Commercial Cannabis Insurance in Alberta
The licensed cannabis retail industry is one of the fastest-growing industries in Alberta. If you’re new to the industry or have been in business for a few years, working with an insurance professional can help you prepare for continued success. At Cornerstone Insurance, our brokers are here to help find you the right policy coverage from our trusted insurance partners.
Does My Business Need Cannabis Insurance?
Protecting your company and commercial property from risks and product liability is essential to building a successful long-term business. A well-written insurance policy can also help you outline your business future. Commercial cannabis businesses require extra attention due to several significant differences between typical commercial insurance and commercial cannabis insurance. Working with a knowledgeable insurance broker can help you get the coverage you need while avoiding gaps in coverage.
What Type of Cannabis Insurance Do Cannabis Companies Need?
Cannabis companies can range from licensed cannabis producers to manufacturers to retailers. Whichever category your company falls under, you need the right insurance coverage for your business. Cornerstone Insurance brokers know the questions to ask to ensure you have the right coverage in place.
There are four types of insurance available for cannabis companies in Alberta:
- Cannabis retailers insurance
- Cannabis distributors insurance
- Cannabis growth facility insurance
- Cannabis manufacturers/producers’ insurance
Like other commercial insurance policies, the type of cannabis insurance your business needs will depend on the services and products you offer as well as the scope of your operations. The best way to get the right coverage for your needs is to meet with an experienced insurance broker to tailor a policy just for your business.
What Does Cannabis Insurance Cover?
Insurance coverage for businesses can vary depending on each unique situation. It’s up to you and your insurance broker to determine the right coverage that suits your needs.
Your business may also benefit from other insurance policies, especially if you are transporting cannabis products, selling online, or have a commercial retail space. Additional policies that you can consider adding to your commercial cannabis insurance can include:
- Cyber liability insurance – protect the sensitive online data of your business and clients.
- Cargo and transport coverage – provide extra coverage to your drivers and vehicles.
- Commercial property insurance – get extra coverage to protect your retail space from environmental damage, theft, and arson.
Product Liability for Cannabis Businesses
Like other Canadian business-coverage, commercial cannabis insurance also includes coverage for cannabis product liability. This coverage is highly recommended to protect your business in the event that products are misused, mislabelled or if there is unintentional harm caused. Licensed cannabis producers, manufacturers, and retailers can benefit from product liability coverage. Talk to our brokers today about your coverage options.
The Advantages of Working with Insurance Brokers
A well-written insurance policy is essential to support your cannabis business and cannabis operations properly. Insurance brokers work on your behalf to find you an insurance quote that matches your business and your budget and is competitive within the cannabis industry. Our brokers have broad expertise in commercial insurance policies and more specific knowledge surrounding businesses in the cannabis industry.
How Much Will It Cost?
At Cornerstone, we are dedicated to helping local small and medium businesses succeed. We work on your behalf to shop for the best policy options from our trusted insurance providers. Our primary goal is to find you the best coverage for your unique needs that fits your business budget. Our insurance expertise allows us to find you potential discounts such as claims-free periods, renewal perks, loyalty discounts, and bundles that can all help to lower your premiums.
At Cornerstone, we are committed to providing the best insurance options in Alberta for our clients and communities. Learn more about the partners and insurance companies we work with.