Protection for Your Operational Liabilities
California helped pioneer the modern cannabis dispensary movement and leads the world in cannabis sales each year. While statewide sales bring in more than $5 billion in revenue yearly, Sacramento County sees over $200 million in taxable sales. Possession of cannabis is legal for both recreational and medicinal use, creating significant demand across the state. You can protect your business with dispensary insurance in Sacramento.
High-Risk Business Profiles
Operating a cannabis dispensary means you have a business at a greater risk for damages and loss. The average business faces risks of theft, fire damage and property liabilities, but the nature of cannabis sales increases the risk profile. Reports indicate at least 10 burglaries are attempted each month at local dispensaries around the state. Burglary rates rose 17% in the last few years, while burglary rates rose 31% in the Sacramento area.
California law requires edible cannabis to maintain 10 milligrams or less of THC in each serving, or a total of 100 milligrams per package. Inaccuracies in product labeling or the strength of the product could lead to product liability claims. THC levels or the impact of the product could result in poor experiences after consuming cannabis, leading to litigation. The locations of dispensaries and the requirements for operations are also a cause for concern with regard to property liability. Signage, controlled access and other features could inadvertently harm consumers and cause a personal injury suit.
The Importance of Dispensary Insurance in Sacramento
Operating a dispensary is a significant investment and one that could prove to be highly lucrative when protected with the right insurance. The industry is responsible for creating 8,000 jobs around the Sacramento area and the field is competitive. The right business insurance protects your employees, your profit and your property.
There are daily risks associated with the sale of cannabis, many of which are addressed with a standard business insurance policy covering general liability. Without the appropriate coverage, property damage or third-party injuries could cost your business thousands.
The Coverage Available for Dispensaries in Sacramento
General liabilities are just a few of the challenges dispensaries in Sacramento face. Your business could experience loss from precipitation, heat or fire. The loss of products is part of the expense you face in these situations, as you would also deal with the cost of repairing the structure and replacing its contents. Dispensary insurance in Sacramento is a financial protection you can’t afford to go without, and commercial property coverage should be a part of your policy.
Product Liabilities
Today’s litigious business climate could have you facing claims concerning the legitimacy, potency or quality of your products. While you may not have been responsible for cultivating the product, you could bear some liability in a claim that the product you sold or distributed caused property damage or bodily injury. A product liability policy provides financial assistance for the legal expenses related to claims in this area.
Find Sacramento Dispensary Insurance Coverage 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 Sacramento.