Protect Your Livelihood With Business Insurance for Your Cannabis Dispensary
Portland, Oregon has been a prime location to open a dispensary business since the state legalized cannabis in 2015. With nearly 400 licensed companies in the city, you need to take measures to stay ahead of the competition.
Protecting your livelihood against the business and commercial risks you face ensures you can keep your doors open if the unexpected becomes a reality. While obtaining dispensary insurance in Portland, OR can be a challenge, HUB International makes it easy. Through our partnership with Insureon, cannabis dispensary operators can obtain insurance coverage for a range of small business exposures in Portland.
Why Do You Need Dispensary Insurance in Portland, OR?
In 2022, the cannabis industry averaged $83 million in monthly sales across Oregon. The potential for success is promising, but safeguarding against risk is a must. Dispensary owners must contend with natural weather events, such as floods, landslides and winter storms, but also hazards such as burglaries and arson. In fact, dispensary operators contend with higher crime risks than other small business, with criminals targeting cannabis due to its cash-only business model.
The nature of the cannabis industry and marijuana's continued federal standing as a Schedule I drug has made insurance providers reluctant to offer cannabis dispensary insurance coverage in Portland, OR, but coverage is crucial to protect you and your property from potential liabilities.
What Coverage Types Are Necessary for Dispensaries?
To adequately cover your cannabis dispensary, operators need:
Commercial Property Insurance
Commercial property insurance offers protection for your company’s physical assets, including structures that house your business and the contents inside, including products and equipment. It also covers exterior fixtures such as building signs and fencing.
Coverage protects you from losses due to a multitude of exposures, such as weather-related events, civil commotion, theft, equipment failures and vandalism, and pays for repair or replacement costs for covered events.
General Liability Coverage
If a visitor files a lawsuit against your business after sustaining injuries, general liability covers you. Lawsuits can financially overwhelm your business. General liability insurance covers you for bodily injuries following an accident on your premises and damages resulting from negligent behavior of an employee.
Product Liability Protection
Product liability coverage is critical for anyone in the cannabis industry. Cannabis dispensaries are at a higher risk of a lawsuit claiming your product led to an injury. This type of insurance covers legal claims against your business and pays for settlements if you lose, up to policy limits.
How Do You Get Started With Dispensary Insurance in Portland, OR?
If you own a cannabis medical or retail business, dispensary insurance in Portland, OR is essential. Get started today with an online quote from HUB for general liability, product liability and commercial property insurance for your cannabis dispensary.