In this essential episode of Kaya Cast, we delve deep into the often overlooked but vital world of insurance for cannabis dispensaries. Join us as we sit down with Michael Sampson from Symphony Risk, a seasoned expert in crafting tailored insurance solutions for the cannabis industry. Michael brings his extensive experience and insights on why it's critical to secure the right insurance policies from the get-go, rather than scrambling for coverage after trouble strikes.

We cover a gamut of topics including the intricacies of property insurance, general liability, product liability, and the increasingly crucial area of cyber insurance. Michael provides invaluable advice on what policies every dispensary owner should consider and the common pitfalls in insurance contracts that could leave you exposed when you least expect it.

Learn about the strategic importance of detailed policy review, the impact of insurance language on claims, and how best to prepare and respond if things go awry. Michael also sheds light on additional coverage types like directors and officers insurance, professional liability, and the unique aspects of coverage specific to the cannabis sector.

Whether you’re just starting in the cannabis business or looking to tighten up your existing operations, this episode is packed with expert advice to help you safeguard your dispensary and navigate the complex world of insurance with confidence.

🌱 Tune in to gain a comprehensive understanding of cannabis business insurance and how it fits into your overall growth and risk management strategy. Avoid common missteps and learn how to leverage insurance effectively to protect your investments and secure a prosperous future in the cannabis industry.

🎧 Listen now on Spotify, Apple Podcasts, or your favorite podcast platform. Don’t miss this enlightening discussion that could save you from costly oversights and secure your business’s longevity.

Find out more about Symphony Risk at:
https://www.symphonyrisk.com/
https://www.linkedin.com/in/mhsampson/

Highlights:
00:00 Introduction to Insurance Language
00:37 Welcome to Kaya Cast
01:11 Importance of Early Insurance Planning
01:54 Essential Insurance Policies for Dispensaries
03:14 Property Insurance Insights
08:20 General Liability Insurance Explained
10:25 Claims and Policy Terms
12:20 Occurrence vs. Claims-Made Policies
16:27 Navigating Insurance Exclusions
28:46 Proactive Insurance Strategies
37:47 Final Thoughts and Contact Information