have been designed with medical marijuana dispensaries and similar businesses in mind. Most of these policies provide a host of relevant coverages by combining individual protections together into a package policy.
Generally speaking, most businesses in Massachusetts that handle medical marijuana should carry some form of cannabis policy. This includes dispensaries in the state, which usually need a marijuana dispensary insurance policy, as well as other businesses that might need a similar policy.
An agent who’s familiar with the insurance protections that are available to businesses in this industry can help individual businesses select the specific type of policy that’s most appropriate for their situation.
While these policies typically provide multiple coverages, they don’t all provide the same coverages. This type of insurance is still fairly new, and different policies’ coverages can vary as a result. A few of the coverages that a particular policy may make available include:
In addition to these, a policy may also offer directors and officers (D&O) liability coverage, inland marine coverage, cyber liability coverage and other protections.
Because the coverage offered by policies aren’t uniform, businesses should work with a specialized and independent insurance agent when they’re shopping for a policy. An independent agent will be able to show businesses policy options from multiple insurers, which makes it easy to see the various protections that are available. An agent who specializes in this type of insurance will be able to guide businesses through the decision-making process as they evaluate various coverage options.
Workers compensation is a coverage that most marijuana dispensaries must carry because they have employees. Whether this coverage is included within the protections of a marijuana dispensary insurance policy varies, however. Many policies don’t have it, in which case the coverage can usually be obtained by purchasing a separate policy that offers this one protection.
Subcontracted workers normally aren’t covered by cannabis policies as a standard feature, but some policies might let businesses add coverage for subcontractors on through an optional endorsement. When this is done, the subcontracted workers are commonly referred to as “additional insureds.”
An agent can help with this process if businesses would like to explore adding protection for their subcontracted workers.
For help finding cannabis insurance for a business in Massachusetts, contact the independent insurance agents at Haberman Insurance Group. Our team of agents has helped many businesses in this state, and we have the expertise needed to get your business set up with a good cannabis policy.