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Cannabis dispensary insurance in Missouri
Each state has its own laws and regulations for cannabis business insurance. In Missouri, cannabis is approved for both medical and adult recreational use. Dispensaries are not required to carry cannabis business insurance in order to operate legally.
What types of insurance do Missouri dispensaries need?
In Missouri, cannabis businesses are regulated by the Division of Cannabis Regulation at the Missouri Department of Health & Senior Services. The Division does not require licensed dispensaries and other cannabis-related businesses to carry cannabis business insurance.
However, all cannabis businesses should carry general liability insurance. They might need this coverage to secure a loan, or sign a commercial lease or contract. A commercial general liability 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 Missouri law, your business needs to carry workers' compensation insurance if you have five or more employees. And, if you have any business-owned vehicles, state law requires that you carry commercial auto insurance.
Keep in mind that although Missouri has approved cannabis for medical and recreational use, individual towns and other entities may decide whether or not to allow cannabis. For example, the cities of Jefferson City and Kansas City allow recreational use, but the state's universities do not.
You’ll need to research your state, county, and city laws to make sure your dispensary or other cannabis business is obeying the rules.
What other types of business insurance do I need for my cannabis dispensary?
While there are no cannabis business insurance requirements in Missouri 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. YYou can always call our dedicated agent at (872) 260-5150 if you’re unsure which policies you need.
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What are the laws and requirements for cannabis businesses in Missouri?
Although there are no cannabis business insurance requirements, there are several other requirements for running a cannabis facility in Missouri.
Perhaps most important, you need a license from the Department of Health & Senior Services to open a dispensary or other cannabis business. The licenses are valid for three years and then must be renewed. To keep that license, you need to follow the Department's rules about selling, storing, and transporting cannabis.
For example, Missouri requires cannabis businesses to:
- Use key cards or biometric technology for access to a cannabis facility
- Retain access records for one year
- Install a security alarm system that includes video surveillance with a clear, unobstructed view
- Follow marketing and advertising regulations, such as avoiding packaging that appeals to minors
Be sure to research Missouri's laws and requirements to make sure your cannabis business is in full compliance.
How can I get business insurance for my Missouri dispensary?
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 at (872) 260-5150 to get insurance quotes for your business. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.
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Updated: February 29, 2024
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