A cannabis dispensary or wholesaler, whether offering medical and/or recreational products, faces a variety of risks that can easily be mitigated with the proper insurance coverage.
Like any retail establishment, dispensaries need a variety of coverage including general liability, product and property insurance. Many retailers like to have protection against for business interruptions so they can continue to operate in case of an emergency. Wholesalers have similar needs, including workers comp for employees and depending on how it’s set up, protection for directors and officers.
Here are the most common coverages for retailers and wholesalers:
General Liability
Product Liability
Property Insurance
Stock and Inventory
Loss of Income
Worker’s Compensation
Director and Officer
Your Aspen broker will discuss in detail the risks you face and discuss the cost/risk of each and help you make the best decision for your dispensary or wholesale operation – now and should you decide to grow in the future.
So you may be prepared, some of the important questions we’ll ask include:
• What is your risk tolerance (e.g. based on your personal/business finances, how much exposure are you willing to have)?
• What are your gross revenues?
• What is your payroll?
• Do you have investors?
• What is the value of your equipment?
• What current insurance do you have?
• What are your growth/expansion plans?
• Have you had any lawsuits or claims in the past?
• Anything else you are concerned with or want to make sure you protect?