What Should You Look for in A Cannabis Insurance Agency?

What Should You Look for in A Cannabis Insurance Agency?

The cannabis industry is a rapidly growing industry with very high stakes due to the fact that the potential for profit is high but the accompanying risk is also high. This stems from the nature of the product itself and the propensity for consumer claims to pile up just like they do with other consumable products. In the past few years, a lot of injury and product liability lawsuits have been filed against cannabis companies for a number of reasons, including the use of pesticides. Some of these cases were dismissed but others are still awaiting settlements and rulings and it does not look like this will end any time soon. With the growth in the industry, it is only rational that there is a possibility of an increase in the number of legal suits that will be brought against cannabis companies. It is therefore important that business owners take the needed steps to guarantee that they are sufficiently covered by their insurance policy. In addition to the fact that a good insurance cover would protect your business from the impact of risks, some states also demand that cultivators have an insurance cover.

Unlike regular insurance covers where you can just do a google search and you will be presented with a lot of options to choose from, purchasing a cannabis insurance is not that simple. This is due to the fact that there are a lot of restrictions and risks associated with the industry and only very few insurance companies have the capacity to handle the requirements. It is therefore crucial that business owners do their research in order to select the best insurance provider for their company. In this rapidly expanding but somewhat unstable industry, here are some of the things you should look for when selecting a cannabis insurance agency.


The legal waters of the cannabis industry require experience and knowledge of the industry in order to navigate it successfully; the insurance aspect is more or less the same thing. When choosing a provider, make sure they are very familiar with the workings of the system so as to ensure you get the best coverage possible. Working with an insurance agent who has no idea of how the cannabis industry works, the many intricacies, requirements and regulations, will leave you at risk of having the wrong coverage or one that does not sufficiently cover your business.

Experts are of the opinion that purchasing a cover from an industry that has dealings with the cannabis industry is the best option. This will ensure that you end up with a provider that understands your business, your peculiar business needs, the coverage types, the regulations of each state and the overall industry.


When looking for an agency to provide your cannabis insurance cover, it is important that you go with a provider who specializes in the cannabis industry. This is not personal insurance where any insurance company who has their hands in many pies can offer you a cover that fits, it is the cannabis and it is easily one of the most complex and rapidly changing industries in America today. Therefore, do your research and find a provider who has proved themselves as specialists in the industry. Also, find out the states they have been practicing in so you will know if they are versed in the requirements of your own state. The extra knowledge and skill that comes with years of practice and specialization will be of added value to your business. This will ensure that you get the best advice possible and you can rest assured that your coverage will be comprehensive enough and you are completely protected from risks.

Extent of coverage

There is a simple rule that you can adopt when searching for the right cover for you and it goes something like this “if it isn’t all-inclusive and comprehensive, it isn’t for you.” The fact that there are several risks that your business will face cannot be overemphasized. Therefore, you should make sure that your insurance provider can offer you a robust cover that takes every part of your business into consideration. There are some packages that you should consider having in your insurance cover and these include:

  • General liability which covers any risks posed by the company itself or the employees. It also covers lawsuits brought against your business by third parties.
  • Cannabis product liability which provides protection in the case where a consumer uses your product and then claims to have adverse reactions due to your product.
  • Cannabis property coverage which provides protection in cases of damage to your business buildings or their contents due to theft or fire. This cover may also be expanded to include any extra expenses or loss of income that may arise due to the property damage.
  • Workers’ compensation
  • Cannabis crop insurance
  • Professional liability and
  • Excess liability

Your business has unique insurance needs and you will get the best deal with an insurance agent who understands your business and is willing to provide a fitting coverage for you.


Having established that the cannabis industry is very unstable, it goes without saying that it is wise to have an insurance agency that will be there when you need them. Do some research on the history of the insurance partner you want to choose, make sure they are strong, have been around for a while and have a good history. This will ensure that you are going with a company that will likely be around for as long as you need them.


Whatever company you decide to go with, it is important that you can trust them. So, find a company that inspires trust in you by their actions, response to inquiries, operational procedures and even their values. Ensure you ask all your probing questions and also look for recommendations from other people who they work with. This is a great way to begin establishing trust.

This is a very important aspect of your business, so take all the time you need, do your research and get answers to all the questions you have. Ensure you make the best decision for your company and you will be glad you did.

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January 31, 2021 / by / in

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