Cannabis Insurance

Our experts understand the impact of increased regulations and growing security threats. PLRisk’s Cannabis division is dedicated to helping agents place cannabis-related insurance policies.

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Niche Property and Casualty, Professional, Management and Cyber liability insurance policies are essential in the cannabis industry. This industry has so many unique risks that it requires a specialist. PLRisk, the wholesale arm of a 25-year specialty broker, Axis Insurance Services, LLC was formed in 2014 to provide niche specialty insurance products to retailers seeking specialty and expertise in a marketplace where other insurance policies are becoming a commodity.

Our specific expertise in the cannabis industry provides us with a unique advantage to provide comprehensive and diverse insurance solutions for our clients. Our specialized experience to provide our clients comprehensive and cost competitive insurance products and outstanding customer service in the cannabis business sets us apart from our competitors. We provide a full complement of P&C, Professional, Management and cyber liability products for our clients.

Cannabis Businesses We Serve

1. Lawyers, Accountants, and Physicians
2. Cultivators (Indoor and Outdoor)
3. Manufacturers
4. Processors
5. Wholesalers

6. Dispensaries and Retail Locations
7. Laboratories
8. Cannabis Related Businesses
9. Banks and Lending Institutions
10. Venture Capital and Private Equity

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Claim Scenarios

Our diverse insurance solutions and outstanding customer service for cannabis businesses help us earn our clients’ trust and loyalty. PLRisk is the rare insurance agency that provides all of the solutions a cannabis business owner requires.

Stolen Corporate Funds

A small dispensary experienced an armed robbery costing them roughly $75,000 in inventory and $50,000 in cash. It was ultimately determined an employee was responsible for coordinating the robbery, but the insured was still unsure if their insurance policy would provide coverage for the loss. Fortunately, the insured’s cannabis-specific commercial crime policy provided coverage for the loss of securities located inside the premises resulting directly from theft and the loss of property located inside the premises resulting from an actual robbery.

Hostile Work Environment

A multi-state organization’s dispensary worker alleged there were derogatory statements posted by co-workers on the internal messaging platform. The cannabis company’s leadership denied responsibility, arguing the harassment occurred outside the physical workplace. Employers are not required to monitor all private communications between employees. However, they do have a duty to stop harassment in settings related to the workplace if they know or have reason to know about it. The employee sued for defamation and emotional distress. Courts decided the employer was liable due to online forum being related to the workplace. Total costs incurred exceeded $600,000.

Real Estate

A real estate agent sold a building supposedly permitted and zoned for cannabis activity and confirmed as such when asked. The buyer of the property struck a deal with a cannabis business looking to expand in that area and collected lease related earnest deposits and started other arrangements for the build out of the property. The sale went through. Later it was found the property was only being considered for permitting/zoning allowing for cannabis activity, but permission had not been granted. Ultimately, the buyer of the property sued the previous owner/seller for misrepresentation and included the real estate agent in their complaint. They also alleged loss of a business opportunity and the cannabis business tenant was considering legal recourse as well. Legal expenses incurred were over $250,000 with a settlement sure to follow.