Cannabis Umbrella Insurance

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Umbrella insurance for cannabis businesses.

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At Reliant Agency, we help you find coverage ranging from general and cyber liability to umbrella insurance that is the right fit for your cannabis business.

Umbrella insurance, also called excess liability insurance, is a crucial cannabis insurance policy.

Commercial cannabis umbrella insurance is a type of excess liability coverage that provides extra protection beyond the scope of other policies like general liability and product liability. These policies will typically cover specific liability issues- like property damage and medical expenses- up to $1 million. Umbrella insurance policies act as an extra layer of protection on top of these policies to cover excess liability above that $1 million mark.

What does an umbrella insurance policy cover for cannabusinesses?

Umbrella insurance typically covers the same kind of events that general or product liability policies cover, but with a higher limit.
Some examples include:

  • Slip and fall injuries at your business
  • Customer illness after consuming your cannabis products
  • Customer injury after using your cannabis products i.e. exploding vaporizers
  • Property damage caused by your cannabis delivery driver
  • Product damage in your warehouse caused by a fire or water leak
Why do you need umbrella cannabis insurance?

Not every cannabusiness requires this type of coverage. However, you can benefit from this insurance if:

  • Your maximum potential loss is higher than your other liability coverage. For example, if our maximum possible loss in the event of a catastrophic claim is $3 million, but your other liability policies have a limit of $1 million, the worst case scenario could leave you bankrupt. But if you had excess liability coverage like umbrella insurance, you would be covered.
  • You work in a high risk industry. The cannabis industry is notoriously high risk. If your business is more likely to experience a claim, you want to ensure that you have comprehensive coverage. What’s the point of paying premiums for policies that won’t cover you fully in the case of an emergency?

But how exactly will umbrella insurance protect your cannabusiness? Say a customer slips on a wet floor because an employee forgot to put up a warning sign. They break their ankle and sue you for medical bills and loss of income due to their injury. They want $1.5 million for their pain and suffering. However, your general liability policy only covers up to $1 million. You would still be responsible for that remaining $500,000 unless you have excess liability coverage.

As a cannabusiness owner, it’s important that you protect your business. The best way to do that is by hiring an Illinois cannabis insurance agency proficient in risk management. At Reliant Agency, we help you find coverage ranging from general and cyber liability to umbrella insurance that is the right fit for your cannabis business. Interested in learning more? Take a look at the various types of cannabis insurance coverage we provide or request a quote now!

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