“The total U.S. economic impact from marijuana sales in 2021 is expected to reach $92 billion – up more than 30% from last year – and upwards of $160 billion in 2025, according to analysis from the newly published MJBizFactbook.” (MJBizDaily) As the cannabis industry continues to evolve, we predict the insurance industry will follow suit. As more states begin allowing onsite consumption there is a need for insurance products to match the exposure. Recently Michigan has mandated that any licensee selling or transferring marijuana must obtain Marijuana Liability Coverage. Just like liquor liability, marijuana liability is set to provide protection for a licensee should they be held liable for injuries or damages caused by an intoxicated patron.
As of October 10th, 2021, Marijuana Liability is required for marijuana retail and microbusiness licensees. Below you’ll find answers to the questions we get asked the most about our Marijuana Liability Coverage options.