Secure the Right Insurance for Your Dispensary
In Phoenix and elsewhere within Arizona, the cannabis industry is booming. Since the Safe and Smart Act, more than 100 dispensaries have opened their doors. But dispensary operators need to ensure their investments are protected by securing the proper cannabis dispensary insurance in Phoenix.
In 2021, residents of Arizona purchased more than $1.4 billion in cannabis products, and that figure is expected to grow. However, dispensary operators in the Phoenix area must offset possible business risks with reliable insurance coverage.
What Does Cannabis Dispensary Insurance in Phoenix Cover?
Dispensary coverage offers protection for a number of risks unique to the cannabis industry. Most cannabis dispensary insurance policies include:
- General Liability: In the event a person becomes injured at your business, liability insurance covers costs related to medical bills and lost wages. Liability coverage can also pay for any property damage related to your business.
- Product Liability: Dispensaries may also face legal action if a customer alleges that they incurred injuries or accuses the dispensary of selling tainted products.
- Commercial Property Insurance: Damage to your building or essential business equipment can leave dispensaries incapable of turning a profit. Fortunately, commercial property coverage insures against such damage and pays for repairs and replacements to ensure your dispensary continues to thrive.
Many dispensaries choose to add other insurances to better mitigate their risk. For example, if your staff uses vehicles for business purposes, a commercial auto policy is a must to cover accidents. For dispensaries located in higher-crime areas, commercial crime policies provide an additional layer of protection and cover inventory in the event of theft.
What Happens If You Don't Have Proper Coverage?
Failing to acquire adequate cannabis dispensary insurance in Phoenix could be financially disastrous. Without proper insurance, dispensary owners will be accountable for all repairs and replacements to the property in the event of a fire or some other catastrophic occurrence. Lawsuits, too, can cause significant financial damage to a dispensary. A single lawsuit can result in hundreds of thousands in losses and legal costs.
Get Cannabis Dispensary Insurance Today
Business operators need to ensure they secure cannabis dispensary insurance that covers the range of risk faced by dispensaries. Get started today with an online quote from HUB for general liability, product liability and commercial property insurance for your cannabis dispensary in Phoenix.