The cannabis industry is experiencing incredible growth, with more states loosening restrictions just as the public gains a deeper understanding and acceptance of the benefits cannabis provides. Although it is a great time to operate a business in this field, it is important to ensure you are prepared for the many risks that come from operating a New Jersey cannabis business.
MFE Insurance offers a broad range of coverage to ensure your needs are met, with policies that address everything from the general risks that all businesses face to the more specific concerns that come with operating in the cannabis industry.
New Jersey Cannabis Insurance Coverage From MFE Insurance
Here is a closer look at the types of coverage we offer to marijuana dispensaries, growing operators and other cannabis-related businesses.
Property Insurance
Property insurance can protect your New Jersey cannabis business in the event of property damage. For example, it can help dispensaries and growing operations with the costs of repairing or replacing the business’s premises as well as its contents, inventory and systems.
General Liability Insurance
Your cannabis-related business could become the subject of property damage or bodily injury claims stemming from incidents that take place on your property. General liability insurance offers protection from issues such as customers being injured while shopping and can prove valuable in the event that an injured third party sues your company for medical expenses and damages.
Product Liability Insurance
If the use of a product sold by your New Jersey cannabis business results in damage or injury to another party and they choose to sue, product liability insurance can provide valuable protection. This type of insurance is recommended for all types of businesses, but it is especially useful in the cannabis industry because it is relatively new and some customers may not have a strong understanding of the proper way to use the products you sell.
Cargo Insurance
As a New Jersey cannabis business, you may work with cargo that would be nearly impossible to replace if it were damaged, such as harvested crops. Cargo insurance from MFE Insurance can protect your business from any financial losses that arise from this valuable cargo being lost, damaged or stolen during transport.
Cyber Liability Insurance
Like many businesses, cannabis companies can be targets of hackers who are looking to obtain sensitive data. With a cyber liability insurance policy from MFE Insurance, your business will be covered in the event of a data breach that involves the disclosure of information about your customers or employees, such as credit card numbers and other information. This protection is particularly important for cannabis businesses as your systems may also contain customers’ health records.
A cyber liability policy can pay for the legal fees involved in defending your company in court, along with any judgments or settlements, damage control services from public relations firms, and offering credit monitoring to the parties that are affected by the breach.
Commercial Automobile Insurance
Our commercial auto insurance policies cover owned, rented, borrowed and non-owned vehicles while they are being used in your business. The auto liability component of this policy can cover you against bodily injury and property damage incurred by other parties, while the comprehensive and collision component provides protection against theft and damage to the vehicle. If an employee who is working for your New Jersey cannabis business uses their own vehicle or a rented vehicle to carry out their work, this type of policy can cover damages resulting from accidents.
Workers’ Compensation Insurance
All employers in New Jersey are legally required to provide their employees with workers’ compensation insurance. This type of policy offers coverage if an employee working for your cannabis business is disabled or injured in connection with their work. It covers the medical costs related to the illness or injury, along with replacement income, retraining costs, and survivor benefits.
Crop And Inventory Insurance
If your New Jersey cannabis business grows crops or keeps an inventory of finished products, you need cannabis crop insurance to protect against the loss of assets.
Growers, dispensary owners and processors can all benefit from this type of policy, which covers the living cannabis plant during and after growth and through processing and preparation for purchase. In the event that your cannabis plant is damaged during growth or production due to an employee error or natural disaster, this type of policy could cover any loss in potential revenue related to the incident.
Additional Cannabis Coverage By State
Get In Touch With The Cannabis Insurance Professionals At MFE Insurance
At MFE Insurance, our experienced insurance brokers understand the liabilities associated with the cannabis industry and offer a personalized service to ensure you get the benefits you need in this high-risk industry. Give us a call today at 213-266-7990 to find out how our insurance products can help prepare your New Jersey cannabis business for the unexpected.