Although marijuana for recreational use has been legal in Alaska since 2015, there are still legal risks and risks of property damage for cannabis organizations which operate within the state. To keep your business protected from high unexpected costs, call MFE Insurance to discuss how Alaska cannabis insurance can benefit your business.
Cannabis Insurance Policies Offered In Alaska
At MFE Insurance, we believe your Alaska cannabis business should be protected from all types of risks and liabilities. We offer a range of different policies to ensure you do not sustain an avoidable financial loss. The following is a review of the Alaska cannabis insurance policies that we offer.
General Liability Insurance
Injuries or accidents that occur at your establishment could lead to a lawsuit or the need to cover property damage costs. General liability insurance with MFE Insurance ensures you are protected if bodily injury or property damage at your place of business lead to a lawsuit. We cover legal costs, replacement costs for property damage, medical fees and lawsuit settlements.
Product Liability Insurance
Alaska product liability insurance for your cannabis business covers you if you are responsible for legal fees due to a claim made that your product caused bodily harm or property damage. MFE Insurance strongly encourages all licensed cannabis companies in Alaska to receive product liability to avoid substantial monetary loss.
Crop & Inventory/Finished Stock Insurance
Whether you are a cannabis grower, processor or dispensary, any cannabis professional in Alaska who grows crops or keeps inventory should protect themselves from monetary loss with Alaska cannabis insurance. With MFE Insurance, we cover the actual living plant during growth and the finished stock after it has been trimmed, processed and prepared.
Commercial Auto Insurance
Commercial auto insurance is ideal for any Alaska cannabis business that relies on the use of commercial vehicles. We can protect your commercial vehicles if an accident were to occur that damaged the vehicle or caused bodily harm or property damage. We also cover you if your commercial vehicle is stolen.
Workers Compensation Insurance
The Alaska Workers Compensation Act requires employers in Alaska who have more than one employee to obtain workers compensation insurance. This ensures your employees (and your company) are protected if there were to sustain an injury or fall ill while working. Call MFE Insurance to register for workers compensation insurance today.
Umbrella / Excess Liability Insurance
Your primary liability insurance policy should cover the majority of costs for each covered claim. However, an excess liability insurance policy is necessary to ensure all costs are covered, particularly if there is a limit placed on your primary liability policy. Our umbrella insurance policyholders are fully covered for expenses that exceed the limits of their primary policy.
Equipment Breakdown Insurance
If your grow operation, laboratory or dispensary uses equipment and machinery to operate efficiently, then you need insurance to protect you from large financial losses if the equipment is damaged. MFE Insurance covers the repair or full replacement costs of hydroponic watering systems, industrial fans, computers, security systems and all other types of equipment your Alaska cannabis business relies upon.
Cyber Liability Insurance
Cyber liability protects your grow operation or dispensary from the financial impact of a data breach. This means if a data breach occurs, we cover the cost for notifying all customers and other third-parties who impacted, handle the legal costs to deal with lawsuits and settlements and more.
Loss Of Income Insurance
Loss of income can result once a natural disaster or other unpredictable and unavoidable circumstances occurs. If this occurs, MFE insurance protects you from out of pocket costs related to payroll, taxes, mortgage payments and relocation fees.
Employee Benefits Insurance
MFE Insurance’s employee benefits insurance covers health and life insurance, retirement plans and other benefits that your employees are entitled to receive. If there is an out of pocket cost that should be covered, then we ensure the financial obligation does not fall on your employee or your company.
Our crime insurance policyholders are protected financially in the event of theft, fraud and other crimes occur. Alaska cannabis growers, processors, transporters and dispensaries are vulnerable to theft by employees and third-parties, and insurance ensures your business is not substantially harmed financially by crime.
We can protect your property to ensure you have all that you need to operate in an effective and efficient manner. Our property insurance coverage includes any business-related property damage. We cover your building or structure, inventory, computers and all other types of property related to your Alaska cannabis company.
EPLI insurance, also called employment practices liability insurance, protects your company from the financial effects of a lawsuit. Employees can file a claim against your company if they feel they were harassed or discriminated against based on their age, sex or race. Addressing these concerns often includes legal expenses, settlement costs and more, which is why EPLI insurance to prevent monetary loss is essential.
Alaska Cannabis Organizations We Provide Cannabis Insurance For
If you are a dispensary, grower and farmer, processor, product transporter, landlord or work directly with an Alaska cannabis provider (attorneys, marketing companies, etc.), then MFE Insurance can protect you from monetary loss.
Provisioning Centers & Retailers
Provisioning centers and retailers deal directly with the customer. If the customer believes your cannabis product causes them bodily harm, then they may file a lawsuit against your company. Addressing legal issues, in addition to damage to your inventory or property and other financial concerns, can lead to high costs. Fortunately, MFE Insurance offers Alaska cannabis insurance to prevent monetary loss when legal issues and other financial matters arise.
Growers & Farmers
If you are a cannabis grower or farmer in Alaska, then you know the amount of risk your business has. Cannabis grow operations are responsible for growing the plants successfully. MFE Insurance encourages all Alaska grow operations to protect themselves with product liability, crop and inventory/finished stock insurance and workers compensation insurance.
Processors & Laboratories
If you are a cannabis processor or laboratory, meaning you take the cannabis plant and create concentrates, topicals, edibles or other products for commercial sale, then you should protect yourself with general liability insurance, product liability insurance, equipment breakdown insurance and loss of income coverage.
Damages that your drivers or other drivers cause can require expensive payments. Alaska cannabis insurance for product transporters includes commercial auto and inland marine insurance if necessary to protect you from monetary loss if an accident were to occur.
Ancillary Cannabis Companies
Ancillary cannabis companies, such as technology firms that work directly with cannabis provisioning centers and processors, should also consider Alaska cannabis insurance. This protects you from any damages, loss of income or other concerns that may arise and lead to the need for company payments.
Property Owners & Landlords
Property owners and landlords who rent their property out to cannabis companies need property insurance and crime insurance, along with any other necessary policies, to prevent substantial monetary loss.
Speak To The Alaska Cannabis Insurance Brokers
Call our team at MFE Insurance today to speak with one of our Alaska cannabis insurance brokers. We can answer your questions and ensure you have the insurance policy you need to protect you and your cannabis business from monetary loss. Give us a call at 213.266.7990 or apply for cannabis insurance online today.