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Cannabis
A partner that grows with you
As they focus on expansion, many cannabis companies don’t have a full understanding of what their insurance policies cover and don’t cover. While low insurance premiums may seem attractive, they may mask exclusions related to regulatory actions, financial insolvency, shifting ownership, health hazard and specified disease risks, product defects, and evolving legal landscape, among other issues. As the industry expands and becomes more complex, cannabis operators face an array of potential claims, from assault and battery, employment litigation, increasing theft, and transactional risks to mold. Lockton takes a high-level, strategic approach to risk management, working with clients to understand the vulnerabilities of their operations and the best insurance products and coverages to deal with them.
The risks and challenges in the cannabis space are unique. At Lockton, we bring a dedicated team of experts, a commitment to client service, and an independent mentality, working with you to navigate this nuanced industry and keep your business growing.
Our expertise
Lockton has a 25-member team that focuses solely on cannabis, while also drawing on expertise from across the firm on issues such as environmental risk and loss control. Our roster of more than 125 clients ranges from private firms to newly launched public companies. We work with these companies to obtain a wide range of coverage, including products that help mitigate risk from assault and battery claims, health risks, and slip and falls, among other threats. Our new Cannabis Product Contamination Insurance solution offers comprehensive balance sheet and reputational coverage. The product protects cannabis growers, processors, and manufacturers against accidental contamination, product tampering and product recall. We are also routinely involved on the front side of transactions in order to assist clients and prospects in properly evaluating the costs and exposures of upcoming transactions and costs of integration.
What makes Lockton different?
- As a privately held and independent insurance broker, Lockton has greater flexibility when it comes to working with clients and meeting their needs.
- We believe in transparency, with the goal of helping you understand what your policies cover and their true cost.
- Lockton is dedicated to benchmarking and data analysis so you better understand how much insurance you need to buy and why.
- We are committed to client service, and our dedicated cannabis team is always there to respond to inquiries in a timely manner.
“We really needed a partner who was going to fight that fight with us, and that’s how we came to Lockton.” Donald Randazzo, PharmaCann Inc.
Putting you first
Lockton provides clients in the cannabis sector with a strategic risk management partnership. Our cannabis team, made up of professionals with many years of experience in the field, works with cannabis companies to map out potential risks and secure the coverage needed to provide the right protection. We also have robust claims attorneys in the U.S. and abroad that understand the complexities of their respective working environments to assist clients in bringing matters to favorable resolution in an expedient manner, and track claims across all lines of insurance.
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