Covering Cannabis
I have gotten some feedback from dispensary owners that their choices are limited when it comes to insurance, and that it is difficult to find personalized services where they can have peace of mind from a REAL agent when being advised & guided through decisions about their insurance coverage.
They seem to feel like there is a stigma when they approach the agents & brokers in their towns. Whether it is there or not, it seems to be felt.
YOU DON’T HAVE TO BUY INSURANCE FOR YOUR DISPENSARY ONLINE. IN FACT, YOU SHOULD NOT BUY IT ONLINE.
You need the Executive Edge just as well as anybody else and possibly EVEN MORE SO as we learn to navigate the new industry, recognize where the most risk is, & allocate your insurance dollars appropriately. And you DEFINITELY need a real person to have a good chat with about how the policy works. When you are ready to discuss what it's going to take to get into business, call Kelly at 209.385.EDGE or (209.385.3343).
Below, I am going to share with you the typical questions you will be asked when applying for a policy for your dispensary. Knowing up front what you will be asked for will help you feel less anxious and more comfortable with the process. It will also help you understand what the insurance companies are thinking about when they consider how much your coverage is going to cost you. This is exactly what my Application looks like, and these are the questions I will start with. Of course, the answers to these questions may lead to more questions, that’s just the nature of the business...
------------------------------Download the Application HERE------------------------------
1. Full name of Applicant:
2. Applicant’s tax status is: [ ] For Profit [ ] Nonprofit
3. Annual gross receipts from the sale of marijuana and marijuana containing products:
(a) estimated for the next twelve months $
(b) last twelve months $
4. Does the Applicant acquire from others marijuana sold or used in marijuana containing products?...... [ ] Yes [ ] No
(a) If No, what is the number of plants under cultivation by the Applicant and in the Applicant’s care, custody and control at any point in time?
5. Does the Applicant check that all purchasers of marijuana and marijuana containing products have a valid
Medical Marijuana User Identification Card for the location in which the Applicant is operating?........... [ ] Yes [ ] No
(a) If Yes, does the Applicant require that the identification card be shown before dispensing?......... [ ] Yes [ ] No
6. Does the Applicant or its employees provide delivery services of marijuana or marijuana containing products to purchasers?........ [ ] Yes [ ] No
(a) If Yes, does the Applicant require that the identification card be shown before releasing to the recipient?... [ ] Yes [ ] No
7. Does the Applicant use:
(a) Employed identification checkers?......................................................................................... [ ] Yes [ ] No
(b) Contracted identification checkers?........................................................................................ [ ] Yes [ ] No
(i) If Yes, are they required to carry:
a. Professional Liability Insurance?................................................................................ [ ] Yes [ ] No
i. If Yes, does the Applicant require that they are added to all Professional Liability
Policies as an Additional Insured?........................................................................ [ ] Yes [ ] No
b. General Liability Insurance?...................................................................................... [ ] Yes [ ] No
i. If Yes, does the Applicant require that they are added to all General Liability Policies
as an Additional Insured?.................................................................................... [ ] Yes [ ] No
(c) Employed security guards?................................................................................................... [ ] Yes [ ] No
(i) If Yes, do they carry firearms?......................................................................................... [ ] Yes [ ] No
(d) Contracted security guards?.................................................................................................. [ ] Yes [ ] No
If Yes,
(i) Do they carry firearms? [ ] Yes [ ] No
(ii) Are they required to carry:
a. Professional Liability Insurance?................................................................................ [ ] Yes [ ] No
i. If Yes, does the Applicant require that they are added to all Professional Liability
Policies as an Additional Insured?........................................................................ [ ] Yes [ ] No
b. General Liability Insurance?...................................................................................... [ ] Yes [ ] No
i. If Yes, does the Applicant require that they are added to all General Liability Policies
as an Additional Insured?.................................................................................... [ ] Yes [ ] No
8. During business hours, is all marijuana and marijuana containing products inventory,
other than that on display, kept in a locked safe?............................................................................ [ ] Yes [ ] No
9. Does the Applicant maintain written records of all marijuana and marijuana containing products,
including the purchase date, type of product and purchase price?.................................................... [ ] Yes [ ] No
10. Does the Applicant occupy the entire building?............................................................................... [ ] Yes [ ] No
Signing this Application does not bind or commit the Company to provide or the Applicant to purchase the insurance.
