6 Best Cannabis Insurance Companies

To get a quote, you will need to create an account. After doing so, you’ll proceed to provide information about your business and coverage needs, and it will then provide a quote for you to review and purchase.

AlphaRoot offers nearly every type of insurance a cannabis business needs. Some key coverages it offers are product liability, cyber liability, general liability, workers’ comp, and auto liability.

This broker has started to develop specialized packages, too. For example, it now offers a management liability package that, among other coverages, carries representation and warranties to protect a business against any sort of litigation that may arise post-acquisition.

AlphaRoot was started in 2016. Because it is a newer company, reviews for it are still hard to find.

The company continues to expand its offerings for customers and recently launched a digital platform. This platform is a 24/7 self-service hub for policyholders to find everything they need, including insurance applications, COI requests, and claims management.

A nice feature of this new platform is the ability to monitor and track the growth of your company. This lets you know if the insurance you bought several months ago is still the right level of coverage for your business.

What’s more, the broker offers tailor-made risk management plans and in-house claims consultants to help provide a point of contact during the claims process. This is an unusual service for a broker and something only HUB International also offers.

Insurance Canopy offers designed insurance programs that fit your line of business. As you move through the quote process, you can add suggested coverages. For crop and dispensary insurance, fill out a contact form, and an agent will follow up.

For special events, insurance prices start at $139 for one- to three-day policies—you can purchase policies that cover a range of days, including one for 90 days. This is a general liability policy designed for a special event, and the limits are $1 million per occurrence and $2 million aggregate.

If your interest goes beyond short-term liability, Insurance Canopy offers a more comprehensive policy for CBD and ingestibles.

Standing out from nearly all other cannabis insurance companies, you can quickly obtain an online quote for special event coverage. If the price and coverage are right, you can purchase the policy online.

Once you purchase the policy, you’ll have online access to your account 24/7. Adding additional insureds is free, and if you need to produce a certificate of liability for the venue, those are available instantly through your account.

HUB International’s quote system has recently been updated, so you may be able to get one online through its partner, Insureon. Otherwise, fill out a contact request form, and a local HUB International broker will contact you.

Because of its multinational position, you can purchase insurance covering operations in both the US and Canada. Additionally, it provides coverage for a variety of cannabis businesses. If you run a retail dispensary, have an ancillary cannabis business like transportation, or are involved in the extraction or even cultivation and harvesting, it has policies for you. You can even purchase benefits for your employees through it.

While it provides a lot of detail on its coverage, specific information, like limits, is unavailable.

Once you’ve purchased your policy through HUB, you can access its online portal, MyAccount. HUB also has an app (one on Android and two for iOS—US and Canada), although it is unclear if a cannabis business can use it.

It has a claims team involved in the process, including medical management, litigation, coverage disputes, and subrogation. HUB International’s claims department will help you report the loss, coordinate its management, and negotiate any settlement.

For a quote, you will need to fill out a contact request form, and a broker will follow up with you.

To purchase the policy, you have to be a member of the Heffernan Cannabis Association, which is an association formed by the broker. The association provides membership benefits, such as risk assessment, networking, and access to specialized insurance products.

The dividend program is available for a number of businesses: cultivation, manufacturing, distribution, and dispensaries.

While the plans may not be affordable for all, Heffernan offers multiple payment options, such as FlexPay, pay-as-you-go, credit card, and installment plans. Additionally, each policy comes with an account manager, loss control specialists, and claims professionals. If an employee is injured, there are Medcor injury triage services.

On its website, Admiral lists accounts recently written to give you an idea of limits and costs. A manufacturing facility with limits of $5 million had a premium of $17,000. A dispensary with a limit of $1 million per occurrence and $2 million aggregate has a premium of $6,500. Another dispensary with the same limits and in the same state had a premium of $20,000. For a quote, call the provider or complete an online contact request form.

Admiral offers policies for vertically integrated operations, processors/manufacturers, distributors, and cultivators/growers. You can purchase additional coverage if you are a business outside those classes, such as a dispensary, through its Comprehensive Cannabis Program.

The Comprehensive Cannabis Program is offered in partnership with Berkley’s family of companies—Berkley owns multiple carriers, including Admiral Insurance Group. If you purchase a liability policy through the Admiral, you will have access to other policies for your cannabis business.

It has lower-than-average complaints with the National Association of Insurance Commissioners. However, while customers seem to be happy with Admiral, convenience is a weakness for it. The only online function is filing a claim—there does not appear to be any online account management. Everything, including questions about your policy or premium, is handled through the local broker.

To purchase a policy with Trichome, you must be a member of the NCRMA. Its emphasis on risk management means premiums that more accurately reflect the business risk.

Quotes are available after filling out an online application. Once completed, a broker will follow up with you. Part of its quote process is a risk assessment. If you implement its recommendations, your premiums may decrease.

While cover is limited to three policies, add-ons to expand coverage are available. For example, you can add special events and hired and nonowned auto to the liability policy or equipment breakdown coverage to the property policy.

Trichome, launched in 2021, is still very new, and no reviews are available.

For any specific policy or claim needs, you will need to contact one of its reps directly or reach out to your broker. It is open Monday through Friday, 9 a.m. to 5 p.m. ET.

We determined the best hemp insurance companies by considering factors that focus on the customer’s needs. We took the following into account: convenience, financial ratings (from AM Best), customer service, types of policies offered, ability to compare quotes, and overall experience as a policyholder from the insurer.

A Schedule I substance is a substance the federal government deems does not have medical use and carries the risk of a high chance of abuse. Marijuana, while legal on the state level in many states, is classified as a Schedule I substance by the federal government.

Forty-four states and Washington, D.C., have some form of marijuana legalized, whereas 24 states have legalized the recreational use of marijuana. Some states, such as Arkansas, have legalized medicinal marijuana, while recreational use remains criminalized. Several factors complicate the legal use of marijuana—but to generalize, it is illegal on the federal level.

Cannabis insurance costs have a significant range. A small-scale dispensary may pay anywhere from $2,500 to $7,500 annually, whereas large-scale operations can expect to pay premiums in the tens of thousands. You can learn more through our guide on cannabis insurance.

The appropriate limits depend on your business, and you should discuss them with your broker. The challenge to overcome is finding an insurer that will offer the proper limits. This in-depth study on cannabis insurance found many providers will not have more than $1 million occurrence and $2 million aggregate policies. However, many cannabis businesses need a higher limit.

In May 2024, the Department of Justice recommended that marijuana be reclassified from Substance I to Substance III. This has not happened yet and remains an official recommendation. If it does, while it would decriminalize it, it would still be a controlled substance like Tylenol with codeine, which is also Substance III.