Quality Insurance for a Grand Rapids Dispensary
With more than 1 million people in the Grand Rapids metropolitan area, this Midwestern city offers cannabis dispensary operators a wealth of opportunities. But before dispensary operators try to tap into the growing cannabis industry, they should consider the industry’s unique risks. Dispensary insurance in Grand Rapids protects your company from a multitude of perils.
Dispensary Insurance in Grand Rapids Reduces Risks
In 2008, Michigan became the first Midwest state to legalize medicinal marijuana but did not approve dispensaries until 2016. Recreational adult-use marijuana became legal in 2018, and one year later, recreational dispensaries began operating in the state.
Each Michigan municipality determines the regulatory framework for the operation of dispensaries. Grand Rapids approved the operation of cannabis dispensaries in the city in 2019, pending they paid the required business fees and taxes and abided by all licensing requirements.
As part of a highly regulated industry, the compliance burdens are much greater for cannabis dispensary operators compared with other retail establishments. Operators can expect to pay higher business fees, comply with unique compliance and tax reporting requirements, and face higher product liability exposures.
Navigating these challenges unique to cannabis dispensaries requires a smart mitigation strategy that can be achieved with the right cannabis dispensary insurance in Grand Rapids. Our brokers at HUB excel in helping clients address these special concerns. Whether you already operate a medicinal or recreational marijuana business in Grand Rapids or are contemplating a new one, our team can help you find the right insurance solution to protect your dispensary and people.
Dispensary Insurance in Grand Rapids Protects Property
The right cannabis dispensary insurance starts with the basics: strong commercial property protection, general liability insurance and product liability coverage.
Property insurance provides compensation for the loss or damage to a variety of physical assets including the building, equipment and product inventory. Due to the nature of the cannabis business, dispensaries face a higher risk of building fires and theft than other retailers.
General liability insurance protects dispensaries from incidents such as a personal injury of a customer that occurs on the premises. Without protection, a single lawsuit could imperil the future of your company.
Product liability provides insurance for claims alleging product contamination — a common occurrence in cannabis — as well as adverse reactions and other product-related lawsuits.
Dispensary insurance in Grand Rapids should protect your cannabis dispensary and its assets in an unpredictable world.
Take Action
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 Grand Rapids.