Opening a cannabis dispensary in California is a lot of work. Just like any other business, California cannabis companies are as equally susceptible to lawsuits, damaged property and a plethora of other concerns that could lead to high costs, which can hinder short and long-term success. If you are a provisioning center, retail center, grower, processor, transporter or another type of professional within the cannabis industry in California, then call our team at MFE Insurance to learn more about the benefits of California Cannabis Insurance.
Cannabis Insurance Policies Offered In California
Here at MFE Insurance, we offer California cannabis insurance for general liability, product liability and a variety of other important types of insurance policies to keep your California cannabis business protected. The following is an in-depth review of each cannabis insurance policy we offer and insight into how cannabis insurance works and what each policy covers.
General Liability Insurance
Every business in California should have general liability insurance, regardless of the industry they are in. General liability coverage for your cannabis business can protect you from any claims of bodily injury or property damage a third party or worker makes against your company.
Product Liability Insurance
Many California cannabis companies deal with claims that their cannabis product caused bodily harm or property damage. Regardless of the legitimacy of the claims that are made, the legal fees and other expenses can hurt your business significantly and lead to large financial losses. California cannabis insurance from MFE Insurance ensures all of your covered financial responsibilities are handled.
Crop & Inventory/Finished Stock Insurance
California cannabis grow operations, processors and dispensaries should cover their crop and inventory with a reliable crop & inventory stock insurance policy. When you choose MFE Insurance, we ensure that you are protected if anything happens to your crop while it is growing or after it is processed and awaiting commercial sale.
Commercial Auto Insurance
Anyone cannabis business in California, which utilizes commercial vehicles for their operation, such as product transporters, need commercial auto insurance. We offer both comprehension and collision insurance and auto liability insurance. This protects your business from damage or theft to owned, non-owned, borrowed and hired vehicles, preventing the need to make high out of pocket payments if any accidents occur.
Workers Compensation Insurance
All employers who have one or more employees in the state of California must have workers compensation insurance. This ensures your employees receive compensation if they are injured or ill and forced to miss work for an extended period of time. MFE Insurance offers competitive rates on workers compensation insurance to ensure you do not suffer monetary loss if there is a workplace accident to one or more of your employees.
Umbrella / Excess Liability Insurance
Primary liability policies typically have limits. For example, your primary policy may only cover up to $200,000 if a claim is made. If your total costs are above $300,000, you are responsible for the additional cost. Umbrella/excess liability insurance covers all costs that your primary liability policy does not.
Equipment Breakdown Insurance
Any California cannabis company that uses equipment and machinery should protect themselves from financial loss caused by damaged equipment. At MFE Insurance, we cover all types of equipment, including hydroponic watering systems, security systems, heating lamps and much more.
Cyber Liability Insurance
Cyber liability insurance from MFE Insurance covers issues such as legal fees for defense court, settlement payments, customer notification costs, public relation damage control and more. We cover the financial concern of any data breach that occurs to your business.
Loss Of Income Insurance
Loss of income insurance protects your business from financial hardship due to a natural disaster or another unexpected circumstance that affects your ability to operate normally. MFE Insurance covers the cost of relocating your business, payroll, taxes, mortgage payments and more.
Employee Benefits Insurance
Employee benefits are a great way to make your employees happy working with your company. MFE Insurance can ensure your employees receive the benefits they are guaranteed if anything were to go wrong with their health insurance, life insurance and retirement plan coverage.
Crime insurance covers any financial losses your cannabis business suffers as a result of theft, fraud and other crimes. To name a few, our extensive coverage includes employee dishonesty coverage, forgery or allegation coverage, computer fraud coverage, funds transfer fraud coverage and money and securities coverage.
Property insurance protects your cannabis business’s property, which may include your building, fixtures, computers, hardware and more. To find out about our full list of coverage includes property insurance with MFE Insurance, call us today.
EPLI Insurance includes wage and hour coverage, claims of sexual harassment (legal expenses and settlements) and other employment-related concerns. These claims can happen to any cannabis business, and every California cannabis company that has employees should have an EPLI insurance policy.
California Organizations We Provide Cannabis Insurance For
California organizations that we offer cannabis insurance for include provisioning centers, retailers, growers and farmers, processors, ancillary cannabis companies and property owners. Each type of organization can benefit from California cannabis insurance from MFE Insurance in a unique way.
Provisioning Centers & Retailers
Provisioning centers and retailers such as marijuana dispensaries are perhaps the most vulnerable to third-party lawsuits as they sell directly to the consumer (whereas grow operations and laboratories are business to business). Subsequently, general liability and product liability insurance are essential, along with other necessary insurance coverage such as workers compensation and property insurance.
Growers & Farmers
Growers and farmers are also vulnerable to lawsuits from other businesses and customers, particularly if someone believes the product is faulty or causes bodily harm. MFE protects you by offering product liability coverage, crop and inventory/finished stock and workers compensation insurance, among other potential coverages your cannabis organization may need.
Processors & Laboratories
Anyone who deals with making the cannabis finished product from the living cannabis plant also has financial risks in the form of lawsuits, inventory damage, equipment damage and more. Call MFE Insurance to find out about essential policy coverages if you are a California cannabis company.
This includes anyone who delivers the finished cannabis product from the grow operation site or laboratory to the dispensaries. Of course, there are also other types of cannabis product transporters, all of which need product liability insurance and commercial auto insurance at a minimum.
Ancillary Cannabis Companies
Ancillary cannabis companies include any business or professional who works directly with other businesses within the cannabis industry. This could include technology departments, law professionals and a variety of other people who work in a different industry. If this applies to you, then call MFE Insurance to discuss how California cannabis insurance can help your company.
Property Owners & Landlords
Landlords that rent to commercial tenants that run a cannabis organization, whether it is a dispensary, grow operation or another form of business, must protect themselves with property insurance and crime insurance. In some instances, additional policies may be necessary as well. Our team at MFE Insurance can ensure you get the coverage you need.
Speak To The California Cannabis Insurance Brokers
Call our California cannabis insurance brokers today at 213.266.7990 to learn more about our policy options and protect your cannabis business from monetary loss. We can tailor a plan to fit your needs precisely, and we can answer any questions you may have on the initial call about out California cannabis insurance.