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How To Buy Insurance For Cannabis Retailers In Canada

How To Buy Insurance For Cannabis Retailers In Canada
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Need to figure out how to buy cannabis retail insurance? Read this.

2020 means even bigger business opportunities for Canadian cannabis retailers. With 2.0 legislation for the sale of edibles, extracts and topicals legal as of October 17, 2019, cannabis retailers are preparing for an even bigger market. EY Canada and Lift & Co’s survey of 3,000 Canadians demo’s that the growth potential for cannabis retailers could be yet another game-changer for the budding industry.

How To Buy Insurance For Cannabis Retailers In Canada

Get a quote for cannabis retailers insurance now …#getALIGNED

Here’s what you need to know about insurance for cannabis retailers

The growth potential for cannabis retail is significant. Cannabis Retailer explains “18% of adult Canadians are currently consuming cannabis, according to Statistics Canada, and 12% of non-consuming adults are anticipated to start consuming after Cannabis 2.0 products are introduced into the market.”2 It’s estimated that Canadians will buy topicals (2.25m consumers), edibles (1.5m consumers) and extracts (750k consumers).3 With new types of stock on your shelves or part of your opening plan, now’s the time to understand insurance options for cannabis retailers.

Related Matters: EY Canada and Lift & Co “Canadian cannabis consumer insights for legalization 2.0”

Like any other retail business, insurance for cannabis retailers in Canada needs to cover the specific and unique risks you face operating Main St and/or online retail outlets. Some of these risks are:

And, if your new cannabis retail business awaits licensing approval, you should be aware of the specific risks associated with vacant commercial property. That’s because a vacancy of 4 days or just 96 hours means that your property policy may exclude coverage. In addition to securing vacant property insurance there are ways you can manage unoccupied property risks. Here they are.

Online. Retail store. Both? Buy insurance for cannabis retailers with confidence.

With even greater growth potential for cannabis retailers on the horizon, some of the key commercial coverages that should be on your radar include:

Cannabis retailing is complex. This is why ALIGNED offers specific insurance for cannabis retailers. To get a cannabis retail insurance quote rolling, all you need to do is provide some basic details about your cannabis retail operations. Should things unravel, cannabis retailers insurance is designed to respond to claims such as a potential lawsuit.

Good to know. We’re here to grow with you.

ALIGNED insurance brokers understand the specific risks and exposures faced by Canadian cannabis retailers. We have relationships with more than 65 of Canada’s top insurance companies, and are able to provide choice and options to each and every one of our clients.

Need specifics about any of our commercial insurance products?
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Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.

Sources:  1,3 EY and Lift & Co. “Canadian cannabis consumer insights for legalization 2.0”; 2 Cannabis Retailer “3 million new cannabis consumers”; 4 ALIGNED Insurance “How much is insurance for cannabis retailers in Canada?”

It’s time to get your insurance aligned. Want Canadian business insurance that’s ALIGNED with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448.

We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. We’re proud our industry peers consistently recognize ALIGNED Insurance as one of the best insurance teams in the country. We are also very proud to be one of the fastest growing insurance brokerages in Canada.

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