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Arizona Cannabis Insurance

› Insurance Products › Cannabis Insurance › Arizona Cannabis Insurance

Cannabis sellers operate in one of the fastest-growing industries in the world. But to ensure long-term success and shield your business from market risks, proper cannabis insurance is a must.

cannabis products on sale in a dispensaryArizona has recently legalized cannabis by passing Proposition 207, also known as the “Smart and Safe Arizona Act”. This act clearly allows adults (age 21 or above) to possess, purchase, transport, or process a maximum of one ounce of marijuana or 5 grams or less of cannabis concentrates.

As of 2020, medical marijuana was legalized in Arizona, and when it comes to cannabis insurance, it’s a hot topic of conversation. The Arizona Department of Health Services (ADHA) is responsible for licensing and regulating cannabis, marijuana retail sales, cannabis growth, and testing facilities within Arizona. The Arizona Department of Revenue (ADOR) is tasked with collecting excise tax and transaction privilege tax imposed on adult use cannabis sales.

So, while you can operate legally in Arizona, the challenge here is to protect against claims and insurance.

Contents

  • 1 Protect Your Cannabis Company Against An Array Of Risks
  • 2 Ensuring Your Cannabis Business Success In Arizona
  • 3 Types Of Cannabis Insurance Coverage
  • 4 Contact Our Arizona Cannabis Insurance Agency Today

Protect Your Cannabis Company Against An Array Of Risks

Just like other businesses, your company faces an assortment of risks such as fire and vandalism. Moreover, your company encounters other unique risks due to fluctuations in regulation and the legal landscape.

Not only this, you also face competition from the growing market. The passing of Proposition 207 paved the way for recreational cannabis sales, resulting in the emergence of various dispensaries. Having the right insurance can make or break your thriving business.

Ensuring Your Cannabis Business Success In Arizona

You need personalized cannabis insurance in Arizona to assist your company in managing risk in an emerging market of recreational cannabis sales. This involves investing a wide array of insurance expertise across a spectrum of cannabis operations, covering:

  • Facilities involved in growing, testing, and storing cannabis
  • Retail entities that display, market, or sell approved cannabis products
  • Licensed laboratories conducting tests, breeding, and archiving cannabis genetics

Each one of the above entities requires a different set of insurance products to efficiently secure its business against lawsuits, losses, risks, and disruptions. Therefore, MFE Insurance brokers recommend the appropriate suite of insurance products that deliver complete protection against unexpected events – that too at the most affordable price.

Types Of Cannabis Insurance Coverage

a dispensary employee watering cannabis plantsCannabis insurance comes in a variety of forms and coverage options. Although not all coverage lines are necessary for every business, there might be some extended options to safeguard your cannabis concern from unique risks.

Failing to have a coverage plan, your cannabis business may end up facing liability for a situation that isn’t covered by your base policies. Here are a few different cannabis insurance options that your business should consider when operating a cannabis related enterprise in Arizona.

General Liability Insurance

The MFE Insurance offers general liability policies to protect your marijuana business from claims covering property damage, accidents, and settlements of bodily injuries.

General liability insurance supports dispensaries and cannabis-producing operations in handling third-party lawsuits that may be incurred during a claim. The term third party includes anyone other than the insured’s employees and workers.

Product Liability Insurance

Product liability insurance protects your cannabis company from claims of damage or injury caused by or involving your cannabis product. Cannabis cultivators and sellers are susceptible to claims that products could result in consumer harm.

Finished Stock Insurance

Any professional involved in the production of cannabis or who deals with finished cannabis products must have cannabis crop insurance or finished crop insurance. A finished stock insurance policy covers the actual living cannabis plant from the initial to the final phase. It protects your business from asset and monetary losses.

Cargo Insurance

cannabis delivery character exampleThe cannabis cargo, considered irreplaceable, includes harvested crops covered through a cannabis cargo insurance policy. It protects your company in case your irreplaceable cargo gets damaged, destroyed, and stolen during its transit.

Commercial Automobile Insurance

The commercial automobile insurance offered by MFE Insurance covers borrowed, hired, owned, or non-owned vehicles used in your business. It has two components; one covers physical damage, and the other one covers liability. It protects your business from bodily injuries and property damages such as theft of the vehicle.

Worker Compensation Insurance

It’s a program mandated by the Arizona state covering employees payments who are injured or disabled in connection to their work. Our consultants will offer valuable understanding regarding cannabis insurance policies.

Contact Our Arizona Cannabis Insurance Agency Today

You are in luck if you are in the market and looking for insurance coverage to protect your cannabis business from risks, losses, thefts, and disruptions. MFE Insurance is your best choice if your business operates in Arizona. After all, your cannabis business needs proper insurance to safeguard itself from all kinds of risks, claims, and liabilities.

Our team ensures complete peace of mind and the best cannabis insurance policy that’s guaranteed to protect your business while effectively handling claims. Contact us online or by clicking our online application form or by calling us at 213 266 7990.

Apply For Arizona 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!
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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.
Kyle McKee
Kyle McKee
16:28 01 Mar 22
Been a customer for almost a year. Quick and easy to set up and was able to get a much cheaper price than my "good neighbor" insurance.
Cody Michler
Cody Michler
17:26 07 Jun 22
Peter was great! I did have to cancel temporarily but due to pivoting my business in a different direction. If you have niche and need coverage reach out to them! Its hard to find insurance for specific niches but they got it working for me while I was doing more onsite work!
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