However, when submitting an application for a business license [PDF], cannabis businesses should include a plan for obtaining liability insurance.
All cannabis businesses should carry general liability insurance, which they might need to sign a commercial lease, a loan, or a contract. This policy covers the most common risks of owning a small business, such as lawsuits from customers who suffer an injury or property damage at your shop.
To comply with New Jersey law, your business needs to carry workers’ compensation insurance if you have employees. And, if you have any business-owned vehicles, state law requires that you carry commercial auto insurance.
Keep in mind that although New Jersey has approved cannabis for medical and recreational use, several townships in the state do not allow cannabis businesses of any type. You can get updated information on existing NJ dispensaries by location here.
In short, you’ll need to research your state, county, and city laws to make sure your dispensary or other cannabis business is obeying the rules.
While there are no cannabis business insurance requirements in New Jersey 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:
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 New Jersey.
Perhaps most important, you need a license from the CRC to open a dispensary or other cannabis business. To keep that license, you need to follow the CRC's rules about selling, storing, and transporting cannabis.
For example, New Jersey requires cannabis businesses to:
Be sure to read New Jersey's laws and requirements to make sure your cannabis business is in full compliance.
If you run a dispensary, you can complete Insureon’s easy online application to get quotes from top U.S. carriers. For other cannabis businesses, you can call our dedicated agent to find insurance quotes for your business. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.