Get Ahead of Your Risks With the Right Coverage for Your Cannabis Business
Maine approved recreational cannabis in 2016, but the first dispensaries didn’t open in the state until late 2020. The cannabis industry’s relatively new consumer presence in Maine and the product's legal standing at the federal level presents challenges for cannabis dispensary operators who need to secure the right dispensary insurance in Portland, Maine.
Understanding the Need for Dispensary Insurance in Portland, ME
With only about 10% of Maine’s municipalities permitting the operation of adult-use cannabis industry operations, the city of Portland — which allows for the sale of cannabis — is a prime location for opening a dispensary. However, cannabis dispensaries face a number of significant risks, requiring the right dispensary insurance to mitigate those exposures.
Maine's four distinct seasons bring challenges to dispensaries in the form of flooding events, snowstorms and blizzards, rainstorms and high winds. And although Portland’s crime rate is low relative to the U.S. average, cash-based cannabis dispensaries are an appealing target for criminals. Having the right dispensary insurance for Portland, Maine is imperative to the success of your operation.
Finding the Right Coverage for Your Cannabis Business
The right cannabis dispensary insurance starts with the basics: strong commercial property protection, general liability insurance and product liability coverage.
- General liability: If a customer, visitor or vendor sustains an injury after an accident on your property, you could face a legal personal injury claim. General liability dispensary insurance in Portland, Maine, protects you in the event of such a lawsuit, and provides coverage from slander or false advertising claims.
- Product liability: Cannabis dispensaries run the risk of product liability lawsuits if someone sues because they claim they sustained damages as a result of using their product. This type of coverage provides legal protection and pays settlement awards up to the policy limits.
- Commercial property: When a natural disaster strikes, it can cause significant and costly damages to your physical property, including the contents inside. Cannabis business operators need commercial-level dispensary insurance to rebuild after a storm or other climate event. The coverage also safeguards against vandalism, robbery or arson losses.
Getting Started with Dispensary Insurance in Portland, ME
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 Portland, Maine.