Protect Your Dispensary From Growing Risks
Fresno County was one of the last regions in California to approve commercial cannabis ventures. Currently, cannabis dispensary sales in the county are about $2 million annually, but applications for new locations continue to be approved. With promising revenue potential, Fresno dispensary operators need the right insurance to make sure their businesses are protected.
The Potential for Loss
Business operations face risks from a number of events, and unexpected losses could bankrupt your business. Growing incidents of dispensary burglaries continue to make headlines across the state. Weather incidents also pose a threat to business operations, with storms across the state costing more than $30 billion in damages.
Fresno dispensary operators need to ensure their buildings and products are protected, and also insulate themselves from potential claims related to product defects or personal injuries that occur on the property. While California sets a non-economic damages cap at $250,000, which includes pain and suffering claims, your business could pay this and hundreds of thousands more for medical costs, property repair, legal fees and more. Dispensary insurance policies will protect your Fresno business from the financial concerns of litigation or damages that could threaten your dispensary’s success.
Common Risks Addressed by Dispensary Insurance in Fresno
Every business and industry faces risks, but there are some unique exposures specific to dispensary operations. Insurance can cover these concerns.
General Liability Coverage
These policies offer protection against third-party risks, particularly around bodily injury and property damage. They can also assist with the legal expenses associated with litigation from libel or advertising injuries. General liability insurance may address the expenses for a customer who trips and falls in your dispensary or for damage done to a car parked on your property that is damaged by falling debris.
Product Liability
Cannabis dispensaries could be responsible for injury or damage related to the products they sell. This policy is for the legal expenses that could come from a consumer lawsuit alleging a defective or tainted product, adverse effects from consumption or an allergic reaction due to an allergen not disclosed on the packaging.
Commercial Property Insurance
Commercial property insurance covers the physical structure and contents of a cannabis dispensary from damage or loss. This insurance can also cover losses from theft and vandalism. Because cannabis dispensaries are predominately cash-only businesses, they are an attractive target for thieves.
Considerations for Dispensary Insurance in Fresno
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 Fresno.