What is Cannabis Insurance?
Businesses that are in the marijuana industry have great potential, but they’re also exposed to sizeable risks that include both liability and property perils. In order to protect themselves from many of these risks, Massachusetts businesses in this industry generally should have a cannabis insurance policy in place.
Cannabis insurance policies are commercial policies that have been developed to meet the diverse and unique needs of dispensaries and other cannabis-related businesses. Because these businesses frequently have multiple insurance needs, cannabis policies normally come as package policies that bundle multiple coverages together.
Importantly, this is a new and fairly complex form of commercial insurance. For this reason, businesses that do need a cannabis policy should seek out an insurance agent who specializes in these policies. A specialized agent will be familiar with the coverages that are commonly available through these policies, and such an agent can assist with coverage selection.
What Massachusetts Businesses Should Consider Marijuana Dispensary Insurance?
In broad terms, most Massachusetts businesses that operate within the cannabis industry ought to consider marijuana dispensary insurance or a similar type of policy. Any business that doesn’t have insurance in place is exposed to multiple potential negative consequences, and this is usually the best commercial policy option for businesses in this industry.
Businesses that are unsure whether a marijuana dispensary or other type of policy is most suited to their needs can reach out to an insurance agent for guidance. An informed agent will be familiar with both these and similar policies so that they can provide a wise recommendation.