Colorado Cannabis InsuranceColorado Flag

Colorado is known as the Centennial state with over $5.5M people calling it home.  If you are shopping for business insurance in Colorado, Greenpoint Insurance Advisors, LLC is licensed to sell insurance for cannabis, hemp, and CBD related operations. 

Greenpoint Insurance Advisors, LLC is a retail insurance broker conducting business with licensed Surplus Lines Brokers who represent numerous insurance carriers with specific cannabis insurance programs.

Because we’ve been established since 2009, our agency has access to a variety of marijuana insurance programs available to different types of operations or licensees.

The types of licensees we mostly insure are:

  1. Retail Store or Dispensary
  2. Cultivation or Grow Facility
  3. Infused Products Manufacturer
  4. Others on a case by case basis

State of Colorado Cannabis Insurance Requirements

Workers compensation insurance is required of all cannabis licensees with employees.  We’re unaware of any state mandated insurance requirements by the Colorado Marijuana Enforcement Division.

Local jurisdictions may have certain insurance requirements in Colorado.

Need to a quote in Colorado for your cannabis company?

The current business insurance market in Colorado is active with good availability of a variety of insurance products.  The types of marijuana insurance include commercial general liability, product liability, business property, workers compensation, Directors and Officers Insurance, and Commercial Automobile to name a few.

The process of buying insurance begins with selecting the right insurance agency with the level of expertise and professionalism required to offer cannabis insurance.  The insurance process begins with determining the types of insurance coverage you’re needing.  For example, If you’ve signed a lease agreement it will require certain coverage limits, types of insurance, and other requirements such as including the landlord as additional insureds.

The choosing of insurance products is primarily based on concern for a certain type of risk being covered, contractual obligations, concerns by other owners or employees, and budget.

Once you’ve discussed your situation with a licensed agent, the next step for buying insurance in Colorado is completing an application.  The application allows the insurance company to evaluate your business and risks they may be insuring.  If your application is approved, the insurance carrier will issue a quote with a complete listing of the coverages being offered, premium, and list of policy documentation.

Business Insurance Product Menu for Colorado Cannabis Licensees

Type of Insurance Product or CoverageLiability, Property, or OtherLimits of InsurancePurpose of Insurance CoverageCurrent Status

Last Update 02-24-2018
Commercial General Liability InsuranceLiability $1,000,000 per occurrence and $2,000,000 per aggregateProvides coverage for the business location. This insurance is the most frequently type of insurance purchased.

Learn more about commercial general liability insurance.
Available
Personal and Advertising Injury InsuranceLiability$1,000,000 per occurrenceProvides coverage for personal and advertising injury. Included in most Commercial General Liability policies.Available
Duty to DefendLiabilityIncluded with limitsIncluded in most Commercial General Liability policies provides the legal protection or hiring of lawyers for a covered type of claim.Available
Fire Damage LiabilityLiability$1,000,000 subject to approvalLiability protection to damage at the premise location. Included in the Commercial General Liability Policy.Available
Products Liability InsuranceLiability$1,000,000 per occurrence. Higher limits may be available.Separate and distinct insurance policy to cover the unique risks with your product entering the stream of commerce and liability associated with this type of risk.

Important to know Product Liability is excluded in most Commercial General Liability insurance policies.

Learn more about product liability insurance
Available
Excess LiabilityLiabilityUp to $10,000,000Separate policy providing additional liability protection above the existing Commercial General Liability Insurance.Available
Directors & Officers InsuranceLiability$1,000,000 Higher Limits Subject to ApprovalSeparate insurance policy to provide protection for the Directors and Officers covering third party negligence, bad faith, and breach of fiduciary duty associated with corporate governance.

More Information on Directors & Officers Insurance

Learn more about directors and officers insurance
Available--Limited Number of Insurance Carriers
Professional LiabilityLiability$1,000,000 Higher Limits Might Be AvilalbeSeparate insurance policy for advice and errors & omissions.Available
Hired and Non-Owned AutoLiability$1,000,000Becomes part of your commercial general liability insurance. Coverage for the liability associated with your employees driving their own vehicles.

This type of insurance is often overlooked until a vehicle accident occurs with one of your employees.
Available
Building CoveragePropertyHigh LimitsCoverage for the building with a cannabis operation. The insurance can be purchased by a landlord or cannabis tenant..Available
Business Personal PropertyPropertyHigh LimitsCoverage for computers, furniture, grow equipment, display cases, manufacturing equipment, etc...

More Information on Business Personal Property Insurance
Available
Tenant ImprovementsPropertyHigh LimitsCoverage for the improvements made at a business locationAvailable
Business Income/Extra Expense and Loss of RentsPropertyHigh LimitsCoverage for the loss of income/rents due to a business property loss. Similar to a disability insurance policy for a business.Available.
Cannabis StockPropertyHigh LimitsCoverage for the finished stock considered saleable form.

More Information on Cannabis Coverage
Available
Ordinance or LawPropertyHigh LimitsCoverage for the building when changes occur due to local building ordinance. Addresses certain gaps in the insurance policy.Available
Cash CoveragePropertyLimits subject to approvalCoverage for the cash being transported in company vehicles.NEW! Available
Transportation of CannabisPropertyLimits subject to approvalCoverage for the cannabis being transported in a company vehicleAvailable
Equipment BreakdownPropertyHigh LimitsCoverage for your business equipment as a result of an accident.Available
Coverage ExtensionPropertyUp to $25,000Additional coverage for Accounts Receivable, Employee Dishonesty, Money and Security, Outdoor Property (Trees, Shrubs, and Plants), Property in Transit, Personal Effects and Property of Others, Property Off Premises, Spoilage, and Valuable Papers and RecordsAvailable
Crop InsurancePropertyHigh LimitsLive plant coverage for the various stages including seedling, vegetative, and flowering.

More Information on Crop Insurance
NEW! Available
Builders Risk InsurancePropertyHigh LimitsDuring the construction, a specific policy to cover the unique risks during construction of a cannabis operation. The construction may be for tenant improvements or new facility.

Ability to quote in-house
Nationally Approved Insurance Carrier
Coverage for New Buildings, Existing Building, Tenant Improvements, Retail, Manufacturing Facilities, Cultivaion Warehouse, Greenhouses, Etc
Capacity for projects of any size or value
Excellent rates and coverage value
Coverage can easily include project owner, general contractor, and subcontractors of all tiers.
Coverage options include earth movement, flood, ordinance and law, soft costs, business income and extra expense, and testing of building systems
Ability to increase additional coverage limits
Pro-rata cancellations
No co-insurance
Direct Billing

More Information on Builders Risk Insurance
Available
Workers CompensationLiability$1,000,000 Subject to the insurance carrier and state.Insurance for employees injured on the job covering loss of wages, medical expenses, and liability to the employer. Limits up to $1,000,000, includes medical and loss of Income.

Designed to meet statutory state requirements, access to several approved insurance carriers, knowledge of specific job classifications for retail, grow, bakery, and manufacturers. variety of deductibles to save premium.

Reduce premium through cost containment and dividend plans. Access to safety consultants to reduce claims and Certificates of Insurance depending on the insurance company.

Learn more about workers compensation and common job classification risks
Available: Limited Number of Insurance Carriers
Commercial AutomobileLiability and PropertyVarious LimitsInsurance protection for your corporate owned vehicles providing liability, collision, comprehensive, and other coverages. Other coverages:

Insurance available and approved through a national insurance company
Ability to quote in-house
Meet Statutory State Requirements
Limits up to $2,000,000
Combined or Split Liability Coverage
Bodily Injury/Property Damage Liability
Variety of deductibles to reduce premium
Collision and Comprehensive Coverage
Variety of vehicles may be insured
Additional Insureds may be included
Rental Car and Towing Coverage
Hired and Non-Owned Auto Liability
Dedicated Claims Specialists
24 Hour Customers Service

Learn more about commercial automobile insurance
Available: Limited Number of Insurance Carriers