If you’re one of the entrepreneur business owners taking advantage of the new marijuana industry in Hawaii, it is important to understand the insurance surrounding these products before you launch your business. Not all insurance companies will write insurance on these products, but fortunately, Carr’s Insurance Agency has partnered with several who do offer insurance for dispensaries, marijuana-infused product sales, and cultivation or grow operations.
Believe it or not, most insurance coverages offered for the marijuana industry are the same as coverages offered for other businesses. It is just finding the right coverage at the right price for your business that can be tricky. Some of the insurance offered by Carr’s Insurance Agency for the marijuana industry include:
General Liability: This coverage provides the liability protection of up to $5 million and will protect your business from injury or other damages that may occur. This would be a minimal requirement for your business to carry, but limits less than $5 million are available.
Property Insurance: Protecting your marijuana store, farm, or warehouse from fire, theft, vandalism or other losses including natural disasters is important. Consider this: Would you be able to survive financially if your property experienced a large fire loss or inventory was lost or damaged? Probably not. Purchasing property insurance for your marijuana dispensary, storefront, or warehouse is going to be important.
Medicine Coverage: Coverage is available to protect your marijuana shop from theft or other loss. Consider this coverage inventory coverage. This coverage can also protect your product while in transit from a cultivation facility to where you store or dispensary.
Business Income/Extra Expense Coverage: This coverage protects your business from income interruption. Essentially, if your business was interrupted by a fire or other covered loss, this coverage could help pay your income while you transition or get back on your feet with a new location or rebuild your building if a fire occurred.
Product Liability: If your store carries edible marijuana products, vaporizing tools, smoking devices, and dispensaries for medical purposes product liability would cover these items in the event you suffer a covered loss such as a fire at your facility. Additionally, product liability is meant to protect you from lawsuits from selling a product that someone had a negative reaction to. In this newly emerging marijuana industry, this is critically important to understand and be covered for. Included with this coverage is the cost to defend (attorney’s fees).
Marijuana Plant Coverage (Marijuana Crop Insurance): Your marijuana plants are expensive and cultivation activities are time-consuming. Don’t be out of business if a loss occurs to at your cultivation center. We offer insurance coverage for not only the buildings but also your plants! Marijuana Crop Insurance Coverage for your plants is available from the time it is needed to the time it is harvested, dried, and ready for sale. Protect your crops of marijuana with a great insurance policy from our Hawaii insurance agency.
Bonds Required for Marijuana Dispensaries in Hawaii: If you’re in need of an insurance bond for your marijuana facility or dispensary in Hawaii, contact Carr’s Insurance Agency. As a licensed insurance agent in Hawaii, we’re one of the few insurance agencies offering insurance bonds to the marijuana industry. This bond is required by state law and we can easily help you determine the correct insurance to accompany your bond.
Medical or Recreational Marijuana Insurance in Hawaii
So, regardless of whether you’re producing recreational marijuana edibles, edible marijuana-infused products, sodas, oils, capsules or simply selling marijuana itself, you need to protect yourself from loss and lawsuit. Losses to the marijuana industry can range from lightning to theft, fire, hail, windstorms or water damage. You’ve worked hard to establish yourself in this business, so protect yourself with marijuana insurance in Hawaii today by calling a licensed agent at Carr’s Insurance Agency.
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Carr’s Insurance Agency represents the top-rated insurance companies in both Hawaii & Washington. We will compare pricing and coverage options finding you the best policy for your needs. Call us at: (808) 836-2277 or click the button below to send us a message for your quote.
Hawaii Office
Wahiawa, HI 96786
Washington Office
Stanwood, WA 98292-8019
About Us
Carr’s Insurance Agency opened its doors in Hawaii in 1990 and is happily serving Oahu, Maui, Hawaii, Kauai and Molokai and recently opened an office in Washington State. We believe we have thrived in our home of Hawaii because of the respect and aloha we provide to our customers. Carr’s Insurance Agency will go the extra distance to make sure you get the service you deserve We offer All lines of Insurance. Carr’s Insurance Agency is available online 24/7. Feel free to stop into our office or call us anytime. If you are interested in an insurance quote, and would like a licensed agent to contact you, please click here or call 808-836-2277 (CARR)