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Illinois Cannabis Insurance

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You are here: Home / Insurance Products / Cannabis Insurance / Illinois Cannabis Insurance

cannabis leaf being held up to a sunset by a hand protected with Illinois Cannabis InsuranceAs of January 1, 2020, licensed cannabis sellers can legally sell cannabis to customers for recreational and medicinal use in Illinois. In addition to dispensaries, Illinois cannabis processors, cultivators, transporters, and more can also begin operation in 2020. MFE Insurance offers Illinois cannabis insurance to protect your cannabis company from expensive lawsuits and other unexpected costs and liabilities in the cannabis industry.

Cannabis Insurance Policies Offered In Illinois

In addition to general and product liability insurance, we also offer commercial auto insurance, workers compensation insurance, excess liability insurance, equipment breakdown coverage, and much more. The following is a review of Illinois cannabis insurance products that can protect your Illinois cannabis company.

General Liability Insurance

General liability insurance can protect your company from third-party claims of bodily injury and property damage. The cannabis industry is young in the state of Illinois and accidents (or claims of an accident) may occur. MFE Insurance will pay for attorney fees, settlements, medical costs, and damaged property repair and replacement.

Product Liability Insurance

Illinois cannabis growers, processors, provisioning centers and retailers need product liability insurance. This protects your company in the event a customer or another third-party makes a claim that your cannabis product caused injury or damage.

Crop & Inventory/Finished Stock Insurance

Weed crop in front of white backgroundCrop and inventory refer to the living plant before and during growth. Insurance offers protection in the event the cannabis crop is destroyed (i.e. a natural disaster). MFE Insurance also offers finished stock insurance which offers protection after the cannabis plant is grown and cultivated.

Commercial Auto Insurance

If your cannabis business relies on the use of commercial vehicles, then you will need commercial auto insurance. This protects Illinois cannabis transporters and others from high expenses for damaged parts and medical costs in the event an accident were to occur.

Workers Compensation Insurance

If one of your workers is injured or disabled for work, then they are eligible by law to workers compensation. Coverage for worker’s compensation varies by state, but regardless of the specific state, workers compensation insurance covers medical costs, replacement income, retraining costs and compensation for permanent injuries.

Umbrella / Excess Liability Insurance

Your primary liability insurance policy may have a limit. Property damage, medical costs, legal fees, etc. could result in a cost above your limit, and you may be responsible for large out of pocket expenses. An umbrella insurance policy, also called excess liability insurance, covers claims that exceed the limits of your primary liability policy.

Equipment Breakdown Insurance

If your Illinois cannabis business relies on equipment to operate each day, such as hydroponic watering systems, industrial fans, security systems and heating lamps, then equipment breakdown insurance is necessary to protect you from high costs that may arise if the machinery or equipment is damaged.

blue cyber lock and key protection because have Illinois Cannabis InsuranceCyber liability insurance protects your Illinois cannabis company from data theft and information mismanagement. A data breach often leads to social security numbers, credit card information, employee health records and more ending up in the wrong hands, which can lead to lawsuits. If this occurs, cyber liability insurance can cover all or most of the legal costs.

Loss Of Income Insurance

If an event such as a natural disaster or pandemic occurs that leads to a loss of income, then loss of income insurance can protect your cannabis business by covering payroll, taxes, advertisements, mortgage payments and more. It may also cover relocation fees if moving your operation to a new location is necessary.

Employee Benefits Insurance

Employee benefits insurance covers costs related to your employees, including health insurance, life insurance and retirement plans. For example, if one of your employees is not signed up for health insurance they are supposed to have and requires coverage, MFE insurance can cover the medical costs.

Crime Insurance

The cannabis industry in Illinois is young and the laws are still ambiguous for many. Subsequently, cannabis companies in Illinois should have crime insurance to protect them from theft by employees, payments with counterfeit money and more.

cannabis being grown inside a greenhouse

Property Insurance

MFE Insurance also offers property insurance. This covers business-related property damage, which protects your dispensary, grow operation or any other type of cannabis company that relies on a physical property to operate.

EPLI Insurance

Employment practices liability insurance — also called EPLI insurance — covers the costs related to employee discrimination claims. This includes claims made discrimination claims made by employees on the basis of age, sex, race and disability, along with harassment alligations and other employment-related discrepancies.

Illinois Organizations We Provide Cannabis Insurance For

MFE Insurance offers Illinois cannabis insurance to all cannabis organizations in Illinois. This includes provision centers, retailers, growers, farmers, processors, transporters and more. Here is a more in-depth review of how we help companies within the Illinois cannabis industry stay protected.

Provisioning Centers & Retailers

Provisioning centers and retailers such as marijuana dispensaries require protection from third-party lawsuits. They deal with customers more than any other type of Illinois cannabis company, so general liability insurance and product liability insurance at the least are essential. MFE Insurance offers all you need to prevent a monetary loss if a claim is made against you, so reach out to us today to get your policy started today.

Growers & Farmers

Any organization that grows or cultivates cannabis in Illinois should protect their business with cannabis insurance. MFE recommends product liability, crop and inventory/finished stock and workers compensation insurance for all cannabis growers and farmers in Illinois, along with other insurance policies, if applicable.

Processors & Laboratories

MFE Insurance also ensures processors and laboratories who process and package cannabis products. Much like dispensaries and farmers, processors are also susceptible to third-party lawsuits, product and property damage, employee discrimination claims and other financial concerns that we cover at MFE Insurance.

cannabis leave sitting next to keys to a automobile covered with Illinois Cannabis Insurance

Product Transporters

If you are a cannabis company in Illinois that offers cannabis transportation and have drivers that are employed with you, then you need commercial auto insurance and other insurance policies to avoid monetary loss. Regardless of whether or not your company is at fault, accidents involving one of your transporters can lead to expensive medical costs, legal fees and property and vehicle damage repairs and replacement, all of which MFE Insurance covers.

Ancillary Cannabis Companies

If you work directly with a cannabis involvement, then you should strongly consider an Illinois cannabis insurance policy. This includes attorneys that represent a cannabis organization, technology firms that develop and sell equipment and machinery for cannabis cultivation and processing and marketing firms that offer advertising and marketing services for businesses within the cannabis industry in Illinois.

Property Owners & Landlords

Property owners and landlords who rent their property to commercial tenants who have a cannabis organization need property insurance and crime insurance at the minimum. This protects your business from lawsuits, damage costs, and other concerns that could lead to substantial monetary loss at once.

Speak To The Illinois Cannabis Insurance Brokers

Call the Illinois cannabis insurance brokers at MFE Insurance today if you are a cannabis organization within the state. We offer custom-tailored policies to ensure you are adequately protected from all financial risks. We are glad to answer any questions related to Illinois cannabis insurance and address any concerns you have about operating with financial security and reduced risk.

Apply For Illinois Cannabis Insurance

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MFE Insurance Brokerage
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Tara Fartemer
Tara Fartemer
13:34 20 Aug 19
I called MFE Insurance Brokerage about car insurance for my son after seeing the reviews on Yelp. (My son is a student in CA and I live in TN.) Payman explained everything in detail and got a great rate for us! I would definitely recommend him to anyone looking for insurance!
Aaron Godfred
Aaron Godfred
16:55 10 Sep 18
MFE Insurance is great. Omaze has demanding and constantly changing insurance needs and MFE is easy to get in touch with, has a great online cert generator and are awesome people to boot! Highly recommend.
Oscar Bucher
Oscar Bucher
05:25 15 Mar 18
Alec Roberts and his team really go the extra mile to ensure their clients receive the proper insurance that is right for their business at the best price with a timely turnaround. They provided same day service - from quote to a full policy with proof of insurance and helped me win bids and develop my business. They are your allies in the insurance world - look no further!
Jon Keeyes
Jon Keeyes
19:21 13 Sep 17
I've worked with many insurance companies over the years for production insurance on feature films. Once I found MFE, I never looked back. Not only is there pricing competitive (and typically better than many other brokers), Alec and his staff are amazing, quick to reply, and fast to assist. And they make all your insurance needs for production run smooth and easy. I couldn't recommend a better broker.
Ashley Rosenberg
Ashley Rosenberg
22:26 24 Oct 17
AMAZING. Never felt like they were giving me BS information, or quotes that weren't necessary for my production. Always informative (explaining in depth what I would, or wouldn't need for certain situations! Claims were seamless, and the team is always responsive. So grateful to have a broker that really is working for my best interest!!
Ian Bell
Ian Bell
18:03 03 Apr 18
Kat and the rest of the MFE team are amazing. Great communication and quick to find the best possible coverage.
Nick Scully
Nick Scully
20:20 29 Nov 18
John Hart was my broker for my first project requiring insurance, and he was incredibly helpful, professional, and patient with a first-timer. Highly recommend MFE and John's services!
Aaron Brown
Aaron Brown
16:25 13 Sep 17
I've been working with Alec and his team for years. They provide our production insurance and throughout the entire process, including a handful of claims, I've always felt informed, supported, and taken care of. Can't recommend MFE enough - these guys are the ones you want in your corner. They know the best insurance policies and will help manage any claims that arise.
Kate Ryan
Kate Ryan
16:50 08 Mar 19
MFE Insurance saved my business money and offered better coverage. We've worked together over the last several years, and have recommended MFE to family and friends. Alec Roberts and his team are always available to answer our questions or requests, and everything is done in a timely manner. We can't say enough about how well we are treated!
Alexander Baker
Alexander Baker
02:17 26 Sep 20
We were looking for last minute equipment insurance for a film shoot and MFE couldn't have been more helpful. John Hart was fantastic and made sure we got our coverage in time! I could not recommend this company more.
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