PurpleRisk® cannabis insurance brokers are dedicated to providing top-tier insurance services to the industry. Our founder is an insurance broker and experienced attorney licensed in multiple states with medical marijuana and adult use marijuana programs.
In the rapidly emerging cannabis industry, it's important to have an experienced risk management partner who specializes in the industry, and who understands the risks associated with your business and the nuances of the cannabis insurance market.
As an independent cannabis insurance broker focused exclusively on the cannabis and hemp/CBD industry, we can help you meet your insurance budget, satisfy state requirements, and safeguard your business with tailored cannabis insurance solutions.
Arising in a shifting and murky environment from a legal and operational perspective, the cannabis sector confronts a unique set of exposures and challenges when securing the right insurance policies.
From increased risk of fire in cultivation and extraction, to heightened financial risk of theft of product or cash, and from mitigating claims of cannabis product liability, to maintaining a fluid supply chain, there are a myriad of hazards your business may face.
Conflicting state and federal laws, varying regulations governing cannabis businesses and products, and the limited number of insurers providing coverage for the industry, also create hurdles to obtaining the right cannabis insurance solutions.
In all states with regulated medical marijuana or adult use marijuana programs, some form of cannabis insurance is required to receive a license or for the business to operate in compliance with state laws and regulations.
Massachusetts, for example, requires cannabis operators to maintain both general liability and product liability insurance with a $2 million aggregate limit. California requires cannabis distributors to maintain general liability with a $2 million aggregate limit. Michigan requires proof of financial responsibility in the form of a liability insurance policy. And, cannabis employers in all states must provide workers' compensation insurance.
Understanding the state and local laws governing your cannabis or hemp/CBD business, through the advice of an attorney and insurance broker, is important in navigating the purchase of state legal marijuana insurance. Whether you're looking to protect your investments, assets and people, or mitigate your cannabis business risks, PurpleRisk® cannabis insurance brokers can make sure you're properly covered.
We understand the cannabis insurance market and the challenges facing the growth of your business. And, with access to custom risk management services through exclusive partners, we are ready to serve your unique needs and protect your business with a broad suite of tailored cannabis insurance services.
PurpleRisk® cannabis insurance brokers are specialists in the industry. Industry sectors we serve include, among others, the following classifications of medical marijuana, adult use marijuana, and hemp/CBD businesses:
Operating exclusively as a cannabis insurance broker, our relationships with the leading cannabis insurance carriers, program managers, and managing general underwriters enable us to meet your insurance budget, satisfy state marijuana insurance requirements, and secure top-tier coverages tailored to your unique business needs.