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Here is a list of the 7 best marijuana insurance companies in the US. We have taken all the time and effort to come up with this list, all you will need to do is spare seven or some minutes to indulge in this very helpful information.
When you think of your Marijuana business, the first thing to pop into your head is likely not insurance. But think of it, what happens when you experience accidents, theft, cyber-attacks, a fire or even a have a lawsuit filed against you?
Lucky for you, this is an industry that is growing exponentially; there are a couple of marijuana insurance companies that may be willing to take up this risk on your behalf for a small pre- negotiated premium.
As an increasing number of states move to legalize the use of marijuana, increasingly more insurance companies are willing to venture into this space. To add to this, the cashflow in this industry is enticing to say the least. Reliable sources indicate that marijuana sales might just surpass the $15 billion mark by the end of 2020/
With the first eleven states to legalize active adult-use, and four more (New Jersey, Arizona, Montana, and South Dakota) taking a vote in November, this is an industry that is here to stay and will keep growing in leaps and bounds.
Let’s review 7 of the best cannabis Insurance Companies and understand which services exactly they offer and how they will help you have peace of mind as far as risk goes.
Best Marijuana Insurance Companies
Cannasure has been in the marijuana Insurance business for the past 10 years so they have accumulated quite a bit of experience. They cover all facets of the business, from the growers to the processors to the retail end, they even offer services to landlords who house marijuana facilities.
They have developed very innovative insurance solutions for both the marijuana and hemp industries. Are few of their products are: Product liability, General Liability, professional Liability just to name a few. They also pride themselves I offering competitive prices. They can be reached on their website to give a quote on your specific business and needed, so whether you have a medical dispensary, shop or other business, this is a good place to start.
This is an Insurance Company specifically established to cater for the cannabis industry.
2. Oregon Cannabis Insurance
Oregon has a thriving Marijuana industry. It grosses over $750 million annually in marijuana sales and has thus a large portfolio of clients needing marijuana insurance services.
This marijuana insurer has tailored packages to cover growers, manufacturers or dispensaries and have a very resourceful website where one can obtain valuable information.
The main areas they cover are:
- Marijuana Product Liability Insurance
- Marijuana Insurance Coverage for Business Personal Property
- Workers Compensation for Marijuana Businesses
- Marijuana Business Insurance Property Exclusions
- Marijuana Edible Dosage and False Advertising Claims
3. Cannabis Insurance Professionals
Based in California, Cannabis Insurance Professionals is a primarily cannabis insurance outfit that consists of experts both in the insurance and risk management segments. They even have employee benefits advisors and human resources teams that can offer support to your business. Because of this wealth of professionals, their clients have the chance of getting access to financing legal advice, investors, accounting professionals, business consultancy among other professional services.
If you a looking for a partner to not only insure your business but also support you to grow, this may be a good fit for you. They have something for everyone in the marijuana industry that is the growers, manufacturers, testing labs, stores, landlords and even investors.
4. US Cannabis Insurance
This is a company that does not offer Insurance directly but possess the wealth of knowledge to fit your need with the right insurance provide and right package. It works more like a search engine of sorts. When you access their website, you will be prompted to ask for a quote and then you will be pointed in the right direction.
This is such an important service in today’s rapidly growing marijuana industry as a customer might not necessarily process enough knowledge to make the best decision of which package or provider to go with. Whether you are in need of a medical or recreational marijuana business insurance, cultivator Insurance, manufacturers insurance or dispensary insurance, they will match you to a good fit and give you a quote that you will be able to understand.
5. Cover Cannabis
Cover cannabis have been in the business of providing Insurance solutions to the whole spectrum of the cannabis business for close to a decade. They have a whole host of packages tailored specifically for each minute facet of the industry.
They have a very wide range of products for stakeholders in the marijuana industry such as:
- Processor Insurance
- Cultivation Insurance
- Delivery Insurance
- Dispensary Insurance
- Smoke Shop Insurance
- Manufacture Insurance
- Distributor Insurance
- Laboratory Insurance
- Landlord Insurance
So if you are looking for something to specifically fit your niche, this might be it.
6. Cannabis Insurance Solutions
Specifically tailored to provide insurance solutions to the marijuana industry, Cannabis Insurance Solutions will cove r your products, premises professional and even crop in a very professional manner.
They have an edge in their Q&A segment that covers all the questions you might have on the subject, that helping you make an informed decision. Their website is a very straightforward interactive one and you can follow the prompt and request a quote or reach them on the numbers provided on the website.
The exposures faced in the cannabis industry are sometimes considerable and relatively unfamiliar. By contacting an insurance firm or broker with experience in the marijuana bylaws, risks and regulations and also with a good understanding of the insurance environment, you will be able to pick an individualized and comprehensive package at a price that fits you.
Whether you’re just starting out in the cannabis industry or already have an established business, getting good marijuana insurance will definitely take your business to the next level and help you sleep better at night knowing that all your bases are covered, quite literally.
With this well researched list of the best marijuana insurance companies in the US you are sure to have the right footing as you venture out to find the right insurance partner.
Fred Hernandez is a highly accomplished and versatile writer, boasting an extensive background in the cannabis industry. With an in-depth understanding of various sectors including cultivators, processors, retailers, and brands, Fred's expertise spans across the entire cannabis landscape. As a prominent contributor to CTU, he consistently delivers insightful articles exploring the latest developments, news, and regulations shaping the cannabis industry. Whether it's delving into the intricacies of cannabis products, cannabis strain reviews, or providing comprehensive analyses of cannabis laws, or sharing expert insights on cannabis cultivation techniques, Fred's wealth of knowledge positions him as an invaluable writer and educator for all cannabis-related subjects.