ALIGNED Insurance Brokers Canada | Get the best cannabis company retail insurance
If you’re thinking about opening a cannabis retail shop in Canada, you’re likely wondering: “How can I get the best cannabis company retail insurance in Canada?”. The first-to-the-gate potential of trailblazing as a cannabis retailer means that people across Canada are googling “Best cannabis company retail insurance in Canada?” If you are, we’ve rolled up some of our best cannabis insurance insights just for you below.
Legal cannabis opens the door to many high potential business ideas. That being said, it’s important to understand that from a commercial business insurance perspective, a retail cannabis company is not yet part of the standard insurance placement process.
As a result, only a limited group of insurance companies in Canada are presently willing to underwrite the unique and highly specific risks associated with the cannabis business.
What’s needed to secure the best cannabis company retail insurance.
Please note that if your cannabis company also grows the product, you’ll also be asked to complete a marijuana growers insurance application.
DYK? These are some key risks for cannabis company retailers in Canada.
Did you know that some of the most common risks that a cannabis company may encounter include:
- Accidental misinterpretation of Canadian cannabis laws and regulations
- Inventory spoilage as well as high fire potential
- High value of cannabis inventory and high potential exposure to business interruption risks
- and more…
Each one of our knowledgeable insurance brokers understands the risks that cannabis businesses face. And we have access to the new, yet limited cannabis insurance marketplace in Canada.
Ready to get rolling? Tell us about your cannabis business.
First and foremost, the specific type of cannabis company you are insuring is important. Does your cannabis company fit within the types identified by the OSC – aka the Ontario Securities Commission? Here’s a short-list of examples:
- Agriculture technology (automated fertilizer systems, greenhouse technologies & lighting systems)
- Ancillary products & services (breathalyzers, laboratories, cultivators insurance, consumer packaging)
- Biotechnology (pharmaceutical treatments for illnesses & diseases)
- Consulting services (licensing, zoning, advising on operational processes)
- Consumption devices
- Cultivation & retail
- Cannabis products & extracts (edibles, topicals, drinks & other products)
- Holding companies
- Industrial hemp (paper, clothing, building materials, fuel & foods)
- Organic farms (B2B &/or B2C)2
Good to know. The type of your cannabis business matters.
Your cannabis company may be a bricks & mortar retail shop, online, or a combination of both. When insurance companies assess your potential risks, they will want to know the specific type of business you operate.
Other Posts Related To Best Cannabis Company Retail Insurance In Canada
- Small Business Loan
- Where can I get insurance for a marijuana retail store in Canada?
- Who offers the best insurance for marijuana grow operations in Canada?
- Important insurance insights for landlords with cannabis growing tenants
- Why work with ALIGNED Insurance brokers