Protecting your Cannabis Business: How Axis Insurance Reduces Risk & Strengthens Resilience
Featuring: Sasha Spasojevic, Axis Account Executive
Axis Insurance provides specialized coverage tailored to the realities of cannabis retail. With preferred IRCC Member rates and expert policy support, Axis helps retailers protect their business, minimize risk, and plan with confidence.
Industry Background
Axis Insurance has roots going back almost a century. When cannabis was legalized in Canada in 2018, the company leveraged decades of experience in farming, production, and retail risk management to design insurance programs specifically for cannabis businesses. As Sasha Spasojevic explains:
“Once cannabis was legalized, we gathered our expertise in the farming production and retail business space and put together an insurance and risk management program that was designed for cannabis business exposures.”
The cannabis insurance landscape has evolved slowly since then. According to Sasha, part of the challenge is that insurers simply did not have enough historical data to properly assess risk. Now, with seven years of legalization, there is loss data, clearer regulation, and more confidence. “Insurers are becoming more comfortable, although the marketplace is still relatively small and more education is needed for mainstream insurers.”
Retail Coverage Priorities
One message from Axis is clear: cannabis retailers need to protect their physical assets and their income. Property coverage for unit improvements, equipment, and stock remains essential. Just as important is loss of income. “Most businesses that have an extended shutdown are incapable of surviving due to lack of cash flow,” Sasha notes. That coverage can make the difference between managing a setback and closing for good.
Supporting Independently Owned Retailers
Many independent retailers do not have in-house risk management expertise. That is exactly where Axis steps in. Sasha describes their approach as similar to any retail risk strategy but tailored with cannabis-specific insight.
“As much as cannabis is a unique product to sell, insurance risk management for retail is similar across the country. We provide owners with the most important items to focus on so they can be attractive risks for insurers and prevent future losses through simple management habits.”
Misconceptions & Market Education
Insurance expenses are often viewed with uncertainty or skepticism in the cannabis space. Sasha says the biggest misconception is price. “Owners of dispensaries think insurance is expensive. We have come a long way to educate insurers and remove the stigma around cannabis. There has been a sharp reduction in rates over the past seven years, and now those rates are getting close to any other retail risk.” Increased competition, clearer regulations, and specialist brokers have all helped stabilize costs.
Retail Results & Long-Term Strategy
Experienced brokers help retailers protect revenue in both the short and long term. One example captures how expertise turns into real financial benefit. Axis reviewed a retailer’s policy and discovered they were still insured for ten million dollars in liability, even though Ontario regulations had changed to five million. “This simple review saved the retailer substantial funds on their insurance premiums and improved their bottom line,” Sasha recommends retailers evaluate insurance partners the same way they would evaluate any professional advisor.
“Pick an insurance broker like you would pick your lawyer or accountant. The broker is responsible for reducing risk exposure so the owner can confidently run their business. We look for long-term relationships where we can truly get to know our clients, build trust, and grow with them over time.”
Member Benefits for IRC Collective Retailers
“In the unfortunate event of a claim, our team walks the owner through the whole process from beginning to end to help them obtain the fairest settlement possible during a traumatic time.” - Sasha Spasojevic
IRC Collective Members receive preferred pricing, but the biggest advantage may be expertise. Axis offers a complimentary review of current insurance programs, guidance from dedicated cannabis specialists, and hands-on claims support.
Learn more about Axis Insurance supports the cannabis industry at www.axisinsurance.ca.
Reach out here to get an introduction to the Axis team through IRCC.
This feature is part of the IRCC Member Benefits Campaign, connecting retailers with trusted partners who help them grow smarter, faster, and stronger.
