Medical Marijuana Dispensary Insurance Delaware (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Medical Marijuana Dispensary Insurance Delaware
DISCLAIMER:: Marijuana is still classified as a Schedule I controlled substance by the U.S. Drug Enforcement Agency, and as such it remains a federal crime to grow, sell, and/or use marijuana. Any content contained herein is not intended to provide legal advice or to assist with violation of any state or federal law.
Medical Marijuana Dispensary Insurance Delaware. Medical marijuana has been found to relieve the pain and suffering of many individuals with chronic and serious illnesses. As the legal cannabis industry continues gaining momentum as one of the fastest growing markets in the US, marijuana businesses are now facing certain challenges that comes with their new place in the world.
Claims and lawsuits against cannabis businesses ranging from inadequate warning labels, presence of pesticide residues in products, to unsafe handling practices during the manufacturing process are cropping up more and more.
If a consumer purchases a defective product from a retailer and becomes ill, that dispensary owner can be held liable, even if there was no prior knowledge of defects in the product. The rationale behind imposing liability on dispensary owners is that it will pressure them to vet manufacturers they do business with more carefully and only work with businesses that have a proven track record of making high quality, safe products.
Whether it is a slip &a,p; fall claim at your actual marijuana dispensary, a product liability claim from consumption of the cannabis and other products you sell, or protecting your business from fire or theft claims, medical marijuana dispensary insurance Delaware can offer the necessary insurance protection to help you recover from any of these unexpected losses.
Medical marijuana dispensary insurance Delaware protects your cannabis shop from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
The Importance Of Medical Marijuana Dispensary Insurance
"Do I really need insurance to protect my medical marijuana dispensary? Is it necessary? What are the advantages of having insurance? Is it worth it to pay for insurance?"
Well, if something were to happen to your dispensary business or your medicine such as a fire or theft, would you be ready to pick back up and get your business started again without monetary stress? No. That's why medical marijuana dispensary insurance Delaware is important: you need to protect yourself and your business from losing money in the event of misfortune.
Medical Marijuana Dispensary Coverages Available
Medical marijuana dispensary insurance Delaware can provide you with the protection you need, protecting you from risk if your business undergoes some type of incident. It's a common misconception that cannabis business insurance is very expensive and unattainable, but it is actually very reasonably priced. It can provide you with many types of insurance coverage, including:
General Liability - General liability insurance will help your company protect itself inclusively and includes damages and injuries, which is especially important when it comes to finding a good DE cannabis business insurance plan. General liability is almost certainly required by your landlord, and as the state laws continue to adjust and new rules and regulations are written, it is becoming a requirement for state licenses.
Business Property Coverage - Protecting your business's property is very important. This coverage provides you with property protection to restore your business' inventory, furniture, fixtures and equipment and cover tenant improvements, just to name a few. Purchasing a medical marijuana dispensary insurance Delaware plan will help you get back on your feet much quicker and easier in the event of property damage.
Medicine Coverage - This insurance can provide your cannabis dispensary with inventory coverage against risks such as fire and theft. It also offers coverage during the risky time when your product is in transit from the cultivation facility to your DE dispensary.
Business Income - Medical marijuana dispensary insurance Delaware also covers your business' income and additional expenditures. Business income means the net income that you would have realized if your business hadn't suffered fire, theft or another covered claim. This can also include the extra expenses faced by your business in the event that you must move it to another location.
Product Liability - How many times have you heard of businesses getting sued due to unexpected reactions to their products? How many patients have tried to sue different companies by making claims that certain medicines have affected them negatively? Unfortunately, this is all too common. Sometimes, even false claims end up winning.
That's why you need product liability that will protect you from lawsuits. Edible marijuana, vaporizing tools, smoking devices and dispensaries are all covered by product liability insurance.
DE Commercial Auto - The transport and delivery of medical marijuana and related products poses challenges unique to the cannabis industry. Don't risk your inventory with inadequate auto coverage. There are commercial auto coverages specifically for medical cannabis businesses.
Equipment Breakdown - This provides coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment, including computers used in your dispensary. Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown. Resulting business income and extra expense loss is often covered as well.
Factors To Consider When Purchasing Dispensary Insurance
If you are in the process of getting your cannabis dispensary opened, there are several things you will want to consider in regards to insuring your location:
- Will you need coverage for business personal property such as computers, registers, furniture, display cases, etc.?
- How much coverage will you need for your supplies/inventory, cannabis, edibles and other marijuana related products?
- What percentage of your inventory is going to be displayed for customers?
- Are you going to be renting a location that is ready to go or are you going to have to spend money to build out your space (tenant improvements)? Do you want coverage for these improvements?
- What type of security measures do you plan on having? Security doors? An intercom system? Metal detectors? Cameras inside and outside the store? A monitored alarm system? Armed or unarmed security guards?
- Will you have weapons on the premises?
- Will you have a safe? If so, how much will it weigh? What is its fire rating and will it be bolted to the ground?
- Will you have a grow room?
- Will you offer a delivery service or transport your medical marijuana and/or supplies?
- Will you be offering services which complement the dispensing of cannabis such as massage, acupuncture, selling herbal remedies, etc...?
All of the above questions need to be taken into consideration when purchasing medical marijuana dispensary insurance Delaware.
DE Medical Marijuana Dispensary Insurance
As the owner of a DE medical marijuana dispensary, you have additional regulations and legal issues to deal with in addition to the daily responsibilities and duties all businesses have. Protect your investment and all of the hard work you've invested with the right insurance.
Delaware Economic Data & Commercial Insurance Regulations
For entrepreneurs who are thinking about starting up a business in Delaware, it is important to have an understanding of the state's economic outlook, as well as the regulations and limits regarding commercial insurance. With this information, you can determine if DE is, in fact, a wise location to start your business.
Below, we offer a brief overview of Delaware's economic status and the rules relating to commercial insurance.
Economic Trends For Businesses In The State Of Delaware
Delaware is home to more than 1 million businesses. This includes over half of all of the publicly traded companies in the United States, and 64 percent of the country's Fortune 500 companies. Delaware is such an appealing place for entrepreneurs because the state offers flexible corporate laws and a government that is very friendly to business owners.
The economic outlook of DE has become softer. As such, Delaware has moved down eight spots on the Forbes' Best States for Business list. The costs of operating a business are about 21 percent lower in Delaware than the national average. It is also one of the lowest ranking states in regard to labor costs. With that said, job growth is expected to reach .8 percent by the end of the 2018 calendar year. The unemployment rate is expected to remain lower than the national average, at an estimate 4.7 percent.
The industries that contribute the most to Delaware's economy include:
- Hotel & Hospitality
It is expected that these industries will continue to see growth, but there is a need for more skilled labor in these areas.
DE Commercial Insurance Regulations
The Delaware Department of Insurance regulates the insurance industry in DE. Commercial liability insurance, commonly referred to as general liability insurance, is the most common type of coverage that business owners carry. In the state of Delaware, business owners are not required to carry this type of coverage in order to operate. This state is considered a modified comparative fault state that has a negligence standard of 51 percent. The government does not put any caps on awards that are offered to those who file personal injury lawsuits against businesses in Delaware. As such, it is wise for business owners in this state to invest in commercial liability insurance, even though it isn't required.
Business owners are required to carry workers compensation in Delaware. This includes businesses that employee one or more hourly or salaried W2 employees.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Dental Lab
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Request a free Medical Marijuana Dispensary Insurance Delaware quote in Arden, Ardencroft, Ardentown, Bellefonte, Bethany Beach, Bethel, Blades, Bowers, Bridgeville, Camden, Cheswold, Clayton, Dagsboro, Delaware City, Delmar, Dewey Beach, Dover, Ellendale, Elsmere, Farmington, Felton, Fenwick Island, Frankford, Frederica, Georgetown, Greenwood, Harrington, Hartly, Henlopen Acres, Houston, Kenton, Laurel, Leipsic, Lewes, Little Creek, Magnolia, Middletown, Milford, Millsboro, Millville, Milton, New Castle, Newark, Newport, Ocean View, Odessa, Rehoboth Beach, Seaford, Selbyville, Slaughter Beach, Smyrna, South Bethany, Townsend, Viola, Wilmington, Woodside, Wyoming and all other cities in DE - The First State.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.