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Which insurance policies are recommended for Alaska businesses?
Small businesses in Alaska most often buy these types of insurance.
General liability insurance
General liability coverage helps Alaska businesses recover from third-party property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Advertising injuries
Workers’ compensation insurance
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.
BEST FOR
- Employee medical expenses
- Disability benefits
- Lawsuits from employee injuries
Commercial auto insurance
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.
BEST FOR
- Accidents involving business vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Business owner’s policy
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.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
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.
BEST FOR
- Work mistakes and oversights
- Accusations of negligence
- Failure to deliver professional services
Errors and omissions insurance
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.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber insurance
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.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
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.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
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Which business insurance policies are required in Alaska?
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.
Workers' compensation insurance
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.
Commercial auto insurance
All business-owned vehicles in Alaska must be covered by commercial auto insurance. Alaska's minimum requirements for auto insurance are:
- $25,000 property damage liability per accident
- $50,000 bodily injury liability per person
- $100,000 bodily injury liability per accident
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).
How much does small business insurance cost in AK?
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:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
How to get insurance for your Alaska business
View video transcript.
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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.
FAQs about Alaska business insurance
Review answers to frequently asked questions about Alaska insurance.
How do I get a certificate of insurance for my business?
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.
Can my company be held liable for a data security breach?
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.
Does my industry affect state business insurance requirements?
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 commercial 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.
How can I save money on Alaska business insurance?
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 insurance carriers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive coverage options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.