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Alberta Cannabis Insurance

Protect your budding business with cannabis insurance in Alberta

As a fairly new (or one could even say “budding”) industry, the cannabis sector is booming with growth. Individuals need to be aware of how to protect their businesses and assets from going up in smoke. This is why the right cannabis insurance coverage is necessary to guarantee the ongoing operation of small and large businesses within Alberta.

The production and sale of cannabis is a new industry. As such, cannabis insurance in Alberta is also relatively new. There are many insurance companies that are still trying to understand what risks are involved in such an undertaking. As of the Cannabis Act which came into force on October 17, 2018, several regulations were put into action in order to control the distribution of cannabis. The new framework polices the following:

  • Sale of cannabis
  • Possession of cannabis
  • Production of cannabis; and
  • Distribution of cannabis.

If you’re a business owner, there’s no need to worry. At Acera Insurance, we have local, Alberta cannabis insurance brokers who work with over 100 markets all across the globe. Many of these markets specialize in risks such as cannabis dispensary insurance. Recently, Canada legalized the recreational use of cannabis, which has led to the rapid demand for insurance for cannabis stores. If you’re in the market for good cannabis business insurance, then we’re the brokers for you.

Whether you’re a dispenser, manufacturer or other player in the cannabis industry, Acera Insurance can help protect your business.

What type of cannabis insurance is there in Alberta?

There are a few cannabis industries that qualify for insurance. Here is a list of those that do:

  • Insurance for cannabis stores or retailers
  • Cannabis dispensary insurance
  • Cannabis delivery insurance
  • Cannabis farm insurance
  • Cannabis manufacturers insurance
  • Cannabis transportation insurance

What does an Alberta cannabis insurance policy cover?

Our programs are designed to help businesses practice proper risk management tactics by providing comprehensive liability and property coverage in this up-and-coming and fast-growing industry. Acera Insurance works with small, local facilities all the way up to large commercial operations to ensure that every business has the protection that it needs.

farm land

We have your Alberta cannabis business covered.

With cannabis insurance, we guarantee that we’ll do our best to ensure that both you and your business are protected against the unexpected. Here is a list of cannabis industries that we provide protection for:

  • Cultivators (indoor, outdoor, greenhouse)
  • Processors/Harvesters (owned or subcontracted)
  • Manufacturers
  • Transporters
  • Garden stores (retail & wholesale, hydroponics)
  • Dispensaries/retailers
  • Laboratories
  • Property managers
  • Building owners
  • Insurance for Cannabis Manufacturers Growers and Farmers

Don’t see your profession above? Give us a call and we’ll see what we can do for you.

The essential coverage your industry needs.

Product Liability

Licensed producers are responsible for proper testing to ensure cannabis products are both sold and labelled correctly. Quality control of your product is essential to your business – especially in the cannabis industry – so we are here to ensure that you have the right coverage in place to protect you.

Find out more.

Cyber Liability

Collecting your clients’ personal information opens you up to possible data breaches, malware, ransomware or other forms of cyber-attacks. Acera Insurance has experts in cyber coverage that will ensure you have the protection you need to avoid any unfavourable situations

Find out more.

Product Recall

Marijuana is still newly legal in Canada. Should there be a mandatory recall (made by the Canadian Government) or a voluntary recall due to a malfunction or error with your product, we will ensure you have the extensions in place to keep you covered and prevent a loss of profit.

Contamination Coverage

Unintentional alteration of your product or the introduction of a foreign substance into the stock can cause massive losses for Licensed Producers. Acera Insurance is here to help ensure that your cannabis business insurance covers potential contaminations that could otherwise lead to massive financial repercussions.

Infestation Coverage

Infestation issues are huge when you harvest or produce some kind of agricultural product. An outbreak of vermin can be devastating to your business. Protect your product from insects or vermin to ensure your product is not deemed unfit as determined by legislation.

Cargo & Transit Coverage

Transporting a product can come with multiple risks – Our brokers will ensure they understand every detail of your business whether you are a facility owner or a third party transportation service.

Additional coverage options for Alberta cannabis insurance

Other coverage options which are relevant to cannabis industry in Alberta include:

  • Crime
  • Property
  • Business interruption & loss of profits
  • Extra expense
  • Equipment breakdown
  • Private and public directors & officers
  • Errors & Omissions
  • Broad form vendors
  • Tenant legal liability

Alberta cannabis industry expertise

Acera Insurance provides unique coverage for any cannabis operation. Whether you are a Licensed Producer (LP) or the landlord of an LP, we will help you to mitigate your risk and provide you with the right coverage to ensure that nothing slips through the cracks. We understand the complexity of operating in such a heavily regulated environment and are here to ensure you can focus on your business.

We have a dedicated risk management and loss control team that can provide wording comparisons of marijuana insurance policies in Canada to ensure you are protected against any new exposures, to conduct contract reviews for new agreements resulting from the legalization, and to offer a multitude of other services including:

  • Site inspections
  • Infrared thermography
  • Inventory review
  • Custom seminars for your staff

Proactive steps for managing risks to your cannabis business in Alberta

Having the right cannabis insurance policy is only the first step to protecting your business. By practicing proper risk mitigation, you can greatly lessen your chance of having to make a claim. Moreover, you might be eligible for certain discounts on your insurance premiums through these practices. While the threats industries are exposed to highly depend on the nature of that industry, there are a couple of common steps to risk management that all business owners can benefit from:

  • Implement safety features. Security alarms, sprinkler systems as well as fire alarms and escapes are all integral to ensuring that your business and its employees are well protected from the threat of natural disaster, fire and theft.
  • Keep your staff well informed. Staff should be up-to-date on emergency procedures in addition to the whereabouts of nearby exits. In the event of an emergency, staff should be practiced on evacuation drills and know where the nearest muster point is.
  • Define clear goals and standards within your business. This clears up any potential for miscommunication with your team, increases productivity, and guarantees that your staff know what their jobs are.
  • Back up sensitive digital data on a cloud-based server and install firewalls as well as anti-malware software to guarantee proper cybersecurity. Go over with your staff team about the importance of proper cybersecurity tactics.
  • Implement staff re-training annually, or as often as you think necessary for your business. The behaviour of your team can create risks for your business in many different ways.

Even though you might be on top of everything when it comes to safety and your business, things go wrong no matter what. When the worst happens, a good cannabis insurance policy is there to help cover you. Acera Insurance has Alberta brokers who are available to help. Discuss with them if you operate a business within the cannabis industry and think that you might need cannabis business insurance.

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