Cannabis business insurance is a relatively new field, but it’s a fast-growing one. Today’s producers, distributors, and retailers opening in newly legalized markets need support for their operations, after all. Like other businesses, they need coverage that meets them within their business model. Unlike most other businesses, though, there is not a long operating history of providers for the industry, so locating the experts who can tell you how to design a California dispensary insurance policy can be tricky. Luckily, you will find them if you look for insurers who focus on cannabis businesses.
Some dispensary owners are under the misconception that business insurance is inaccessible to them because of the nature of their operations. This is in part due to the banking sector’s reluctance to embrace cannabis operations in many areas after federal regulatory pushback. While it shouldn’t affect the insurance industry, the perception that it does is enough to keep many entrepreneurs from pursuing the right coverage, and the right coverage is essential. Not only does a dispensary have needs that differ from retailers focusing on other products, it has needs that growers and distributors don’t, which is why even among cannabis business insurers, but you also need a policy that’s tailored to your specific operation.