Medical Marijuana certainly does need protective insurance.
There are two types of aspects of the industry that require the coverage:
- Medical Marijuana Crop Insurance
- Medical Marijuana Dispensaries
The Differences between the Coverages
Medical Marijuana Crop Insurance
This form of insurance is designed to ensure the dispensary that the minimum amount of crop is available to sell. The marijuana crop insurance is much like any other crop insurance in relation to the area where it is grown and its accompanying hazards. However, because of the marijuana’s unique possible worth, the theft exposure is heightened.
Medical marijuana crops are divided into two groups and corresponding values:
- The generic crop
- The crop that relies on research and growth procedures to develop into specific medical usage
Medical Marijuana Dispensaries Insurance
Medical marijuana dispensaries that operate within legally approved states endeavor to fill related medicine prescribed by doctors. Because they share the same aspects of allure to the public and government regularity as general pharmacies and liquor dispensing outlets, the exposures are comparable as well. Nonetheless, here there are not any related FDA guidelines. Due to the nature of cash sales, employee fraud and exposure to theft are higher than other categories. Medical marijuana, (specifically in the form of edibles) and/or professional liability exposure is a matter that the insurance companies are concerned about as well.
For more information about medical marijuana insurance coverage, contact an experienced independent agency.
PRIME Insurance is a three-generation family-run independent agency. We’re proud partners with many of the leading companies in the industry – big names such as ACE, ASI, ASSURANT, CHUBB, FOREMOST, Liberty Mutual, MetLife, Plymouth Rock, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. With thousands of satisfied customers, we benefit policyholders by reviewing current coverage, as well as by shopping our wide network to locate customized policies at competitively lowest quotes.
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Summary: Medical marijuana has made it to the headlines of late. With evidence pointing to advanced health and disease fighting benefits, various states have made it a legal industry. PRIME Insurance highlights the insurance aspect.