The Advantages of Denver Dispensary Insurance
Denver is home to more than 200 medical and retail cannabis dispensaries. Dispensaries and other cannabis-related businesses in the Mile High City face significant risk and need insurance to protect themselves.
Why Cannabis-Related Businesses Need Coverage
There are 9.8 dispensaries per 100,000 residents of Denver as of 2022, which is more than seven times the national average. However, the insurance market for cannabis dispensaries and other cannabis-related businesses remains limited. But Denver cannabis dispensaries face a number of exposures that could decimate their business. These include:
Product Liability
Cannabis consumables can expose dispensaries to product liability claims. Coverage for claims regarding mislabeled, misrepresented or harmful products or safety recalls can reduce significant exposure to risk.
Commercial Property Insurance
Business insurance covers damage or loss of physical assets, such as a building, contents, equipment and outdoor fixtures. This coverage can apply in the event of storm damage, theft or vandalism.
General Liability Policies
Liability policies shield dispensaries from legal and financial risks associated with claims for bodily injuries or property damage that occur on-site. Other relevant types of coverage include product, professional, cyber, employment practices and excess liability.
Commercial Auto Coverage
The introduction of delivery programs in Denver led to a 50% increase in active licenses for medical marijuana transporters and a 225% increase in active licenses for retail marijuana transporters between 2021 and 2022. Commercial auto policies reduce the risks of driving to make deliveries, and coverage for crime, kidnapping and ransoms can provide even more protection.
Additional Denver dispensary insurance coverage is available for operational risks and other exposures to help better protect dispensaries and help them succeed in this competitive market.
Find Denver Dispensary Insurance Coverage Today
Business operators need to ensure they secure cannabis dispensary insurance that covers the range of risk faced by dispensaries. Get started today with an online quote from HUB for general liability, product liability and commercial property insurance for your cannabis dispensary in Denver.