Choose an Insurance Policy for Your Seattle Dispensary Business
Seattle is one of the tech capitals of the world and the headquarters of several billion-dollar companies. The city of 700,000 is strong and growing, with a large population of skilled workers and high household incomes. Its political landscape offers progressive cannabis regulations, making it an ideal place for a dispensary.
But operators must plan for the right insurance for their dispensaries in Seattle to protect themselves and their growing business. HUB International can help operators find the right policy for their needs.
Common Hazards for Seattle Dispensaries
If you operate a cannabis dispensary, your business may face risks that are different from other companies. The nature of the cannabis industry means you need the best insurance for dispensaries in Seattle.
Weather and Disasters
Commercial insurance protects businesses from hazards, such as the area’s rainy weather and potential for disasters. Climate change may bring severe droughts and flooding to the area. The Seattle region may also be at risk for earthquakes, mudslides and dangerous winter storms.
Product contamination
Another risk that could be disastrous for your dispensary is if a product causes harm. The cannabis supply chain has many steps, including cultivation, harvesting, processing, transport and stocking, and products are at risk of becoming contaminated along that journey, which could result in consumer illness or injury. Product liability insurance may help protect your company in such cases.
Theft
Cash-based businesses such as dispensaries have a higher rate of employee theft and robbery. Insurance can help provide more stability from this threat and give you and your investors more peace of mind.
Coverage Breakdown for Insurance for Dispensaries in Seattle
Dispensaries in Seattle have many options for insuring their facilities. Here are the basics:
- General Liability: Dispensaries in Washington should carry general liability insurance to protect your business from incidents such as the personal injury of a customer that occurs on the premises.
- Commercial Property: Retail locations should have property insurance to cover damage or destruction from fire, vandalism, weather and other catastrophes.
- Product Liability: Cannabis dispensaries should also have product liability coverage to protect assets when consumers face illness, injury or harm from your products.
You can typically increase your limits for these coverages for further peace of mind.
Additional Insurance Coverages Available for Dispensaries in Seattle
It’s also recommended to add more coverage within your overall program of insurance for dispensaries in Seattle. Consider upgrading your commercial insurance with add-ons:
- Flood Insurance: Seattle’s history of heavy rainfall and winter storms requires extra flood protection.
- Cyber Liability: Retail businesses may use complex computer systems for transactions. Cyber liability insurance protects against data breaches.
- Crime Insurance: The cash-heavy nature of dispensaries makes crime insurance a great addition. This helps protect against theft, burglary, robbery and other crimes.
Opting for higher deductibles may make these add-ons more affordable.
Protect Your Dispensary Business
Help your dispensary become a successful operation with the right type of business insurance for dispensaries in Seattle. Get started today with an online quote from HUB for general liability, product liability and commercial property insurance for your cannabis dispensary.