Cannabis Business Insurance California Coverage Plans

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California Cannabis Dispensary, Cultivator, & Grower Business Insurance

JVRC Insurance Services is committed to providing all California business insurance related services to the rapidly expanding Cannabis Industry. Cannabis dispensary business insurance, grower insurance and banking solutions can be expensive and difficult to acquire. Dealing with the challenges of constant change and conflicting state and federal laws, we can provide complex risk analysis and unique policy options to all business owners.

High-Demand Insurance

We understand the immense demand from the Cannabis Industry and its related products are increasing dramatically. Its rapidly shifting landscape has evolved and become more sophisticated over the last decade or so. Being that the demand for cannabis‐related insurance products will continue to grow as more states legalize the drug, available coverage will continue to be very limited and costs with most likely remain high.

Cannabis Related Banking Solutions

This comes to our next point! Cannabis related businesses continue to struggle with finding financial bank institutions that are willing to partner with them. FDIC approved and protected money being deposited from Cannabis sales is almost to non-existent. Well, we happen to have specialty WC programs that also offer banking solutions that provide FDIC protected deposits as well as little to no cash deposit fees.

High-Risk Cannabis Insurance

Although insurance carriers are continuing to open their doors to Cannabis related exposures, it still remains that only a limited number of insurers and brokers serve the market for California Cannabis related businesses. Coverage is primarily written in the surplus lines market due to the specialized hard‐to‐place risks inherent in cannabis operations. Here at JVRC, our high-risk admitted and alternative markets will write every coverage line that you need on your checklist including:

Workers Compensation (can include Banking solution with FDIC protect cash deposits)
General Liability
Professional Liability
Inventory Protection
Security Guard Insurance
Product Liability (if you sell products like CBD‐infused oils, topical treatments and food products)
Business Property
Inland Marine
Commercial Auto
EPLI (Employment Practices Liability Insurance)
Complete List of Insurance Every Dispensary Needs

Whether you’re a farmer, chef, dispensary, scientist, laboratory technician, engineer, security personnel, accountant, or one who specializes in cannabis related operations, you all face the same challenges. No service is too risky for us to take on. Whether you need insurance quotes or just have a simple question, we would love to help. All marajuana buiness insurance is expensive. Make sure to get multiple quotes. Give us a ring; we are just a click or a call away!

Get a Business Insurance Quote

Frequently Asked Questions about Business Insurance

Are all California businesses required to carry Workers Compensation Insurance?

ALL California employers must provide coverage for their California employees

Why is California Workers Comp Insurance so expensive?

Largely because of claims that occur, experience modifications, fraud and payroll amounts statewide

Where do we get the information we post on our blog site?

The Department of Insurance website, The WCIRB, The Insurance Journal and many other trusted sources

What is an experience modification?

It’s a percentage that compares the payroll and loss history of your company to a similar-sized company within the same industry. For example, if a company has a better than average loss record, their experience modification would be less than 100%. If that is the case you would receive a credit on your Workers Comp rates. If that is not the case however it would result in the opposite, an increase in rates. The experience modification can be closely compared to an individual’s credit score.

Why is Workers Compensation Insurance a necessary requirement?

It is illegal in the state of California to not carry it. There will be penalties, fines and many other consequences if a worker is injured and you do not carry it. Furthermore if there is a claim and you do not have California Workers Compensation Insurance at the time the employer is still liable for all costs relating to the injury which can be devastating to any company.

How does your insurance carrier determine what your experience modification number is?

This is calculated based on your payroll, premium paid and by your reported losses for the last three consecutive years

Who regulates and makes California Workers Compensation laws?

The Department of Insurance regulates the laws and the State Senate makes them

What is a Classification or a class code?

It’s a component used determine the price an employer pays for their workers’ comp insurance premium. Classifications are established for each industry and typically include all jobs or operations within a particular business.