Although most retailers know the necessity for liability insurance to cover them in the event of an accident on their premises, few understand the importance and value of medical marijuana insurance for dispensaries. In 2022, there are many reasons why weed shops will need insurance, especially with the increasing legalization rate.
Why Weed Shops Need Insurance
Businesses will find it increasingly difficult to avoid exposure to risk as legal cannabis dispensaries grow in popularity and profit. This brings about a lot of new issues, including: compliance in order to keep your license to continue to operate, avoiding claims from customers using your products, financial risk of theft, natural perils, and other concerns. Let’s take a look at the reasons your dispensary might benefit from various types of business insurance.
About Medical Marijuana Insurance
There have been many studies that medical marijuana can help with a wide range of ailments and diseases. As legalization continues to grow, legal challenges for cannabis dispensaries will be inevitable. Insurance for medical marijuana dispensaries in the US is essential, as lawsuits and claims are likely to be filed in many different areas.
Medical marijuana dispensaries work in the same way as drug stores. Patients and customers must present their ID and eligibility documentation to be able to purchase any product. The dispensary owner could be held responsible if a customer purchases a defective product or any product that makes false claims. These incidents can also be handled in the same way as any business insurance claim – given the company has the right insurance policy in place.
Policies that Help Dispensaries Focus on Growth
Worrying about possible liabilities and future insurance claims takes up a lot of time during the day, and it’s better to have a strong plan to give you peace of mind. That way, you can focus on growing the success of your company while you know its safety is always going to be in good hands. Let’s take a look at the best policies that your dispensary could benefit from:
General Liability
Every plan should include general liability insurance. This will protect your company and include damages and injuries. It is particularly important when searching for a quality medical marijuana dispensary insurance policy. Your landlord almost certainly requires general liability in order to access a storefront. As the state laws adjust and new regulations are created, it is becoming a requirement to obtain state licenses.
Product Liability
Product liability insurance is a great option for the cannabis industry. The insurer takes care of the claim for dispensaries, paying legal fees or settling the case. The carrier has the expertise to help the dispensary determine the best way to handle the claim and which lawyers to use. This leaves the business with less to worry about and more protection in the event a customer is unsatisfied with their product.
Property Protection
It is important to protect your business’s assets. We can help you protect your inventory, furniture, and fixtures, as well as tenant improvements. A medical marijuana dispensary insurance policy will make it easier to get your business back on track in the event that property damage occurs.
Medicine Coverage
It’s important to get inventory coverage for your dispensary against theft and fire. Medicine coverage protects your product from the moment it’s cultivated through the delivery process and into your own cabinet.
Find the Best Medical Marijuana Coverage at Safecal Today!
Safecal offers custom business insurance packages and tailored solutions to help you stay protected and covered as you grow your medical marijuana business. If you want to learn more about the types of dispensary business policies you should be investing in, you can get in touch with our pros today. We’ll connect you with a certified business insurance agent in Los Angeles who can make sure your company gets started on the right foot. Contact us now to set up your own consultation!