In the not too distant past, possession of cannabis could result in prosecution and sale or manufacture could lead to severe penalties. In the last decade, however, cannabis laws have relaxed all over the world and as of October 17, 2018 it has been legalised across Canada.
This sudden change in the law has led to a few complications, not least of which is the unique position that cannabis manufacturers and retailers find themselves in. Like all companies, they need insurance, but that insurance needs to cover more than stock and store damage. It needs to cover them in the event of a theft or fire, but also in the event of a customer having a bad reaction and blaming their product.
That’s where cannabis liability insurance comes in, and if you want the best cannabis liability insurance in Toronto, then you’ve come to the right place.
A liability insurance policy protects the policyholder against claims and lawsuits, providing cover (to an extent outlined in the specific policy) against many of the risks they face. Cannabis liability insurance works in the same way but it is focused on the cannabis industry, with the goal of protecting the manufacturers and retailers against claims relating to their product or their premises.
Cannabis liability insurance policies can be altered to suit the individual needs of the policyholder. It’s a low-cost assurance against one of many worst case scenarios that companies in this sector face, and it provides peace of mind to businesses of all sizes.
Cannabis liability insurance is essential for any company operating within this sector. Insurance is sometimes mistakenly labelled as a “gamble against the worst case scenario” but this is a falsehood that downplays its necessity. This is especially true in Canada and the United States, where companies lose tens of billions of dollars to liability lawsuits every year.
Not only is liability insurance an essential part of any modern company, but cannabis liability insurance is made even more essential when you consider how young this industry is. There are precedents waiting to be set, lawyers waiting to earn their slice of the pie—within a few years we’ll likely see a huge rise in the number of liability claims made against cannabis retailers and producers.
By signing up for a cannabis liability insurance policy, you can prepare yourself for this inevitable onslaught and help to secure your investment.
Cannabis liability insurance provides protection against loss, theft, damage, and bodily harm. The actual cover will depend on the type of policy and the company purchasing it, but typically cannabis liability insurance policies cover:
• Bodily Injury
• Interruption of business at insured premises
• Property damage
• Lawsuits brought against company
You can discuss details of the policy and the things that it covers with an insurance advisor. You will also find all details of cover on the policy itself.
If you run a company in this sector then you can benefit from our cannabis liability insurance in Toronto. The best way to approach this is to ask yourself a question, “Could your company survive a liability lawsuit?”
For most companies, the answer would be a resounding negative. There are far too many costs involved and these costs would cripple even the most successful companies. No amount of terms and conditions and savvy contracts can save a company from these lawsuits and the damage that they do, but cannabis liability insurance can.
KASE Insurance is a top broker of cannabis liability insurance in Toronto, with years of combined experience in the insurance sector and an unparalleled level of customer support. At KASE Insurance we always put our customers first, we always prioritize support and care, and we’re constantly looking for ways to adapt and improve our services to cater for the fast-moving world of business.
We are one of the few Canadian insurance companies offering cannabis liability insurance, in addition to cryptocurrency insurance, cyber crime insurance, and other modern policies. We make it our top priority to help today’s businesses and entrepreneurs stay safe in an exciting, technologically advanced, and increasingly uncertain world.
If you run a cannabis dispensary in the Toronto area, or you are involved with the industry at any other point in the production chain, then contact our representatives today to discuss a cannabis liability insurance policy.
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