Medical Marijuana Dispensary Insurance Washington (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 Washington
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 Washington. 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 Washington can offer the necessary insurance protection to help you recover from any of these unexpected losses.
Medical marijuana dispensary insurance Washington 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 Washington 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 Washington 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 WA 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 Washington 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 WA dispensary.
Business Income - Medical marijuana dispensary insurance Washington 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.
WA 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 Washington.
WA Medical Marijuana Dispensary Insurance
As the owner of a WA 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.
Washington State Economic Outlook & Business Insurance Requirements
For anyone who is thinking about starting up a business, it is important that they choose a location that suites the industry that they wish to work in. With that said, in order to determine whether or not a location is the right choice for your business, you should have an idea about the state's economic status. You should also have an understanding of the WA state regulations related to the types of commercial insurance that you are required to carry.
If you are thinking about starting up a business in the State of Washington, below, we offer some insight into the state's economic status. We also offer a glimpse at the WA insurance requirements that business owners must abide by.
State Of The Economy In Washington
Washington state may be famous for its gloomy weather, but when it comes to the economy, things here look bright. The economic outlook for Washington is healthy. It is expected that there will be more jobs added in the 2018 calendar year. There will be an increase in the productivity of labor. There will also be an increase in the state's unemployment rate during the year 2018, with a forecasted rate of 4.7 percent.
Washington is regarded as one of the top for businesses in the nation. In fact, it is listed at the 11th best state for business by Forbes. The industry that is expected to see the most growth are related to STEM (science, technology, engineering, and math). Among the top industries in this state include information technology. Education, healthcare, finance, and travel and tourism also contribute largely to the awesome economy of this state.
Commercial Insurance Requirements In WA
The Washington State Office of the Insurance Commissioner regulates the insurance industry in WA. Businesses are legally required to carry workers' compensation insurance. This type of coverage is required for any business that employs either hourly or salaried employees, and either part-time or full-time employees. You are also required to carry commercial auto insurance if you use a vehicle to conduct any type of business in this state. That means that if you are using a car to transport goods, make deliveries, or meet with clients, you must carry business auto insurance.
While commercial general liability insurance is not required in Washington, it is highly recommended. This type of insurance offers protection from lawsuits and other legal fees that may arise.
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.
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