Medical Marijuana Dispensary Insurance

Liability Insurance

Medical Marijuana Dispensary Insurance

Marijuana is federally unlawful but lawful in some states. It remains a crime to grow, sell or use marijuana. The use of CBD oils and CBD-based products has rapidly increased. The cannabis industry is one of the most dynamic industries with products that are treating various illnesses.

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Medical Marijuana Insurance

Medical marijuana is proving useful in relieving pain among patients suffering from chronic illnesses. In the US marijuana business is one of the fast-growing industries. However, lawsuits and claims are on the increase as it is with any new product. Someone can sue a marijuana dispensary owner for improper labeling, inadequate label warnings, unsafe handling procedures during manufacture, etc.

In states where the sale of marijuana is permitted, buyers have to produce some form of identification to show eligibility for taking the drug. The marijuana dispensaries are similar to liquor stores. Research shows that marijuana consumption is helpful, especially to patients undergoing pain. Some cases include chemotherapy, multiple sclerosis, and as an appetite stimulant to AIDS patients.

In some states, marijuana has been approved for recreational use in small quantities. Medical marijuana dispensary insurance protects your business from lawsuit claims.

Cost of Medical Marijuana Dispensary Insurance

Standard general liability insurance for a small medical marijuana dispensary depends on the location, products sold, number of employees, sales, and experience.

Types of Insurance for Medical Marijuana Dispensary

Medical marijuana dispensary insurance will protect your business from any incidences and risks. Contrary to common misconceptions, medical marijuana insurance is very affordable and attainable.

General Liability

General liability is important to protect your business from injuries and damages. For example, a customer can slip and fall while at your dispensary and sustain injuries. The policy will cover medical-related expenses.

Business Property Coverage 

Protecting your business is essential and all its contents in the event of damage to your property. A Medical Marijuana dispensary insurance plan will help you recover after damage to your business property.

Medicine Coverage

The policy protects your product while on transit from the cultivation point to your dispensary. It covers your product if it is stolen or the inventory is misplaced through theft or loss.

Business Income

The medical marijuana dispensary insurance covers your business income. For example, if your dispensary is destroyed by fire, the policy compensates income lost during the period of repair or moving to another facility.

Product Liability

Every day business owners are sued due to unexpected reactions from their products. Some cases could be false claims. However genuine or not, they could end up hurting your business. Product liability protects you from such claims related to marijuana consumption.

Commercial Auto

Transporting medical marijuana products from various points poses a serious challenge. Commercial auto insurance ensures your vehicle is protected should it be involved in an accident. It covers the costs of repair.

Equipment Breakdown

The insurance provides coverage in case of equipment breakdown. It includes computers used for your inventory. The policy covers the cost or repair or replacement of the equipment, and any other extra expense arising from the loss is covered.

A medical marijuana dispensary has extra insurance to deal with due to the strict regulations. It is in addition to the challenges of running the business. Protecting your business with the right insurance coverage is important.

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