Arkansas Cannabis Industry: Navigating Insurance Challenges with Dutchie & ACIA

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.

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Watch the cannabis business insurance on-demand webinar:

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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.

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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:

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• Workers' Compensation: Mandatory for businesses with three or more employees in Arkansas, it protects against on-the-job injuries or illnesses.
• Property Coverage: Protects businesses infrastructure, including buildings, equipment, and stock.
• General Liability: Protects against third-party losses like bodily injury or property damage.
• Product Liability: Essential for any business selling products. It protects against claims related to the products sold.
• Commercial Auto: For businesses with company-owned vehicles, it safeguards against work-related vehicular accidents.

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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.

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If you have questions about cannabis business insurance, please connect with Dutchie's insurance team.