Insurance Available For These Types of Medical or Recreational Marijuana Business
- Dispensaries, Stores and Center locations
- Optional premises, grow, or cultivation facilities
- Edibles or infused products manufacturers
- Landlords/Commercial Buildings
- Other Ancillary Businesses on a case by case basis
Marijuana Insurance Products
- Commercial General Liability
- Product or Products Completed Operations Liability
- Professional Liability
- Directors & Officers Insurance
- Builders Risk Insurance
- Employment Practice Liability
- Workers Compensation Insurance
- Vacant Building Insurance
- Building Insurance
- Grow Equipment
- Marijuana Coverage
- Crop Insurance
- Business Property
- Cargo Coverage
- Tenant Improvements
- Event Insurance
- Sewer Backup
- Non-Owned Automobile
- Business Income
- Excess Liability
- and More
- General Liability Coverage: protection due to bodily injury or property damage liability due to a covered loss. Bodily injury is typically defined as bodily injury, sickness or disease sustained by a person, including death resulting from any of these. Property damage means physical injury to tangible property, including all resulting loss of use of that property. Included with liability is a right and duty to defend the insured against lawsuits seeking damages. Think of this as your “slip and fall” coverage or issues related to negligence and fortuitous events beyond your control you become liable.
- Product Liability: also know as products completed operations coverage offering to protect marijuana businesses from liability associated with their product or work. This means coverage for bodily injury and property damage occurring away form your business premise you own or rent and arising out of your product or work. For marijuana companies your product can mean goods or products other than real property, manufactured, sold, handled, distributed or disposed of by your company, others using your trade name. The standard marijuana insurance program typically doesn’t offer products and completed operations and would need to be requested. This coverage is particularly important to infused products manufacturers who are likely to be found negligent for manufacturing defects.
- Personal and Advertising Injury Liability: coverage involved with bodily injury liability arising out of offenses such as false arrest, detention, imprisonment, malicious prosecution, oral or written material that violates a persons right to privacy, infringing upon anther’s copyright, trade dress or slogan.
- Marijuana Crop Insurance: insurance protection from seed to harvest of live marijuana plants. This policy does not provide coverage due to poor cultivation practices, mold/mildew or insects. .
- Business Income and Extra Expense: similar to a disability insurance for individuals coverage is triggered due to a covered loss providing much needed income and expenses due to a covered property loss. The business income portion includes net income/profit or loss before income taxes that would have been earned if the loss had not occurred. In addition, continuing normal expenses including payroll to operate your marijuana business.
- Fire Damage Liability: the damage to premises rented to you for property damage liability. The coverage amount is typically $100,000 to $300,000 used in lieu of building coverage for other parties to seek recovery due to your negligence.
- Marijuana or Medicine Coverage: theft is the most frequent claim to medical marijuana businesses. Consequently, coverage is available for your medicinal cannabis for theft along with other perils
- Grow Equipment: the grow equipment used for your marijuana dispensary, cultivation, and infused products equipment such as lighting ballasts, hvac, electrical, dehumidifiers, water systems, and more.
- Business Property: any business property not permanently attached used to operate your marijuana company at the described business location. Most marijuana insurance policies recognize coverage within 100 feet from the property. This coverage includes your furniture, fixtures, machinery, equipment, and “stock”.
- Building Coverage: provides insurance protection for commercial retail and warehouse locations that operate in the marijuana industry. This includes the building structure described on your insurance declaration page along with completed additions, permanent installed machinery and equipment. The replacement value of your building coverage should be based on constructions costs to rebuild versus market valuation. Many times, the market value is less than the replacement value, which can lead to issues with being under insured and coinsurance penalties at time of settlement.
- Vacant Building Insurance: marijuana grow or retail locations vacant typically for more than 60 days can purchase vacant insurance coverage. The standard building insurance policy removes coverage for water damage, theft or vandalism when the property is unoccupied or vacant.
- Transportation/Cargo Coverage: liability and property coverage associated with the movement of marijuana through transportation.
- Miscellaneous Coverages: Sewer back-up, signage, glass, tenant improvements, non-owned/hired auto, increased fire damage liability
Due to the high volume of calls, we respectfully ask members of the insurance industry without a contractual relationship with Greenpoint Insurance Advisors, LLC to refrain from contacting our company.