PurpleRisk® cannabis insurance agency is dedicated to providing top-tier insurance services to the cannabis and hemp/CBD industry. Our founder is a cannabis insurance broker and experienced attorney licensed in multiple states with medical marijuana and adult use marijuana programs.
The cannabis insurance market is constantly evolving to provide coverages for both new ventures as well as established cannabis operators. Our team has deeply rooted relationships with cannabis insurance companies, allowing us to tailor a solution to meet the needs of any operator, large or small.
In the rapidly expanding cannabis industry, it's important to have an experienced risk management partner who understands the risks to your business and the nuances of the cannabis insurance market. We work with you to quantify risk, analyze exposures, and find competitive cannabis insurance solutions.
As an independent cannabis insurance broker focused exclusively on the industry, we help you meet your insurance budget, satisfy state and contractual insurance 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 cannabis business may face.
Conflicting state and federal laws, varying regulations governing cannabis businesses and products, and the limited number of insurance carriers 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, regulations, and contractual requirements.
Massachusetts, for example, requires cannabis operators to hold both general liability and product liability insurance with a $2 million limit. California requires cannabis distributors to hold general liability with a $2 million limit. Maine, Michigan, and Vermont require proof of financial responsibility in the form of a liability insurance policy. And, employers in all states must provide workers' compensation.
Understanding the state and local laws governing your business, through the advice of a cannabis insurance broker and attorney, is important in navigating the purchase of state legal marijuana-specific insurance. Whether you're looking to protect your investments, assets and people, or mitigate your cannabis business risks, PurpleRisk® can make sure you're properly covered.
Cannabis operators need to be vigilant when it comes to understanding cannabis insurance policy language as terms, conditions, and exclusions vary widely. Few carriers offer broad insurance packages. As such, it's critical to work with an insurance broker and attorney - we are both - who specialize in the cannabis industry to review policy wording.
We understand the cannabis insurance market and the challenges facing the growth of your business. With access to leading cannabis insurance carriers and 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. 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 agent, 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 contractual insurance requirements, and secure top-tier coverages tailored to your unique cannabis business needs.