Cannabis
In Legalized States

Ancillary Cannabis Businesses

We provide a variety of insurance products to the ancillary businesses that serve the legal cannabis industry. We are able to provide general and professional liability, property, products and workmen’s compensation insurance, among others, to the legal marijuana industry.

What Kinds of Businesses are Covered?

Below is a small sampling of the types of ancillary businesses we currently work with:

  • Hydroponic stores (Method of Growing Plants without soil)
  • Testing labs
  • Glass blowers
  • Tobacco shops & head shops
  • Smoking device (e-cigarettes, vaporizers) manufacturers

Exit 15W Agency Inc. Why choose us for your cannabis commercial insurance needs? Simply put, we have decades of experience in the professional liability market and are pioneers in the cannabis insurance industry. We understand the needs of this industry, and we are devoted to providing great insurance coverage options to businesses in the legal marijuana industry.

Cannabis Infused Product Manufacturers

Cannabis-infused products and oils, waxes and tinctures are becoming more and more mainstream, which is leading to new competitive threats occurring with alarming regularity. Then, when you throw in the fact that most normal insurance policies won’t cover non-FDA-approved therapies, you can see that there is a huge business risk if something happens to your product during the manufacturing process.

No business is going to be able to handle a major loss of products without serious financial implications, and insurance is something that needs to be approached as an integral part of doing business instead of just another expense to minimize.

What is Marijuana Infused Product Insurance?

This is an insurance policy that is specifically formulated to cover you and your marijuana-infused products.

Who Can I Get Insured With?

With a specific focus on marijuana-infused edibles insurance, we understand the importance of being insured against any and all eventualities. We can provide you with the peace of mind that you require in order to focus your energies on maintaining your successful business. We have a number of relationships with AM best rated A or better insurance providers, which allows us to provide you with a tailored solution that is relevant and unique to your business.

Among others, we have extensive experience working with:

  • Infused carbonated beverage bottlers
  • Medicated edible treat bakeries and manufacturers
  • Companies manufacturing oils, tinctures and cannabis extract capsules

We provide our customers with sound advice based upon our industry knowledge and the many issues surrounding it. We draw upon our risk management surveys to assist with formulating an insurance plan that takes your needs and concerns into consideration while meeting all of your expectations, and we strive to provide flexible options.

What Type of Coverage is Offered with Marijuana Infused Product Insurance?

We provide true product liability insurance with the express goal of ensuring that you and your marijuana-infused products are sufficiently protected. Please note that as with all other insurance products, there are certain terms and conditions which have to be met in order for your infused product manufacturer insurance policy to remain valid and for you to be able to make a claim.

Marijuana Growers

Insurance, is it a necessary evil or an essential part of daily life? This is surely the kind of question that goes through the mind of any business owner, especially one who is involved in a business as inherently risky as cannabis cultivation. No matter your thoughts on the matter, insurance is something that is essential in today’s world.

No business can afford to be uninsured and take the risks associated with potentially losing all of your inventory, equipment and hard-earned cash. At this point, you are probably asking yourself if it’s possible to get cannabis cultivation facility insurance and the answer is yes, it’s actually quite a bit easier and more affordable than you think. With our years of insurance experience, we will guide you through the process to help you fully understand the coverage options available to you and your business.

What Is Marijuana Growers Insurance?

This is insurance that is specifically designed to cover your needs as a legal marijuana supplier.

Who Can I Get Insured With?

While there are other insurers out there, we are able to provide legal marijuana growers with multiple coverage options tailored to offer exactly what you need.

What Can Be Covered?

We can provide marijuana crop insurance for plants in three stages of growth, from seed to sale. The stages are:

  • Living Plant Material: Seeds, marijuana plants in the stage of vegetative growth, immature marijuana seedlings, and flowering mature plants in the growing medium.
  • Harvested Plant Material: Mature marijuana plant material that is not situated inside the growing medium, but is in the drying and curing process.
  • Finished Stock: Mature marijuana plant material no longer in the growing medium, which has been completely processed and is ready for sale.

What Will I Be Covered Against?

Among others, coverage is available against the following potential dangers:

  • Lightning
  • Theft
  • Fire
  • Explosions
  • Hail or windstorms
  • Vandalism
  • Smoke
  • Leakage from automatic automated fire safety systems
  • Water damage from air conditioning and heating devices, as well as plumbing accidental discharges

If you need coverage against an event that isn’t listed, just ask us and we’ll do our best to tailor the solution to your specific business needs.

What Additional Types Of Insurance Are Available?

  • Product Liability Insurance: This provides coverage for those clients who have experienced unintended side effects and wish to take this up with the company. This insurance covers such things as: edible marijuana products, the dispensing of marijuana and smoking apparatuses.
  • Business Income Insurance: This would cover the net income as well as normal operating expenses in the event of a fire and the business having to relocate to other premises.

Important Things To Remember

Marijuana growers insurance is not something you will be able to find just anywhere. Marijuana plant insurance coverage is a specialized form of insurance, and you will need to make sure that the policies you consider will adequately cover your needs. In addition, you need to get the price in writing to ensure that you are fully aware of all the ins and outs of marijuana crop insurance.

Due to the nature of this business, security features such as alarms and video security systems are required, and it is critically important that these security precautions be maintained at all times.

All of these details can be handled for you, as we understand that business is complicated enough already without having to worry about the legal implications of your insurance.

What Are The Requirements for Marijuana Growers Insurance?

There are several underwriting requirements that you must pass before a policy will be issued. These are the three basic components:

  • First, your facility must be inspected by a licensed electrical contractor who will confirm the electrical architecture is adequate for your operations; including the power supply and number of circuits. The contractor must prepare a letter of approval that is required at the time of binding/ordering the insurance policy. This is non-negotiable and the electrical system needs to be maintained in order to ensure insurance compliance.
  • Second, you must have a security system installed and in operation, including a burglar alarm that reports to an outside monitoring station. As with the above, this system needs to be maintained and in proper working order at all times to ensure insurance compliance.
  • Third, if you are requesting coverage for finished stock, you must have a TL-15 or ½ ton safe bolted to the floor (if less than 900 lbs) and motion detectors must be installed in the safe room location. Please note that if you are not requesting coverage for finished stock, there is no safe requirement.

What is Required to Qualify for This Insurance?

There are a number of things that you will need to ensure your facilities are in good working order and meet the required standards for the insurance policy. We will go over these requirements and provide a full breakdown of the terms and conditions for your reference when you contact us to discuss your options. Please bear in mind that these requirements must be maintained to a certain standard in order to ensure that the policy remains in force and that you are adequately covered.

How Do I Get Insured?

To get started, please request a quote or contact us directly with any questions.

As with any insurance policy, there are exclusions, so feel free to contact us to discuss these. Do not hesitate to contact us today to get your medical marijuana edibles insurance in place.

Insurance Products

We offer the following marijuana industry insurance products:

  • General Liability
  • Product Liability
  • Auto (Primary/Excess)
  • Umbrella (Primary/Excess)
  • Workers’ Compensation
  • All Risk Property
  • Crime
  • Inland Marine
  • Miscellaneous & Manuscript
  • Director & Officer
  • EPLI
  • Kidnap & Ransom
  • Professional Liability

What Factors Do We Consider When Evaluating Needs and Eligibility?

We carefully consider all pertinent facts and circumstances, such as:

  • Claims-made vs. Occurrence form coverage
  • Defense philosophy
  • Companies financial rating and ability to pay claims
  • Attorney representation
  • Consent-to-settle provisions
  • Available credits for loss-free status and risk management courses
  • Ancillary employee coverage
  • Standard insurance carriers vs. risk retention groups

Many factors go into determining your firm’s eligibility with each carrier. Some insurance carriers provide special discounts for some areas of practice and charge larger premiums for other areas. Our agents will help your firm analyze each carrier’s policy, highlighting and reviewing areas such as:

  • Special defense expense benefit (for attorney discipline proceedings)
  • Flexible reporting period (“tail” coverage)
  • Three-year “tail” at no additional premium charge (in the event of death, disability or retirement)
  • Unlimited “tail”
  • Employment practices liability (for alleged acts or omissions in the workplace)
  • Zero deductible
  • Career prior acts
  • Claim expense outside limit of liability
  • First dollar defense

What Does the Renewal Process Look Like?

Prior to each policy renewal, and more frequently based on market/situational changes, we review each account and policy by conducting a thorough analysis of the client’s policy(s) to determine options for renewal coverage. These options are then presented with our recommendation. This is done prior to renewal in order to avoid last minute decision-making.

Marijuana Landlords

Standard insurance companies will not provide insurance coverage to landlords who own buildings that are leased to cannabis facilities and others in the legal medical or adult use marijuana industry.

All too often, landlords will lease space to a cultivator, dispensary or infused product manufacturer and then find out that their insurance policy is being cancelled. Upon discovering the cannabis facility, the insurance companies will send a written notification to the landlord that their coverage will be terminated after 30 days to avoid risk.

We have seen this happen to countless customers over the last few years, and these situations can certainly put a strain on property owners. Exit 15 W can help you avoid this with an all-inclusive marijuana landlord insurance plan.

What Properties Can Be Covered by Marijuana Landlord Insurance?

Over the last few years, we have successfully provided coverage for the following type of structures used within the legal marijuana industry:

  • Industrial properties
  • Warehouses
  • Strip malls
  • Office buildings
  • Parks
  • Shopping centers
  • Office condominiums
  • Greenhouses
  • Property/farm outbuildings

Legal marijuana building insurance is extremely important in this day and age, and you will likely find it to be surprisingly affordable.

Marijuana Dispensaries

“Do I really need insurance to protect my medical marijuana dispensary? Is it necessary? What are the advantages of having insurance? Is it worth it to pay for insurance?” Most clients ask these questions when coming in for a consultation. We provide them with a simple, straightforward answer.

If something were to happen to your dispensary business or your medicine such as a fire or theft, would you be ready to pick back up and get your business started again without monetary stress? We always get the same answer: “No.”

That’s why legal marijuana dispensary insurance is important: you need to protect yourself and your business from losing money in the event of misfortune.

Marijuana Dispensary Insurance

We can provide you with the protection you need, protecting you from risk if your business undergoes some type of misfortune.

It’s a common misconception that legal marijuana dispensary insurance is very expensive and unattainable, but it is actually very reasonably priced. We can provide you with many types of insurance coverage, including:

  • General liability
  • Product liability
  • Property
  • Medicine
  • Business income/extra expense
  • Product Liability

These aspects make our legal marijuana dispensary insurance coverage comprehensive, which will help your business stay on its feet should some type of calamity or unfortunate event arise.

General Liability

We can offer you general liability insurance protection up to $5 million. This will help your company protect itself inclusively and includes damages and injuries, which is especially important when it comes to finding a good medical marijuana dispensary insurance plan. General liability is almost certainly required by your landlord, and as the state laws continue to adjust and new rules and regulations are written, it is becoming a requirement for state licenses.

Property Protection

Protecting your business’s property is very important. We can provide you with property protection to restore your business’ inventory, furniture, fixtures and equipment and cover tenant improvements, just to name a few. Purchasing a medical marijuana dispensary insurance plan will help you get back on your feet much quicker and easier in the event of property damage.

Medicine Coverage

We can provide your cannabis dispensary with inventory coverage against risks such as fire and theft. We also offer insurance coverage during the risky time when your product is in transit from the cultivation facility to your dispensary.

Business Income/Extra Expense Insurance

Our marijuana dispensary insurance also covers your business’ income and additional expenditures. When we talk about “business income,” we mean the net income that you would have realized if your business hadn’t suffered fire, theft or another covered claim. This can also include the extra expenses faced by your business in the event that you must move it to another location.

Product Liability

How many times have you heard of businesses getting sued due to unexpected reactions to their products? How many patients have tried to sue different companies by making claims that certain medicines have affected them negatively? Unfortunately, this is all too common. Sometimes, even false claims end up winning.

That’s why we can provide you with product liability that will protect you from lawsuits. Edible marijuana, vaporizing tools, smoking devices and dispensaries are all covered by product liability insurance.

Cannasure will protect your business in the event that you are sued by medical marijuana patients who have undergone inadvertent side effects. Product liability insurance will provide coverage for both the cost to defend the lawsuit and the potential indemnity payment.

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