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Cannabis Insurance Coverage and What it Means for Retailers
As people (not just the sheep) flock to Fort Saskatchewan (the city’s growth rate is one of the highest in Alberta), a new growth industry is moving in: Cannabis.
While there is no limit to the number of private pot store permits available in Alberta, the race is on to secure a top spot in a thriving industry.
Your dream to open a café or lounge for cannabis users may not materialize (yet), but you’ll be able to operate a licensed retail establishment in Fort Saskatchewan as of October 17, 2018, when the legalization of recreational cannabis takes effect in Canada.
How to Protect your Investments
The advent of the decriminalization of cannabis in the country comes with a lot of work for retailers ready to prosper from this young industry.
Cannabis retailers in the province will encounter many unique risks as they figure out how to insure their business. It’s no walk in the park: a thorough background check, high fees and a host of other mandatory requirements are par for the course as a cannabis store applicant. But in reality, you need to secure your property, product, and people before you reap what you sow.
As well as a point-of-sale area, an alarm system, a secure product display and more, you must ensure as a retailer that you’re fully covered for all risks, including crime which is prevalent in the weed industry.
Cut Through the Haze of Insurance
There are various types of insurance available for cannabis storefront owners, including commercial liability, property insurance, physical loss, professional liability, workers compensation, product recalls and more. Additional coverage may also include directors & officers insurance, premises liability, and product liability.
Farnese Insurance understands that the complex cannabis industry requires insurance that protects businesses against unforeseen liabilities. How much loss can your business incur? Are you prepared financially for the loss? Our expert brokers will help you determine the host of exposures you may encounter for your particular retail operation so you can be prepared. Farnese brokers will guide you through existing coverage options, which are likely to become more affordable as the cannabis industry sprouts and becomes more competitive. In a changing industry with no model for claims, there is no cut and dry solutions for coverage and policies.
However, our experienced staff will help you find the proper insurance coverage for your specific needs, depending on your scale of operations and other factors that impact your business.
Farnese Insurance works with top insurance providers in Canada to find the best rates and policies for your business, so you can rest easy every single night. Contact us directly for rates, advise, and guidance at your convenience.