Cannabis Insurance in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Cannabis insurance is a specialized commercial insurance that’s designed for businesses in the cannabis industry.

Most marijuana dispensaries and other cannabis businesses in Vermont ought to some form of cannabis policy.

• Professional Liability Coverage
• Cyber Liability Coverage
• Directors and Officers Liability Coverage

What is Cannabis Insurance?

The legalization of medical and adult-use cannabis in Vermont has given rise to a whole new industry, and it’s an industry that presents opportunities but also risks. For businesses that get into the cannabis industry, cannabis insurance can play a vital role in guarding against a range of potential risks that come with operating in this space.

Cannabis insurance is a specialized commercial insurance that’s designed for businesses in the cannabis industry. Because these businesses commonly face multiple risks, most cannabis policies are underwritten as package policies that combine several coverages together.

Although more insurers are offering insurance for cannabis-related businesses, this remains a relatively new insurance. Not all policies come with the same protection. To make sure they fully understand the coverage options that are available in different policies, businesses should work closely with an insurance agent who specializes in this commercial insurance when comparing quotes.

What Vermont Businesses Should Have Marijuana Dispensary Insurance?

Most marijuana dispensaries and other cannabis businesses in Vermont ought to some form of cannabis policy. These businesses face substantial risks, and marijuana dispensary insurance is normally the most suitable policy type for these businesses.

What Coverages Are Offered by Marijuana Dispensary Insurance?

There are a number of property and liability coverages that marijuana dispensary insurance policies might offer. Property coverages tend to protect physical assets, while liability coverages typically apply to lawsuit risks. These commonly include:

Commercial Property Coverage, which might cover a dispensary’s facilities, equipment and certain inventory
Medicine Coverage, which might specifically cover medical marijuana inventory
Business Income Coverage, which might cover periods of lost revenue that follow certain disasters
General Liability Coverage, which might cover common “slip-and-fall” accidents and defamation lawsuits
Product Liability Coverage, which might cover illnesses and injuries that are caused by sold products
Professional Liability Coverage, which might cover mistaken advice that dispensary employees give
Cyber Liability Coverage, which might cover data compromises that are caused by breaches or malicious attacks
Directors and Officers Liability Coverage, which might cover people in leadership positions

Policies often offer still more protections, making it easy to find robust coverage that will guard against many perils.

Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!

Becci Kepnes-Letourneau

Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.

StoryWorkz Creative

Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!

Lance Garrett

Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.

Jennifer L.

Does Marijuana Dispensary Insurance Cover Subcontractors?

Marijuana dispensary insurance generally doesn’t include coverage for subcontractors as a standard protection, but this can sometimes be added on. When adding on subcontractors, they’re usually listed as “additional insureds” on the policy. An additional insured is a party that a policy’s coverages usually extend to.

Do Cannabis Policies Cover Segmented Dispensaries?

A common business strategy in the cannabis industry is to segment businesses into distinct entities. This is normally done as a risk-mitigation strategy and/or to reduce the overall tax burden.

Segmenting a dispensary into multiple distinct entities creates a complex situation for insurance. Dispensaries that are segmented should carefully review their setup with an informed insurance agent to make sure that all of the distinct entities are appropriately protected.

How Much Are Premiums for Cannabis Policies?

Premiums for cannabis policies are based on many factors, and there’s a wide range of policy costs. For customized quotes, businesses can speak with an independent insurance agent. Independent agents are able to request customized quotes from multiple insurers in the state, making it easy to compare what the premiums for a suitable policy would be.

How Can Vermont Businesses Get Cannabis Insurance?

For help insuring a dispensary or other cannabis business that’s located in Vermont, contact Paige & Campbell Insurance. Our independent agents are familiar with cannabis insurance policies, and they’ll help make sure your business is protected well.