Cannabis dispensary insurance in Alaska

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.

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. For example, Anchorage requires [PDF] proof of financial stability in the form of a surety bond, deposit in escrow, or letter of credit.

You’ll need to research your state, county, and city laws to make sure your dispensary or other cannabis business is obeying the rules.

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.

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.