The complex legal status of cannabis and the early stages of the industry’s growth in regulated markets make it difficult for entrepreneurs to find the kind of startup resources that guide them into other industries. In some areas, access to basic services like insurance can come into question, because sometimes local business insurance companies are slow to respond. The question of cannabis dispensary insurance in California tends to be one of those topics, despite the fact that there has been cannabis insurance available to licensed medical cannabis businesses for longer than recreational sales have been legal in the state. It’s not an issue of whether you can buy it, just an issue of making sure new business owners realize there is a specialized insurer with their needs in mind.
What Makes Cannabis Insurance Different?
When you get a policy from a company that focuses on the cannabis industry, you’re still getting common forms of insurance like crop coverage, general liability, and business risk insurance. The difference is that the plan is written to suit your industry, with language that directly reflects your real risks instead of boilerplate text designed as a one size fits all across industries. As a result, you don’t need to worry about whether your insurer will exclude certain risks because of perceived legal complexity. Instead, you can get clear advice about how to manage your risks, including explicit requirements for maintaining your insurance. Make it easy on yourself, find someone who focuses on your industry.