Protect Your Business with Las Vegas Dispensary Insurance
The Las Vegas metropolitan area continues to grow by more than 2% annually, and the city welcomes nearly 39 million visitors every year. With this many people living, visiting and shopping in the Las Vegas area, recreational cannabis dispensaries have a wide and rapidly growing market of potential consumers, and have a real need for Las Vegas dispensary insurance.
There are more than 50 cannabis dispensaries in the Las Vegas area, with the largest number clustered on or around the famous strip. The city recently passed a bill allowing cannabis lounges to open as part of the dispensary properties, enabling customers to sample a product on the premises instead of bringing it home or back to a hotel room.
Despite the potential financial gain for cannabis businesses, there are also significant financial risks that need assessment. Dispensary operators would be wise to obtain the right dispensary insurance. HUB International offers solutions to protect the financial well-being of these small but growing businesses.
Why Your Business Needs Cannabis Dispensary Insurance
With the growing market in Las Vegas, dispensaries are poised for profitability, but numerous risks remain in the cannabis industry.
Crime
The nature of the business makes cannabis dispensaries a target for theft. In addition, many dispensaries operate on a cash basis, resulting in larger sums of money that are attractive to thieves. Zoning laws may force dispensaries into less desirable areas of the city where crime rates are higher.
Natural Disasters
Natural disasters can affect any business, but the cannabis industry is vulnerable to them on multiple levels. Product damage from storms and wildfires is an ongoing concern, and structural damage to company assets can also create a financial liability for the business.
Injuries
Injuries to employees or consumers on the property or as a result of the cannabis product can create liability for cannabis dispensaries. Finding adequate insurance can help protect dispensaries from these types of claims.
What Type of Insurance Is Helpful For Dispensaries?
Business insurance that accounts for the specific needs of a cannabis dispensary is a smart safeguard for business owners. The following types of insurance are important to consider:
General Liability
General liability covers the insured from third-party risks, such as trip-and-fall injuries. This insurance is most helpful for libel, damage to customer property or bodily injuries.
Product Liability
Nevada is a strict liability state, so Las Vegas businesses are vulnerable to lawsuits in which the plaintiff only needs to prove that their injury resulted from a flaw in the design, manufacturing or labeling of a product. Product liability insurance helps to cover allergic reactions, adverse side effects, damage from e-cigarette batteries and more.
Commercial Property
This type of coverage protects in the case of property damage or loss, such as from fire, vandalism or theft.
How To Find the Best Las Vegas Dispensary Insurance
Your company faces inherent hazards in the cannabis industry in addition to the typical risks of doing business. Protect your investment and financial health with a high-quality Las Vegas dispensary insurance policy tailored to the cannabis business. Get started today with an online quote from HUB for general liability, product liability and commercial property insurance for your cannabis dispensary.