The international broker Hub International Limited has announced the launch of Hub Cannabis Dispensary Insurance. The product, accessible through Hub’s digital commercial insurance platform, streamlines the way medical or recreational cannabis dispensaries in every legal market in the US can secure business coverage, the company said.
Cannabis dispensaries face risks including crime, property damage, product liability and general liability. In the US, insurance options for cannabis retailers are limited, and securing insurance can be a challenge, Hub said.
“Through Hub Cannabis Dispensary Insurance, dispensaries can now easily and quickly get quotes and buy online insurance coverage to protect them, stay ahead of the rapidly changing industry’s risks and give them confidence in the coverage to ensure their property and products are well protected,” said Jay Virdi, chief sales officer for Hub’s cannabis practice. “Hub is intimately familiar with the intricacies of the cannabis industry and now offers an efficient way to secure reliable and affordable coverage options and rates for cannabis dispensaries.”
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The insurance offers the following coverages:
- General liability: coverage for bodily injuries and property damage claims
- Product liability: coverage for legal expenses associated with claims that a product made, sold or distributed caused an injury or property damage
- Commercial property: coverage for the building and its contents, including owned or leased equipment, and outdoor fixtures such as fences and signs
Hub Cannabis Dispensary Insurance is underwritten by SafeHerb, a full-service MGA that provides property casualty protection for the cannabis and hemp industries.