As the medical cannabis industry evolves in Arkansas, one of the key challenges in the state is accessing cannabis business insurance for operators. Thanks to a recent webinar hosted by Dutchie in partnership with the Arkansas Cannabis Industry Association (ACIA), Arkansas cannabis businesses are now better informed on cannabis business insurance.
Watch the cannabis business insurance on-demand webinar:
During the webinar, Liz Ely, Dutchie’s senior manager for insurance, emphasized the unique challenges Arkansas cannabis businesses face. Finding insurance that’s both comprehensive and affordable can be a major task, mainly because many insurers don't fully comprehend the industry's complexities.
She explained that not all cannabis insurances are alike. Different carriers come with varying exclusions, limitations, and warranties. That’s why choosing a broker who genuinely understands both the cannabis industry and its insurance nuances is critical.
Some of the essential coverages cannabis businesses should consider include:
Ely also mentioned other insurance lines like builders risk, cyber liability, and directors and officers' liability should be considered, emphasizing that every facet of the business needs protection.
If you have questions about cannabis business insurance, please connect with Dutchie's insurance team.