Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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cannabis business insurance

Numerous people may ask, “Where can I buy cannabis business insurance?” Currently, only 17 U.S. states, Washington, D.C., and approximately 10 other countries allow for the legalized production and selling of medical marijuana.

Due to the conflicting laws regarding the legitimacy of cannabis businesses, it’s very difficult to find insurance coverage. Yet, every business is required to meet state and federal laws regarding employment and public liability insurance.

Moreover, all businesses need at least a minimum amount of insurance coverage in order to adequately manage the various risks involved in operating a business venture.

Compare business insurance rates online to save time and money. Enter your zip code above to find the best policy for your cannabis business!

Risks a Cannabis Business Faces

Cannabis businesses face a wide variety of risks. They face all the normal risks that a commercial enterprise faces. Cannabis businesses also face some risks that most other types of legitimate companies do not have to face.

Every business is legally required to protect its owner, employees, and the general public from potential loss due to accidental injuries, deaths, and illnesses due to negligence. The owner must also ensure the business can continue operations despite unforeseeable interruptions, such as a fire or a natural disaster occurring. Every business must also be prepared to cope with theft from employees as well as from other unknown parties.

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Special Risks for a Cannabis Business

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However, not every legitimate business needs to be prepared for being closed down, penalized, or having stock/inventory seized by law enforcement officers. Nor do most businesses have to be quite so concerned about theft from drug cartels, drug addicts, and gang members.

Additionally, most businesses are not limited to how much stock they can produce or have on hand, so damage from a small fire may not be very disastrous to them. However, a cannabis business has to be highly concerned about these matters. Having insurance to help cover the legal fees and stock can make all the difference in whether a cannabis business stays open.

Types of Insurance Needed

Similar to other companies, medical marijuana businesses need to have specific types of business insurance coverage. These include:

• Workers’ Comp/Employer’s liability
• General liability/Public liability/Product liability
• Commercial property/ Buildings and contents coverage
• Fire, Theft, and Vandalism coverage
Commercial Auto (if a vehicle is used for business purpose)
• Delivery/Transit coverage
• Crop and Equipment coverage
• Wind/Hail/Flood/Falling Objects, and other standard perils coverage

There are also other types of insurance which may prove helpful too. For instance, key personnel coverage and employee health insurance can be beneficial. Legal fees coverage is definitely necessary.

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Difficult, but Not Impossible

Although it’s difficult, it’s not impossible to find adequate cannabis business insurance. Some of the schools and institutes that offer medical marijuana training courses also offer cannabis business insurance. Or at least they offer courses on how to go about finding suitable insurance.

However, these courses can cost anywhere from being free up to $1,000. It’s also important to remember that the school is only offering one choice for insurance. It’s usually with the insurer that the school has made a contract with for the convenience of its students. This does not necessarily mean that it’s the best quality insurance at the most affordable price. So it’s a good idea to do some comparison shopping before purchasing cannabis business insurance.

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Online Comparison Shopping

online insurance comparison shoppingOne of the best ways of making the task easier is to utilize insurance comparison websites. Insurance comparison websites help you to obtain offers from several insurance companies simultaneously, simply by filling out one form. This type of comparison shopping enables a business owner to find the cheapest yet highest quality insurance coverage available.

Advantages to Online Comparison Shopping

There are also numerous other advantages to online comparison shopping. These advantages are:

1. Save Time

Since several offers can be obtained simultaneously rather than having to approach each insurer individually you can save a considerable amount of time. Utilizing online comparison sites reduces the need for giving out the same information repetitively. It also saves time by reducing the amount of time spent traveling to obtain quotes from various insurers.

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2. Save Money

Save money by reducing the traveling expenses and lost wages. Online shopping doesn’t require a person to take time off from work to drive around to visit the various insurance agents during normal business hours.

3. Convenience

Comparing quotes online is  more convenient than off-line comparison shopping, since it can be done any time, day or night. Online comparison shopping can be done from the comfort of your home, office, or even while dining out at a cybercafé or visiting a library. The comparison shopping and purchasing transactions can be done from anywhere there is an internet connection.

4. Compare Multiple Companies

Provides a wider selection of offers, which increases the chances of finding high-quality insurance at an affordable price. Side by side online comparisons can also help to prevent over-or under-insuring a business by purchasing the wrong types or amounts of coverage. Over- or under-insuring can be very costly in many ways.

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5. Avoid the Hassle

Reduces the stress and frustration of shopping for insurance. In most instances, the person only has to submit one form and then several interested insurers contact the person. The person doesn’t have to hassle with driving in heavy traffic or dealing with automated phone systems while obtaining information and quotes.

Purchase Cannabis Business Insurance Online

For cannabis business owners, these simple advantages of online comparison shopping may be priceless. They cannot afford to be spending all their time and money shopping for the legally required insurance. Every successful business owner knows the best answer to the question, “Where can I get cannabis business insurance?” is through the use of online comparison websites.

Enter your zip code below to begin comparing quotes!