Cannabis Event Insurance
As with many other industries, the cannabis industry often has special events like conferences and conventions to showcase the latest and greatest products and services in the industry. People may also host other types of events such as birthday parties, weddings, rodeos, festivals, concerts, and more. Whether you are hosting one of these exciting events or attending them as an exhibitor, it is important that your venue, customers, exhibitors, and products are secured and protected with special event liability insurance.
Other types of cannabis event insurance will protect you as an exhibitor and business owner at these special events. It is an inevitability that during the course of the event or traveling to and from the event, some of your products and equipment may go missing or get damaged during the transportation process. If something goes missing during the event, the police or other representative of local law enforcement may get involved. When these events are not held in your business or on your property, you need additional insurance coverage because your regular coverage does not apply to the event.
OG Cannabis Insurance knows how important it is that your products and equipment are covered no matter where you are or what types of events you are attending. We have access to multiple cannabis approved insurance companies who are happy to provide you with the special event insurance you need.
What Is Cannabis Event Insurance?
Cannabis event insurance essentially covered two types of individuals or businesses: those putting the event on and those attending the event as exhibitors. Both of these groups should have security and protection in place when it comes to the event just in case something happens before, during, or after the event which could have serious negative effects on your business.
As the planner of a special cannabis event, you need to make sure that you have all the coverage you may need for that event. First, you need to check your existing insurance policy to see if this event will be covered if something unexpected should happen. Be sure you look into this well in advance of the actual event because it may take quite a bit of time to underwrite the type of coverage needed as the process can be complicated and lengthy.
If you are an exhibitor at a planned special event, it is very likely that your existing insurance policy for your store, dispensary, facility, club, or other cannabis business does not cover events which do not take place at your location. If a product were to go missing or be damaged during transport, you need to make sure that it is covered with special cannabis event insurance.
Another possibility is the event itself having issues concerning date or venue.
When an event is scheduled, there are many possible circumstances which could arise to cause that event to be rescheduled, relocated, or cancelled altogether. If one of these occurrences actually happens, you need to be prepared and be compensated for any potential loss. A normal insurance policy is unlikely to have the kind of coverage you need for those circumstances, and you could be financially impacted in a big way for travelling arrangements and other fees that may accrue if you do not have special cannabis event insurance.
Why Is Event Insurance Important in the Cannabis Industry?
As with any industry, it is important that you maintain all types and levels of insurance that you may need in a variety of different circumstances. You would never imagine not having property insurance, product liability insurance, or workers compensation insurance because you never know when the unexpected might happen.
The same is true for cannabis event insurance. Most insurance policies do not cover things that take place off of your business’s property with the exception of insurance such as auto and cargo insurance for deliveries.
Other than that, most policies will not be able to cover or reimburse you for anything that may happen at an event such as a convention. If your cannabis business is likely to attend a special event of any kind, OG Cannabis Insurance highly recommends that you have a special event insurance policy in place prior to leaving for or attending the event, and our experienced agents are happy to help you get a customized policy that suits your needs.
Protect Your Products
Whether it is at the event or in transit to or from the event, something may happen to your product. It could go missing during the course of the event or become damaged while transporting it, setting up, or putting everything back in your vehicle. Because the event does not take place in your shop or facility, your product liability insurance would likely not cover this damage or theft. Rather than hoping your product will not go missing or be damaged or relying on existing insurance, taking out an event insurance policy will help you rest easier and enjoy the event.
Protect Your Equipment
When it comes to an event such as a conference or convention, it may be necessary for you to showcase your products using equipment. This can include items such as presentation equipment, vaporizing devices, smoking tools, and any other piece of equipment used for cannabis and CBD. All of this gear can be very expensive, and you want to make sure that your stuff is protected from theft or damage during the event. A special event insurance policy will ensure that your equipment and gear is covered until you get back to your facility.
When you decide to commit attending a special cannabis event, this requires you to make lots of plans. You must make travel arrangements and figure out how you will transport your products and gear. It also means that you are taking time away from your business which could have led to revenue. If the event you have planned to attend is cancelled, abandoned, curtailed, postponed, or interrupted in some way, that could have seriously negative effects on your business. Special event cannabis insurance will help you rest assured knowing that the event cancellation will not cause severe financial issues for your company because “covered perils” are part of the policy.
If an event is relocated and your business is not able to attend the event because of that relocation or it causes issues for your company when trying to get to the event, the special event cannabis insurance can help cover the travel costs and possible lost revenue.
Protect Your Business with Cannabis Event Insurance Today
At OG Cannabis Insurance, we have over 18 years of insurance experience in the cannabis industry, and we are dedicated to making sure that your grow facility, dispensary, laboratory, lounge, or any other cannabis-related business is secured by proper insurance coverage including covering you for special events. We offer the fastest quotes in the industry and access to multiple cannabis approved companies.
Your company will be assigned to a specific, dedicated insurance agent/broker, so you will always know who to contact when you have a question or concern that needs to be addressed. Our policy quotes are fast and easy to understand, so you can get the coverage you need quickly and efficiently. Contact us today to learn more about our special cannabis event insurance coverage and to receive a free quote from our experienced agents.
We provide coverage for cannabis businesses across the United States, including: