Cannabis Retailer Insurance
Customized insurance solutions for your needs
As of 2018, the recreational consumption of cannabis has been legalized in Canada. As a result, there are now thousands of retail locations in the country. The cannabis market has a few unique challenges that can tank a cannabis retail store in no time if left unaddressed. Different insurance policies can be purchased as protective measures to prevent disaster in such a sensitive retail field.
There are 7 main types of insurance you should be focused on as a cannabis retailer in Canada:
General liability insurance
isure Cannabis Retailer Insurance
General Liability Insurance
General liability insurance protects the policyholder from any freak accidents in their establishment, as well as third-party property damage and defamation lawsuits. Without general liability insurance, you could be faced with some unexpected expenses.
Professional Liability Insurance
Professional liability insurance is essential for a recreational cannabis retailer. It protects your business from any financial costs associated with negligence, malpractice or other employee errors.
Criminal insurance covers costs associated with, you guessed it, crime. Internal and external theft are both covered under a criminal insurance policy. The policy also covers costs linked to fraud, theft or forgery.
Protect your building with property insurance. In the event of a fire or flood, your building damages may be covered. A property insurance policy will also cover any damage due to vandalism. Look further into property insurance if you are interested in insuring the product you carry.
Cyber Liability Insurance
Your business could take a huge hit if it’s subject to an attack from online hackers or viruses.
Cyber liability insurance is a great way to cover your business financially in the event of website hacking or online data breaches. Funds from your policy can be used to investigate or replace damaged hardware and software.
Directors & Officers Liability Insurance
Governed by the Alcohol and Gambling Commission of Ontario, it is important to have directors and officers liability insurance. This insurance allows you to file a claim in the event that you are found liable for failures or mismanagement.
Product Liability Insurance
Product liability insurance can cover financial losses resulting from product recall or product mislabeling. In the new world of cannabis, this is a great policy to have, seeing as the field is still relatively new.
There are a wide variety of coverage options for each type of insurance. What that means for cannabis retailers is that you can pay for only what you need and operate feeling covered. Contact isure today to see which policies we can tailor to your needs!
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isure experts are here to HELP you.