Small businesses in Alaska most often buy these types of insurance.
General liability coverage helps Alaska businesses recover from third-party property damage and injuries. Most commercial leases require this coverage.
Alaska state law requires all businesses that have employees to carry workers' comp. This policy also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for commercial vehicles in Alaska. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
This policy bundles commercial property insurance and general liability insurance in one plan. It's often the most cost-effective type of business insurance coverage for an Alaska business.
This policy, also called errors and omissions insurance (E&O), protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and oversights.
E&O, sometimes called professional liability insurance, is common with professional services in Alaska. It can cover the cost of lawsuits related to your work performance.
This liability policy helps Alaska small businesses survive data breaches and cyberattacks. It can help pay for client notification costs, legal fees, and other financial losses.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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When you are ready to get insurance for your Alaska business, you can complete Insureon's easy online insurance application to get quotes from top-rated carriers.
State laws can affect which type of insurance coverage you need for your small business. These policies are required everywhere in Alaska, from Anchorage to Fairbanks.
With some exceptions, Alaska state law requires businesses with one or more employees, full-time or part-time, to carry workers’ compensation insurance. Civil and criminal penalties apply to employers who fail to maintain coverage. This policy covers medical bills for work injuries and illnesses.
All business-owned vehicles in Alaska must be covered by commercial auto insurance. Alaska's minimum requirements for auto insurance are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
Commercial insurance can be affordable for small business owners. Average costs in Alaska are:
General liability: $47 per month
Workers' comp: $42 per month
Professional liability/E&O: $87 per month
Factors that influence business insurance costs include:
Insureon's licensed agents can help you find policies that fulfill Alaska's requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Alaska's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers are required by state law to carry errors and omissions insurance (E&O), while other professionals who offer advice or services sometimes need this policy to get licensed.
State law also requires that attorneys either carry malpractice liability insurance with policy limits of $100,000 per claim and $300,000 annual aggregate, or to notify clients in writing if they don’t have this coverage.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.