Need to Get a Cannabis Insurance Quote?
The process for buying insurance can be overwhelming particularly because the insurance industry can be antiquated. Points to consider is what types of insurance products are available. Please visit our up to date insurance product menu for more information.
The most common reasons you may need to buy insurance are as follows:
- You’ve signed a lease agreement that requires you to purchase specific amounts of insurance.
- The state or local jurisdiction requires you to purchase insurance as a condition of being licensed. A good examples includes the State of Washington and Massachusetts with specific insurance requirements as a condition of obtaining a license.
- Members of the organization you’ve formed are concerned about certain types of risk and need insurance to resolve those concerns. A member says they’ve invested significant amounts of money and coverage to protect the company assets is important reason to buy insurance.
- You’ve signed an agreement with another party. That party requries you to buy insurance with specific requirements. An example of when you may need to buy insurance would be infused products manufacturers who would like to sell their product through a specific retail group. The contract being signed requires the manufacturer to have product liability.
We try to make it as simple as possible to buy insurance through our online applications. Please note, our online application is password protected. If you need a quote for insurance, please visit our online request.
Approximate Insurance Calculator
We have available our online insurance calculator to estimate the annual price for insurance for your cannabis company. This tool will give you a rough idea of how much you may pay for insurance. Please visit the online premium calculator for more information.
Information Required to Buy Insurance
Depending on the type of insurance you would like to buy, you will need to provide the following information:
- If applicable, prior history with your previous insurance carrier known as loss runs.
- Your projected gross revenues.
- The square footage of the space from where you operate your business.
- Coverage limits. This is a discussion with your business partners and licensed insurance broker
- Read your lease agreement. Most leases will have specific insurance requirements. Our online platform makes it easy to upload the document for a second opinion.
- Directors and Officers along with Product Liability are more time intensive insurance products to buy. The insurance carriers underwrite these two coverage lines with greater scrutiny due to their complexity and risk.
What information is typically included on a insurance quote?
A insurance quote will include the following information:
- Name of Legal Entity Insured
- Insurance Carrier
- Surplus Lines Broker
- Business Location
- Commercial General Liability Coverages
- Business Personal Property Coverages
- Rating Factors: Square Feet or Revenue
- Additional Insured
- List of Policy Forms, Endorsements, and Exclusions
Below is a sample insurance quote listing the coverages and types of policy forms being used with this particular insurance carrier. The listing of policy forms is an important aspect of evaluating your insurance program because these documents are notification of how the carrier may respond based on a given set of circumstances. Some policy forms are standard for the industry. Other policy forms have been added because of the carrier’s concern for risk.
The sample quote does not include coverage for cannabis or Products and Completed Operations. The former may be added to the policy and latter is a separate policy to cover the liability risk of a product entering the stream of commerce