Cannabis Insurance Massachusetts

Cannabis Insurance  from Massachusetts Specialists

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What is cannabis insurance?

The cannabis industry in Massachusetts continues to grow and present business opportunities, but each opportunity comes with risks. One way that businesses operating in this industry can protect themselves is by purchasing cannabis insurance.

Cannabis insurance offers specialized coverage for cannabis-related businesses. Insurance policies come with both common and unique coverages that provide diverse protections.

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What businesses in Massachusetts need marijuana insurance policies?

Most Massachusetts businesses that handle marijuana products should carry marijuana insurance. This generally includes growers, producers, processors, wholesalers, distributors and retailers.

Some specific examples of businesses that likely need a marijuana policy include:

  • Conventional and hydroponic cultivators
  • Oil and tincture extractors
  • Manufacturers and quality evaluation labs
  • Manufacturers and edible bakeries
  • Distributors and wholesalers
  • Dispensaries and retail sellers
  • Landlords who lease to cannabis businesses

While all of these businesses should consider cannabis business insurance, policies usually should be customized for each of these businesses. An insurance agent who knows cannabis policies well can help businesses select the coverages that are appropriate for their situation.

Cannabis Insurance Massachusetts

What coverages are available through cannabis business insurance policies?

Businesses can choose from many different coverages when purchasing cannabis business insurance, which is why these policies can be customized for a diverse array of businesses. The following are just a few of the coverages that are commonly available:

  • General Liability Coverage, which might cover common “slip and fall” accidents occurring at a business’s location
  • Product Liability Coverage, which might cover injuries and illnesses that general products and accessories cause
  • Marijuana Infused Products Coverage, which might cover injuries and illnesses that are caused by cannabis products
  • Professional Liability Coverage, which might cover errant advice and statements employees make regarding products
  • Cyber Liability Coverage, which might cover data breaches and online attacks that compromise customer information
  • Commercial Property Coverage, which might cover buildings, fixtures, equipment and general inventory and cannabis products
  • Medicine Coverage, which might specifically cover medical marijuana products that are in stock
  • Business Income Coverage, which might cover prolonged revenue losses that are a result of certain disasters
  • Vehicles and Equipment Coverage, which might cover accidents involving commercial vehicles or mobile equipment

Marijuana infused products coverage may be shortened as “MIP coverage.” There are still many other coverages that policies can offer.

What insurance options are available to segmented businesses in the cannabis industry?

Segmenting cannabis operations into several distinct businesses has become fairly common. While this strategy can provide effective protection, it complicates insurance matters.

When this strategy is used, each of the distinct businesses usually needs its own insurance policy. Each policy also should be adapted to the particular business that it’s for. 

An insurance agent who knows cannabis policies well can help segmented cannabis operations properly each distinct business with an appropriate policy.

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Do cannabis business insurance policies extend coverage to subcontractors?

Subcontractors operate as independent business entities, and a cannabis business’s insurance generally doesn’t extend to these distinct business entities. Subcontractors should thus purchase their own insurance in most cases.

Again, an insurance agent who’s familiar with the nuances of cannabis business insurance can help subcontractors make sure they’re properly protected.

Cannabis Insurance Massachusetts

How Can Businesses in Massachusetts Get Cannabis Insurance?

For help finding cannabis insurance that’ll protect your Massachusetts business well, contact the independent insurance agents at Roger Keith & Sons Insurance. Our agents can show you policy options from multiple insurance companies since they’re independent, and they have the expertise needed to help you choose the best policy based on your business’ particular situation.

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