Cannabis Insurance in Massachusetts in Massachusetts | Amplified Insurance Partners

Cannabis Insurance in Massachusetts

Cannabis Insurance in Massachusetts

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Coverages

  • Cannabis Insurance
  • Marijuana Infused products (MIP) insurance
  • Risk Insurance
  • Worker’s Compensation
  • Vehicles and Equipment Insurance
  • Wholesale/Manufacturing Business Insurance
  • Products Liability Insurance
  • Building and Property Insurance
  • Commercial General Liability

Cannabis & Ancillary Business Clients

  • Dispensaries
  • Cultivation Facilities
  • Edible Bakeries
  • Manufacturers
  • Retail Shops
  • Oil/Tincture/Cannabis Extraction
  • Companies
  • Growers
  • Landlords
  • Hydroponic Stores
  • Testing Labs

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What is cannabis insurance?

Cannabis legalization has created new business opportunities, but with new business opportunities come new risks. Massachusetts businesses in this space will find that cannabis insurance is generally well-suited to protect against many of the risks they face.

Cannabis insurance is specialized commercial insurance for cannabis-related businesses. The insurance’s coverages are normally adapted for the unique operations of these businesses.

What Massachusetts businesses should carry marijuana insurance?

Most Massachusetts businesses within the marijuana industry should have marijuana insurance. This broadly extends to businesses that grow, produce, process, sell or otherwise handle cannabis.

Some specific examples of businesses that may need mairjuana insurance include:

  • Dispensaries
  • Cultivation Facilities
  • Edible Bakeries
  • Manufacturers
  • Retail Shops
  • Oil/Tincture/Cannabis Extraction
  • Companies
  • Growers
  • Landlords
  • Hydroponic Stores
  • Testing Labs

 

Cannabis Insurance Massachusetts

What protections are available through marijuana insurance policies?

Because the cannabis industry is still relatively new, the coverages that marijuana insurance policies offer can vary significantly. Some of the coverages that policies might provide are:

  • General Liability Coverage: May protect against common accidents occurring on company property
  • Professional Liability Coverage: May protect against incorrect statements that employees make about products
  • Product Liability Coverage: May protect against injuries and illnesses that general products cause
  • Marijuana Infused Products (MIP) Coverage: May protect against injuries/illnesses that infused products cause
  • Cyber Liability Coverage: May protect against website hacks, DDOS attacks and data breaches
  • Commercial Property Coverage: May protect a business’s facilities, equipment and inventory against damage
  • Medicine Coverage: May protect a dispensary’s inventory of medical marijuana against damage
  • Business Income Coverage: May protect against longer revenue losses that follow certain natural disasters
  • Vehicles and Equipment Insurance: May protect against damage to and accidents involving vehicles or equipment

There are still more coverages that businesses may need. An insurance agent who specializes in marijuana insurance can help businesses review all of their options, and potentially even combine insurance policies if no one policy offers all desired protections.

Do cannabis businesses need workers compensation coverage?

Cannabis businesses generally need workers compensation. Massachusetts broadly requires that most businesses with employees purchase the coverage. The purpose of workers compensation is normally to provide employees with compensation if they’re injured or become ill as a result of work.

Workers compensation may be purchased as part of a cannabis business insurance policy, or the coverage might be purchased through a separate insurance policy. The coverage is readily available in either case, and an insurance agent that’s familiar with cannabis business policies will undoubtedly also be able to help with workers compensation.

How should segmented businesses in the cannabis industry go about acquiring insurance?

Segmenting is fairly common within the cannabis industry, as it can provide businesses with various protections. Segmenting creates complex considerations with regard to insurance, however.

Segmented businesses should work closely with a knowledgeable insurance agent when reviewing cannabis business insurance needs. An agent who specializes in the insurance will be able to review each independent business’s coverage needs and find suitable policies.

Cannabis Insurance Massachusetts

Does cannabis business insurance extend to subcontractors?

Subcontractors are usually treated as independent entities, and thus typically aren’t covered by another business’s cannabis business insurance. Subcontractors often have to purchase their own insurance if they want protection.

In some cases, however, businesses may designate subcontractors to be “additional insureds.” This designation might extend certain protections to the identified subcontractors.

How much are premiums for cannabis business insurance policies?

Premiums for cannabis business policies can vary significantly, but costs tend to be much lower than what a major loss or lawsuit would otherwise be. Independent insurance agents can help businesses compare rates among different insurers’ policies.

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