Cannabis dispensary insurance in Oklahoma

In Oklahoma, marijuana is legal for medical use only. Medical marijuana is managed by the Oklahoma Medical Marijuana Authority (OMMA).

Oklahoma does not have specific insurance requirements for small business owners who plan to open a dispensary within the state.

However, medical marijuana growers and cultivators need a $50,000 surety bond in order to obtain a license. In lieu of a surety bond, they can also provide proof of land ownership from five years before the application.

While dispensaries don't have industry-specific requirements, all small businesses in Oklahoma must carry the following:

• Oklahoma requires businesses with full-time and part-time employees to carry workers' compensation insurance. There are a few exceptions to this rule, including independent contractors, some agriculture workers, and real estate brokers.
• Businesses in Oklahoma with company vehicles must have commercial auto insurance. If employees use their own personal vehicle for business errands, such as deliveries, the vehicle will need to be covered by a separate policy called hired and non-owned auto insurance.

While workers' compensation insurance and commercial auto policies are mandatory for Oklahoma dispensaries, several other policies are beneficial and can help protect you from some of the most common small business risks and liabilities.

• General liability insurance can protect your Oklahoma dispensary in the event that a customer is injured or their property is damaged while on the business premises. It can also protect against advertising injuries, like libel or slander.
• If a customer sues claiming that your cannabis products caused them harm, you'll want to be protected by product liability insurance.
• Commercial property insurance can cover the cost of repairing or replacing business property due to a covered claim, such as a fire at your dispensary or stolen equipment. Many real estate companies require a commercial property insurance policy in order to rent their storefronts.
• Cyber insurance helps with the cost associated with informing customers of a data breach or cyber hack. Oklahoma businesses are required to notify affected customers quickly by phone, email, or written correspondence.
• Finished stock insurance will help you recuperate the financial loss of stolen or damaged goods, such as cannabis products.