Insurance for Medical marijuana industry for businesses that grow, manufacture, import, retail and dispense is available. Generally, a requirement from the Therapeutic goods administration (TGA) in order to be approved and licensed to provide marijuana or cannabis is a risk management system is in place including insurance.
Business Insurance Specialists has made the process of obtaining this coverage easier by providing an interactive form for your completion, which will enable us to quickly and easily obtain terms on your behalf.
A comprehensive coverage offering can be provided which can include the following depending upon your requirements.
1. Public Liability
2. Products Liability
3. Reputational Liability exposures
4. Replacement costs relating to Accidental Contamination (including first party, consultant fees and loss of income)
5. Product Recall expenses
6. Medical Malpractice and Professional Indemnity (claims made basis)
7. Clinical Trial Insurance
With access to the full market, Business Insurance Specialists can offer terms for your business, that also takes into account the No-Fault regime of undertaking Clinical Trials.
Legalised Medical Marijuana in Australia for medical purposes has to date had a limited life span with the benefits and also potential side-effects of using the product provided in various studies. At this stage, it is also not provided for under Pharmaceutical Benefits Scheme PBS.
Medicinal cannabis in Australia is only lawful when the cultivation, manufacture, prescribing and supply complies with all applicable Commonwealth and state or territory laws. It is expected that over time, medicinal cannabis supply will become easier to access and the cost should reduce.
Contact Business Insurance Specialists today for a review of your Medical Cannabis insurance needs.