Small Business Insurance in Alaska

Jun 20, 2023 · 6 minutes to read

More than half of all Alaskans are employed by small businesses in the state. These 138,000 Alaskan workers are dependent on their employers for their livelihoods.

Small business owners in Alaska need to have insurance. Business insurance can cover costs and keep businesses running in the event of unforeseen events such as:

  • Allegations of property or bodily damage
  • Claims for professional negligence
  • Workplace injuries
  • Damage to Business Property
  • Accidents when driving for business

BizInsure has a 100% focus on small businesses and covers different types of businesses and independent workers. You can easily get the best coverage for the lowest price.

Learn about the different insurance types for Alaska businesses.

Small business insurance in Alaska

Business insurance in Alaska is usually packaged in different packages that include several types of coverage. Insurance companies refer to these packages as policies. Different types of coverage are available to help with different types of accidents.

General liability insurance in Alaska, for example, can protect you against financial losses if you are accused of damaging or causing bodily harm to someone who is not your employee. If one of your workers is injured, you will need Alaska Workers’ Compensation coverage.

You can also purchase commercial auto or business property coverage in Alaska.

Your business’s operations will determine whether you need to purchase any or all of the above types of insurance. Each small business has its own unique insurance needs.

Different types of business insurance in Alaska

Continue reading to find out how insurance can be used to meet your business needs. You should be aware of the different types of insurance coverage that can be included in a customized Alaska business insurance package.

General Liability Insurance

Commercial general liability insurance in Alaska can cover almost all Alaskan businesses.

This insurance will help cover expenses if your company is accused of causing injury to a non-employee, or property damage. This insurance can help cover legal fees and costs if your business is sued for these claims.

An Anchorage homeowner, for example, claims that a plumber damaged his hardwood floor when repairing the sink. The plumbers’ general liability insurance may help them pay for the replacement of the floor.

In Alaska, cleaning and construction companies may wish to add coverage for tools and equipment as an option. This can be used to repair or replace equipment that has been lost, stolen, or damaged beyond normal wear and tear.

Remember that most commercial clients and landlords will ask for proof of your business liability insurance prior to signing a contract.

Workers Compensation Insurance

State law requires almost all businesses with employees to carry Alaska Workers’ Compensation Insurance. This type of insurance can cover medical costs and lost wages for employees who are sick or injured on the job.

A worker from a Fairbanks-based construction company, for example, is injured by a falling item on a job site, requires an ambulance, and spends the night in hospital. Workers’ compensation coverage can help pay medical bills and cover lost wages for an employee who is unable to work while recovering.

Commercial Auto Insurance

Commercial auto insurance is a must for Alaska insurance if your business requires driving. Personal auto insurance policies do not cover damage from accidents caused by drivers driving for business purposes.

Commercial auto insurance can pay for medical expenses and property damage after an incident like this.

A Homer electrician has a fender-bender in a van as he leaves a work site. He smashes his vehicle into another’s. Commercial auto insurance may help repair auto damage. In the event of an accident, medical expenses could be covered.

Non-owned and hired auto coverage can be added to commercial auto insurance. You can use it to cover accidents if you require employees to drive personal vehicles for business or rent cars.

Commercial Property Insurance

Alaska Commercial Property Insurance (also known as business property insurance) can cover the cost of business property damaged or destroyed by a covered incident, such as fire, water, or wind.

A kitchen fire in a Ketchikan casual-dining restaurant, for example, damages the cooking station. The commercial property coverage may pay for the repair of the grill or to replace any cookware damaged.

You should carefully read the policy to ensure that there are no exclusions. Most carriers do not cover damage caused by floods and hurricanes.

Professional Liability Insurance

You could be held liable for damages if a client claims your actions have caused them to suffer financial losses. This is why many Alaska business insurance packages include professional insurance.

This type of insurance, also known as Errors and Omissions (E&O), can help pay damages after allegations of poor work, missing deadlines, or incomplete tasks. This insurance can help cover legal fees in the event of a lawsuit.

A software engineer from Juneau, for example, is contracted to create an e-commerce website for a retail store. The client claims that the website does not work as per the terms of the contract, and files a suit for the lost revenue and costs to fix the bugs.

E&O insurance can help software engineers pay for attorney fees, court expenses, and damages they are held responsible for.

What is the cost of business insurance in Alaska?

The cost of your business insurance is determined by your occupation, employment practices, and many other factors. Your business insurance rates may differ from the Alaskan business next door.

Here are a few things that insurance companies consider when preparing an estimate for you:

Your industry

Your insurance cost will be affected by the amount of risk that your business faces every day. Restaurants in Alaska, for example, that are more likely than other businesses to suffer an injury or damage to property, will pay more.

The policies you selected

As you add more policies to your package, the cost of business insurance will increase. Many businesses require multiple types of policies to cover them in different situations.

How many employees you have

The cost of workers’ compensation insurance is determined by the number of employees. When you request a quote, it’s crucial to know the exact number of full-time employees and part-time workers.

Get a free quote to find out what you can cover and how much it will cost.

Business insurance in Alaska: How BizInsure can assist you

With BizInsure, small business owners can easily get a quote, buy coverage, and instantly share a Certificate of Insurance.

If you have any questions or need assistance, our licensed BizInsure agents in the U.S. can help.

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The coverage you need for your business.

Business insurance is divided into different policies. We offer 4 types so it's easy to design the coverage that fits your business.

Professional Liability Insurance

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General Liability Insurance

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Business Owner’s Policy (BOP)

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Workers Compensation Insurance

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The coverage you need for your business

Professional Liability Insurance

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General Liability Insurance

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Business Owner’s Policy (BOP)

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Workers Compensation Insurance

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