The Importance of Cannabis Insurance in Oklahoma City
Since the passage of medicinal marijuana in 2018 in Oklahoma, the state has seen steady growth in sales and a growing number of dispensaries. As the capital and largest city in the state, Oklahoma City, thanks to its many entrepreneurs, has embraced this business opportunity. Our HUB International office on N. Western Ave is the ideal place to obtain Oklahoma City cannabis insurance.
It did not take long for cannabis sales in the state to reach over $345 million in annual sales. With this level of business activity, retail outlets, grow facilities and laboratories need to protect their assets from a variety of perils. A HUB broker experienced in the cannabis industry can put together a plan that provides comprehensive coverage for an affordable price. The ideal package safeguards a company from large losses, business disruptions, lawsuits, and other perils.
The Right Products for Cannabis Insurance
Like many other businesses, the cannabis industry includes a lot of moving parts as well as shifting laws and regulations. Each area of the business needs to manage risks and reduce exposure to losses. Most companies will have a building that requires strong property insurance. A business will include employees that expect benefits and professionalism, as well as policies that follow labor laws. Many cannabis operations will include transport vehicles that expose business owners and managers to different areas of risk. A HUB broker will consider all of this when creating an Oklahoma City cannabis insurance package.
The ideal package will protect operations against the most likely risks, while also considering other possible exposures. An agent will tailor a policy to a company's assortment of unique risks. We protect a company in many ways, including the following:
Product liability - This coverage protects a company in the case of injury, death or damage as the result of a defective product
Product recall - This critical coverage protects a company's reputation and operational costs in recall situations
Property and crop - This coverage is ideal for grow facilities and a range of location risks
Equipment breakdown - This provides a level of protection for various types of equipment necessary for operations
Management liability - This offers a safety net for liability lawsuits brought against key personnel
These core coverages are often essential for comprehensive Oklahoma City cannabis insurance. Our team will also look at other areas of a company to eliminate coverage gaps or additional areas of risk.
The Best Mix of Value and Protection
A qualified broker will look over all aspects of a cannabis business, whether it is a grow facility, a retail outlet, or another company. A HUB agent will look for the best mix of policy protections and value. We have an abundance of resources both locally in Oklahoma City and nationwide. We work for many insurance carriers and providers, allowing us to make sure we offer the best value in Oklahoma City cannabis insurance.
We also understand that even within the cannabis industry there are several business models and niches. As such, we offer insurance to many types of operators in the realm of cannabis sales, production, and distribution:
Retail outlets that sell or display products
Wholesalers and distributors involved in transport
Laboratories that test, breed and archive cannabis
Grow facilities that process, package and destroy products
The best Oklahoma City cannabis insurance policy considers a variety of factors. As these factors change and as laws and regulations shift, a HUB broker can modify a policy to better reflect the current situation. The goal is to provide appropriate protection for each company while delivering excellent value.
The Next Step
Those interested in Oklahoma City cannabis insurance should call our office or contact us online.