Marijuana Insurance in Alaska
If you're one of the entrepreneurs building a business in Alaska's marijuana industry, understanding the insurance landscape before you launch is essential. Not every carrier will write policies for this space, but we've partnered with several who cover dispensaries, infused product sales, and cultivation or grow operations.
Surprisingly, most marijuana industry coverage looks a lot like coverage for any other business; the challenge is finding the right combination at the right price. Here's what Alaska Service Agency can offer:
General Liability: This coverage provides liability protection of up to $5 million and will protect your business from injury or other damages that may occur. This would be a minimal requirement for your business to carry, but limits less than $5 million are available.
Property Insurance: Protecting your marijuana store, farm or warehouse from fire, theft, vandalism or other losses including natural disasters is important. Consider this: Would you be able to survive financially if your property experienced a large fire loss or inventory was lost or damaged? Probably not. Purchasing property insurance for your marijuana dispensary, storefront or warehouse is going to be important.
Medicine Coverage: Coverage is available to protect your marijuana shop from theft or other loss. Consider this coverage inventory coverage. This coverage can also protect your product while in transit from a cultivation facility to where you store or dispensary.
Business Income/Extra Expense Coverage: This coverage protects your business from income interruption. Essentially, if your business was interrupted by a fire or other covered loss, this coverage could help pay your income while you transition or get back on your feet with a new location or rebuild your building if a fire occurred.
Product Liability: If your store carries edible marijuana products, vaporizing tools, smoking devices and dispensaries for medical purposes product liability would cover these items in the event you suffer a covered loss such as a fire at your facility. Additionally, product liability is meant to protect you from lawsuit from selling a product that someone had a negative reaction to. In this newly emerging marijuana industry, this is critically important to understand and be covered for. Included with this coverage is the cost to defend (attorney's fees).
Marijuana Plant Coverage (Marijuana Crop Insurance): Your marijuana plants are expensive and cultivation activities are time consuming. Don't be out of business if a loss occurs to at your cultivation center. We offer insurance coverage for not only the buildings, but also your plants! Marijuana Crop Insurance Coverage for your plants is available from the time it is seeds to the time it is harvested, dried and ready for sale. Protect your crops of marijuana with a great insurance policy from our Alaska insurance agency.
Bonds Required for Marijuana Dispensaries in Alaska: If you're in need of an insurance bond for your marijuana facility or dispensary in Alaska, contact Alaska Service Agency. As a licensed insurance agent in Anchorage, we're one of the few insurance agencies offering insurance bonds to the marijuana industry. This bond is required by state law and we can easily help you determine the correct insurance to accompany your bond.
Medical or Recreational Marijuana Insurance in Alaska
From edibles and infused sodas to oils, capsules, or marijuana itself, protecting your business from loss and lawsuit matters no matter what you sell. Risks range from fire and lightning to theft, hail, windstorms, and water damage. You've worked hard to get here; protect it with the right marijuana insurance. Call a licensed agent at Alaska Service Agency in Anchorage, AK today.
