Cannabis dispensary insurance in Maine

While there are no cannabis business insurance requirements in Maine for running a dispensary, it's still a good idea to get coverage to keep your business protected. Dispensary owners should also consider the following policies:

• Product liability insurance covers legal costs if a customer sues over harm caused by a product sold at your dispensary, such as an adverse reaction to an edible. It’s often included in general liability insurance.
• Commercial property insurance helps pay for lost, damaged, or destroyed business property. For example, it can cover the cost of replacing stolen inventory or renovating a marijuana dispensary’s building after a fire.
• Property policies can include business interruption insurance, which covers costs when a fire or other covered property claim forces your business to close temporarily.
• Additionally, you may need inland marine insurance to protect property in transit or stored off-site, as property insurance only covers items at your business location.

While these are a top priority for cannabis sellers, they aren’t the only policies you need to run a business. You can always chat with our dedicated insurance agent if you’re unsure which policies you need.

Although there are no cannabis business insurance requirements, there are several other requirements for running a cannabis facility in Maine.

Perhaps most important, you need a license from the OCP to open a dispensary or other cannabis business. To keep that license, you need to follow the OCP's rules about selling, storing, and transporting cannabis.

For example, Maine requires cannabis businesses to:

• Have staff wear identification badges at all times while on premise and be at least 21 years of age
• Adhere to ME cannabis tracking regulations, which includes using the Metrc seed-to-sale system
• Install a security alarm system that includes video surveillance
• Follow marketing and advertising regulations, such as no advertisements near schools

Be sure to read Maine's laws and requirements to make sure your cannabis business is in full compliance.