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Cannabis dispensary insurance in Alaska
Each state has its own laws and regulations for cannabis business insurance. In Alaska, cannabis is approved for both medical and adult recreational use. Dispensaries are not required to carry cannabis business insurance in order to operate legally.
What types of insurance do Alaska dispensaries need?
In Alaska, cannabis businesses are regulated by the Alaska Alcohol & Marijuana Control Office. The Marijuana Control Office does not require licensed dispensaries and other cannabis-related businesses to carry cannabis business insurance, but they must post a Marijuana-Cannabis Surety Bond.
All cannabis businesses should carry general liability insurance, which they might need to secure a loan, or sign a commercial lease or contract. A commercial general liability policy covers the most common risks of owning a small business, such as lawsuits from customers who suffer an injury or property damage at your shop.
To comply with Alaska law, your business needs to carry workers’ compensation insurance if you have employees. And, if you have any business-owned vehicles, state law requires that you carry commercial auto insurance.
Although AK has approved cannabis for medical and recreational use, each city and town is permitted to decide whether or not to allow cannabis businesses. Most cities and towns, including Anchorage, Juneau, and Fairbanks, have recreational cannabis retailers. Only a few small rural towns have banned dispensaries.
Municipalities can also determine how cannabis businesses should be regulated in terms of hours of operation, sales tax, and zoning. You’ll need to research your state, county, and city laws to make sure your dispensary or other cannabis business is obeying the rules.
What other types of business insurance do I need for my cannabis dispensary?
While there are no cannabis business insurance requirements in Alaska for running a dispensary, it's still a good idea to get coverage to keep your business protected. Dispensary owners should also consider the following policies:
- Product liability insurance covers legal costs if a customer sues over harm caused by a product sold at your dispensary, such as an adverse reaction to an edible. It’s often included in general liability insurance.
- Commercial property insurance helps pay for lost, damaged, or destroyed business property. For example, it can cover the cost of replacing stolen inventory or renovating a marijuana dispensary’s building after a fire.
- Property policies can include business interruption insurance, which covers costs when a fire or other covered property claim forces your business to close temporarily.
- Additionally, you may need inland marine insurance to protect property in transit or stored off-site, as property insurance only covers items at your business location.
While these are a top priority for cannabis sellers, they aren’t the only policies you need to run a business. You can always call our dedicated agent at (872) 260-5150 if you’re unsure which policies you need.
Get business insurance quotes for your Alaska dispensary
What are the laws and requirements for cannabis businesses in Alaska?
Although there are no cannabis business insurance requirements, there are several other requirements for running a cannabis facility in Alaska.
Perhaps most important, you need a license from the Marijuana Control Office to open a dispensary or other cannabis business. To keep that license, you need to comply with the rules about selling, storing, and transporting cannabis.
For example, Alaska requires cannabis businesses to:
- Obtain proof that customers are age 21 or older
- Include specific warnings on the labels of cannabis products
- Store cannabis products securely in accordance with regulations
- Prohibit customers from the store between 5 a.m. and 8 a.m.
- Use the state's approved marijuana inventory tracking system
Delivery of cannabis and cannabis products is illegal in Alaska. Be sure to read Alaska's laws and requirements [PDF] to make sure your cannabis business is in full compliance.
How can I get business insurance for my Alaska dispensary?
If you run an AK dispensary, you can complete Insureon’s easy online application to get quotes from top U.S. carriers. For other cannabis businesses, you can call our dedicated agent at (872) 260-5150 to get insurance quotes for your business. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.
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Updated: March 11, 2024
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