Cannabis business insurance
With the exponential growth in the Canadian cannabis and marijuana market from medicinal to recreational comes a host of business opportunities for companies. But with new and emerging regulations around cannabis businesses, owners need to realize that stringent security and risk management will be a key factor is protecting and building a profitable business model in this new industry.
Protect your cannabis product, business, property, shareholders and yourself with our comprehensive business insurance for cannabis operations such as:
- Indoor or outdoor grow operations
- Licensed cannabis product manufacturers
- Publicly-traded companies
- Retail outlets
- Medicinal dispensary
- Cannabis bio science research or labs
- Transportation, logistics and security
Cannabis has unique set of circumstances for insurance requirements
Companies are learning that running a cannabis related business has it's own unique requirements. Insurance coverages range from typical insurance coverages required for agricultural operations all the way to directors & officers insurance - and a few unique coverages in between. At Reliance Insurance Agencies Ltd, our expertise that crosses those industries and speciality coverages, puts us in a unique position to provide risk management across the spectrum from commerce, processors, distributors, and retailers.
Identifying the right coverage for your business interests and risk tolerance
Depending on the type of business sector companies in the cannabis space will need to consider the following types of insurance:
- Crop/stock coverage, equipment breakdown, accidental product contamination (mold, fungus, bacteria, pesticides), malicious product tampering, and product liability.
- Commercial business insurance that could include commercial liability, property, business interruption or directors & officers, and crime or theft insurance.
- Speciality insurance may be required to cover things like product recall, in-land transport of goods, coverage to sell certain products, medical malpractice and cyber security including aerial protection drone insurance.
- Ancillary companies that provides goods for services such as professional advice, software, technical support, property leasing, and packaging may need to review insurance coverages.
- Companies may need to revisit health insurance as many group benefits plans offer the utilization of medical marijuana as part of treatment and pain programs. This move towards cannabis acceptance by the health insurance sector.
Working with industry leaders in cannabis business insurance
Reliance Insurance works with the leading insurers that provide coverage to the cannabis industry including one, who insured the first licensed supplier of medical marijuana in 2003. We work with several insurers who have innovative insurance solutions for a complete product suite to cover licensed producers, dispensaries, retail, testing labs, nurseries, cosmetics, hemp, health and pet food cannabis products.
Our expertise in this increasing complex industry is to identify risks and produce a customized risk management program that fits with the risk and the budget for cannabis business insurance.
For expert advice on the speciality cannabis business insurance products contact Lisa Kler at 604-412-5920 or firstname.lastname@example.org or any of our commercial insurance advisors.