Do I need to buy Marijuana Dispensary Insurance for my medical marijuana business or Dispensary? Look at it like this: if you have a fire in your grow room or your dispensary were broken into and lost your marijuana medicine or your business was destroyed would you be able to continue business without financial duress? Most people answer No, which like any other aspect of life, insurance is necessary!
Cost of Marijuana Dispensary Insurance
The cost of insurance for the medical marijuana industry is surprisingly affordable. Most medical marijuana dispensaries and cannabis growers are surprised to find out that for relatively small amount you can secure up to $1m in general liability insurance, $100,000 in property (furniture, fixtures and computer equipment) and $25,000 in medicine coverage.
In addition to basic general liability, property and medicine coverage there is business income & extra expense and product liability insurance. These coverage’s are not part of the standard medical marijuana policy but they are part of almost any American Marijuana Dispensary business owner’s policies.
Business Income is the net income (net profit or loss before income taxes) that would have been earned and the continuing normal operating expenses incurred, including payroll. Extra Expense means the cost associated with efforts to operate a business that is damaged by a peril such as fire. The policy would provide funds to the business owners that are over and above the normal expenses required to operate the business such as the cost to move to a new locations after a fire or the cost to locate stock.
Product Liability Insurance provides coverage for manufactures of smoking/vaporizing apparatuses, edible medical marijuana products and cannabis dispensaries. This valuable, but often overlooked, coverage will protect the policy holder from lawsuits arising from marijuana patients who have experienced unintended side effects.
Marijuana Dispensary Insurance Companies
When looking for an Insurance Company that offers coverage for medical marijuana dispensaries and grow rooms, you want to keep a few important things in mind. You want to make sure the company you are shopping for marijuana insurance coverage offers Insurance for Medical Marijuana Dispensaries, cannabis growers, marijuana kitchens (medibles) and physicians, doctors and clinics that are making recommendations for marijuana patients. Always ask for a price quote prior to making any decisions or purchasing your marijuana dispensary insurance.
