Over the last several years, many states have taken steps to legalize the sale of marijuana, as it has been proven to be useful in treating various illnesses.
Relatively new to the market are Cannabis Dispensaries or stores that dispense marijuana for medical ailments. Given the nature of the products sold, these stores come with a special set of risks and liabilities, from theft and burglary to employee dishonesty and more. It's important to ensure the owners and operators of these businesses adequately safeguard against loss and liability. States in which medical marijuana is legal to include:
AK, AZ, CA, CO, CT, DE, DC, FL, HI, IL, ME, MD, MA, MI, MN, MT, ND, NV, NH, NJ, NM, NY, OH, OR, PA, RI, VT and WA
Coverage Recommendations
In addition to the normal coverage requirements for any small business, such as General Liability, Property, and Business Interruption, owners of Cannabis Dispensaries should also consider adding:
Medicine Coverage: This coverage can include protection against theft, fire, and other damages to inventory in the dispensary.
Product Liability: Some of the products sold in Cannabis Dispensaries can potentially cause harm to patrons. Smoking devices, cannabis products, vaporizers, and more have the potential to cause negative side effects or injuries to customers. Product Liability coverage will give owners protection against damages, customer injuries, and lawsuits by offering coverage for legal fees, settlements, and claims made against the store.
Commercial Auto: If the owner has automobiles used to deliver products or other business-related trips, they will need auto coverage for themselves and employees.
Excess/Umbrella Policy: If a loss exceeds the limits of the other policies in force, Umbrella coverage can provide extra protection.
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