Oklahoma has seen a steady rise in cannabis sales and dispensaries since medicinal marijuana laws were passed in 2018. Along with this boom in business comes a greater vulnerability to risk for those who operate within the cannabis industry.
The best way to protect against the many risks faced by cannabis-related businesses is with a comprehensive insurance policy from MFE Insurance. We have extensive experience in this relatively new field and can customize a policy that can safeguard your company from major losses, lawsuits, and business disruptions at an affordable price.
We offer insurance to many types of businesses that operate in the cannabis industry, including:
- Wholesalers and distributors
- Retail outlets
- Labs responsible for breeding or testing cannabis
- Growing facilities that process and package products
Oklahoma Cannabis Insurance Coverage From MFE Insurance
Here is a look at the coverage we offer to growing operators, marijuana dispensaries and other types of businesses operating in the cannabis industry.
General Liability Insurance
If any incidents involving bodily injury take place on your Oklahoma business property, the injured parties may bring expensive claims against your company. With general liability insurance, you gain protection from the issues that may arise if a customer is injured while shopping. If the injured third party files a lawsuit against your business for medical expenses and damages, general liability insurance offers valuable protection.
A property insurance policy from MFE Insurance can protect your Oklahoma cannabis business in cases involving damage to the property. It can help your growing operation or dispensary cover the costs of replacing or repairing your business’s premises and its systems, inventory and contents if a covered event occurs.
Your Oklahoma cannabis business likely works with cargo that could be difficult to replace if it were damaged. For example, harvested crops that have been grown according to your specific growing conditions are very difficult to replace. With cargo insurance, your business will be protected from the financial losses that arise if this type of cargo is damaged, stolen or lost during transport.
Commercial Auto Insurance
A commercial auto insurance policy will cover any owned, borrowed, or rented vehicles while they are being used as part of your business. This type of policy contains two components. The first is auto liability, which offers coverage against bodily injury and property damage that is incurred by other parties. The comprehensive and collision component, meanwhile, protects against damage or theft involving the vehicle. It can also cover damages related to accidents that occur when an employee working for your Oklahoma cannabis business uses their own vehicle to carry out their work.
Crop And Inventory Insurance
Cannabis crop insurance is essential for protecting your Oklahoma cannabis business against the loss of assets such as crops or finished products in your inventory. It is suitable for dispensary owners, processors and growers, and can cover the living cannabis plant at every stage throughout its growth cycle, all the way up to processing and preparation for purchase. If a natural disaster or employee error results in damage that compromises the plant’s growth or production, this policy could cover losses in potential revenues that result from the incident.
Cyber Liability Insurance
Hackers in search of sensitive data that can be used for personal or financial gain often target small businesses such as cannabis dispensaries. A cyber liability insurance policy can protect your business in the event of a data breach involving the disclosure of information related to your employees or customers, including credit card numbers.
Cannabis businesses that contain customers’ health records are often targeted by hackers, and this type of policy can cover the legal fees involved in defending your cannabis business in court, as well as any settlements or judgments related to the breach. It can also cover the credit monitoring that must be offered to parties affected by the breach as well as damage control services to help restore your company’s reputation.
Product Liability Insurance
The cannabis industry is still relatively new, and not all customers have a solid understanding of how the products sold by cannabis-related businesses can be used safely. Therefore, product liability insurance is essential to protect in cases where the use of a product sold by your Oklahoma cannabis business results in injury or damage to another party that causes them to file a lawsuit.
Workers Compensation Insurance
Oklahoma law states that nearly every type of employer in the state is required to carry workers’ compensation insurance for its employees. This type of policy can cover an injured worker’s medical care related to an accident on the job, as well as illnesses that are caused by exposure to harmful substances at work and repetitive injuries that are caused by years of harmful motions.
Reach Out To MFE Insurance
At MFE Insurance, our brokers understand the risks faced by companies operating within the cannabis industry. We offer a personalized service that helps your company get the right coverage to ensure you are prepared for the liabilities associated with this high-risk industry. For more information about building an individualized policy for your Oklahoma cannabis business, reach out to our expert team today.