Insurance For CBD and Marijuana Dispensaries

While there may have been a time, not so long ago, when the idea of a legal marijuana dispensary was a foreign concept, times are changing, faster than many thought possible. Business owners who run CBD and marijuana dispensaries have as many, if not more, risks to consider as any other business.

You’re stepping into a new world of business opportunity. Don’t lose it all in one storm or fire or after one big accident. Make sure you have the right type and amount of insurance to protect your dispensary.

What insurance coverage does a CBD or marijuana dispensary need?

Like all businesses, you need to consider your liabilities carefully and carry workers compensation. Your CBD and marijuana dispensary may need more insurance protection than other businesses. Here are just a few of the insurance coverages we recommend, although every business has its own unique needs.

General Liability: General liability insurance protects your business when a third party suffers bodily injury or property damage while doing business with you. You’ll also be covered if the injured party decides to sue your business.

Product Liability: Product liability insurance covers you if a third party claims your product caused injury or damage. This is especially necessary for the CBD and marijuana products you sell.

Property Coverage: Your equipment, supplies, inventory, signage, buildings, and more can be repaired or replaced after a covered peril with property coverage. This includes fire, storms, theft, vandalism, and more.

Equipment Breakdown: Without your equipment, you can’t do business. The breakdown must be due to mechanical or electrical failure. Your coverage will either help repair your equipment or replace it.

Stock and Inventory: If you suffer a disaster that destroys your stock and inventory, you’ll be covered. This includes stock that’s ready for sale or packaged and sealed such as for marijuana buds or its derivatives. Harvested or growing plants do not qualify for this coverage.

Loss of Income: When disaster strikes and forces you to close your CBD or marijuana dispensary, you can’t pay the bills or your employees. Loss of income coverage will keep you going until you can re-open and get back to business.

Workers' Compensation: Workers' compensation insurance is a requirement for any business with employees. If they become injured or ill on the job, their medical expenses and lost wages are paid. You’re protected if an injured employee or their family decide to sue.

Umbrella Insurance: Liability coverage is meant to protect you from the accidents you don’t see coming and the ones you do. But it only takes one big disaster to reach the limits of your insurance coverage. Umbrella insurance gives you extra liability coverage for those rare but all-too-real disasters that could financially ruin you.

When you’re ready to open your new CBD or marijuana dispensary, make sure you have plenty of protection and the right kind of insurance coverage. Contact Charlotte Insurance today and let us help you protect your business.

We're ready to help CBD and Marijuana Dispensaries all throughout NC, SC, VA, GA, and TN.