Cannabis Insurance Coverage Vancouver
Cannabis is a booming business in Canada. The industry grosses billions of dollars in sales, even though recreational use was only legalized in 2018. British Columbia has 105 companies currently holding licenses to cultivate, process or sell cannabis, and within the city of Vancouver, there are nearly 300 licensed retail locations.
Given the nascent status of the industry, cannabis business owners face inherent challenges from a new market, as well as a tough regulatory structure. HUB International brokers understand the risks associated with all aspects of the supply chain. We can help new entrepreneurs, as well as seasoned ones, navigate the complexities and liabilities of the business landscape.
Our conveniently located Vancouver offers a convenient space for in-person consultations. Our brokers can also offer our expertise by phone to help you secure the coverage you need. We have built strong relationships with the industry’s most trusted insurers, enabling us to procure the right cannabis insurance coverage in Vancouver for:
- Retail outlets and dispensaries that display or sell approved products
- Facilities that grow, process, package, test, destroy, or store
- Wholesalers and distributors with cross-border transactions
- Laboratories licensed to test, breed, and archive cannabis genetics
- Ancillary services that offer equipment and technology solutions
The cannabis industry is a rapidly growing market, making now an exciting time to get involved. There are, however, unique risks that make it imperative to procure cannabis insurance coverage in Vancouver for your type of business. Our brokers will walk through your operations with you to determine coverage gaps that could cause financial or legal trouble should an issue arise. We provide solutions to problems commonly encountered, such as:
- Product recall: This critical coverage provides a safeguard for your business should the use or consumption of your product lead to a health and safety concern or property damage.
- Product liability: In the event a claim is filed against your company for illness, injury or death as a result of product consumption or use, this invaluable liability policy protects you and your business.
- Crop loss or damage: A stand-alone policy to protect your crop or property from the specific risks of cultivation or location hazards is highly recommended, particularly for cultivators.
- Equipment failure: Equipment breakdowns can be a costly problem if you do not have proper insurance that covers the equipment as well as any product lost due to the failure or breakdown.
- Management liability: Cannabis insurance coverage in Vancouver should also entail employment practices and management liability policies, regardless of the size of your company or how long you’ve been in business.
- Care custody and control: This type of policy is recommended for distributors transporting third-party products to ensure adequate protection of your cargo.
In addition to the more unique issues the cannabis industry can encounter, every business is subject to a set of similar challenges as well. Our brokers are experts at risk management. We assess your entire operations to determine which coverages are desirable for your type of business. We help with everything from workers comp and employee benefits to general commercial liability and cybersecurity. We concentrate our efforts on protecting your company, so that you can focus yours on growing your business.
