Need to insure shipments of cannabis? Our Toronto insurance brokers can help
From point a to point b. Across Canada and the world, cannabis is on the move. New cannabis retailers are popping up everywhere and with each new retailer, the need for shipments of cannabis is growing. With retailers now offering CBD, concentrates, edibles, flower, pre-rolls, topicals, vaporizers and more, producers of cannabis are working hard to keep up with demand.
“While there were only five legal weed stores open in Toronto in summer 2019 — all of which got licenses from the provincial government lottery — there are now more than ten times that many. [Currently], the city has a staggering 158 authorized pot shops in various stages of formal applications, with 53 of them already operating. This is quite a lot for a city of 630 square kilometres, so if you’ve been surprised to see multiple dispensaries on a single block, you’re not alone.”1
And with each new SKU adding choice for consumers, cannabis retailers are looking to get the products their consumers want in stock and ready for pickup, in-store shopping or shipping. This means that cannabis producers and retailers are looking to protect their shipments of cannabis while it is in transit.
Therefore, the business of shipping cannabis to retailers and, in turn, consumers is growing. Because cannabis insurance isn’t straightforward and simple to secure, people are turning to experienced brokers for help.
The ALIGNED Insurance team of commercial insurance brokers knows how to secure insurance for shipments of cannabis.
We’ve prepared some background to help you understand what you need to know about getting your cannabis shipping insurance aligned with us.
Across the 401 and back again | What to know about cannabis shipping insurance
Keeping up with consumer demand isn’t easy. Especially when you are the first of two cannabis retail stores to open on Main Street Picton in Prince Edward County. Launched in mid-October 2020, the four co-owners of Fridays Cannabis announced their doors were open on Instagram.
“We’ve been working hard for the past six months and are thrilled to finally be able to open our big green doors today. We’ll be open from 11-6 every day and have shelves full of flower, edibles, beverages, concentrates, topicals, and gorgeous accessories.”2
Related Matters: What you need to know about insurance for cannabis edibles companies
Full shelves and robust e-commerce site are clearly important. And for cannabis growers, producers, food manufacturers and others, getting products to retailers like Fridays Cannabis is essential. Therefore, if you are part of the cannabis supply chain in Ontario you need to get your shipments of cannabis and cannabis products insured.
Related Matters: How to get cannabis retailer small business insurance Ontario
In addition, regulations vary from province to province when it comes to cannabis delivery direct to consumers.
For instance, according to Leafly, “Medical cannabis in Canada is only available for online delivery through a Licensed Producer. … While Canadians can expect shipping options and fees to vary, regardless of which province you order cannabis in, all delivery providers will require ID and/or a signature at the door to prove that the recipient is of age.”3
We understand the nuances of cannabis insurance and can help you get the value and options you need to get your cannabis products to retailers.
Understanding logistics insurance for cannabis shipments
Covering the miles. Delivering the goods. Connecting cannabis shipments from the producer to the retailer isn’t simple. Finding the most efficient and cost-effective ways to get cannabis shipments where they need to be and when they need to be there takes a lot of effort.
Above all, cargo insurance helps you avoid some pitfalls that come with transporting cannabis so you can ensure your shipments are well-protected.
In addition, commercial vehicle insurance is mandatory for trucks and all other autos that are used for business purposes. It can protect your cannabis shipping business from liability arising from an accident involving company vehicles used during the course of your business. This coverage is likely included as part of an overall logistics package.
Meanwhile, CGL – commercial general liability – insurance is a standard for all businesses. It can protect a logistics business from legal liability related to:
- Personal injury – for example, if someone is injured on your property
- Property damage and/or
- False advertising
As part of a comprehensive insurance plan, your Commercial General Liability insurance can the costs of defending a lawsuit including lawyer’s fees, defense costs, settlements as well as awards for damages.
Related Matters: How to buy insurance for cannabis retailers in Canada
Your business properties also face risks…
It never rains but it pours. This is why getting the structures and contents of your business property covered is so important. Your building(s), business records, office equipment, machinery and equipment, office supplies and assets such as cash and financial instruments can be insured.
We’re proud to offer a wide range of insurance products to help protect your cannabis business operations such as:
- Buildings and outbuildings
- Equipment, stock and other miscellaneous items
- Business interruption
- Inventory of dried flower and oil
- Raw materials/supplies
- Plants while growing
There is also extra expense coverage that can help you with the cost of setting up a temporary workspace in the event of a worst-case scenario.
If you need to insure shipments of cannabis from point a to point b we can help
Who you work with matters. We work with all insurance companies in Canada that are writing cannabis related risk. This means that our insurance brokers across the country can provide you with access to top options.
Here are a few recent reviews about ALIGNED insurance brokers and how they are delivering value to clients.
- “We opened our first Toronto location recently and had Aligned insure our building. We are very happy with the level of service and would recommend highly.”
- “As one BC’s first licensed non-medical cannabis retailers, not only did Aligned have our backs when most insurance companies wouldn’t even talk to us, but they have continued to give us excellent and supportive service.”
- “Great attentive service and helpful team, very much appreciated the support.”
- “The team at ALIGNED Insurance was exceptionally helpful at helping me navigate the process of getting my business insured. It’s a great service at a great rate, highly recommend.”
- “One of the best commercial insurance brokerages, I cannot recommend them enough!”
- “The very best service for many years! They are the best!”
- “It is a great all in one insurance company.”
18 ways we deliver insurance differently
It’s why we’re proud to do what we say we are going to do when we say we are going to do it. Every day, we work hard to deliver a different business insurance experience to every single client we support across Canada.
Reviews always matter. And when a client writes a Google review about our Toronto, Cambridge, Calgary or Vancouver office, we know we’re consistently exceeding expectations.
To start working with an experienced ALIGNED Toronto Insurance broker now, simply contact us.