Find the Best Business Insurance Options in Alaska
All businesses in Alaska need at least some type of business insurance. A business insurance policy can help your company recover from disasters like theft, break-ins, fires, lightning strikes, data breaches, and more. Many are drawn to starting businesses in Alaska for numerous reasons, including the picturesque landscape, but the state does not come without hazards.
Alaska currently has about 73,000 small businesses, which all need coverage. The nearly 142,000 workers at these businesses must also be protected by the right workers' compensation. An independent insurance agent in Alaska can help you get your company set up with the right policy. Up first, though, here's a breakdown of Alaska business insurance.
Best Business Insurance Companies in Alaska
Business insurance can be purchased through many different insurance companies in Alaska. But knowing the best carriers to start your journey with can help you find the right coverage much faster. Start by checking out these top business insurance companies in Alaska when you're ready to get a policy.
- Travelers: Travelers provides a huge selection of coverages along with business insurance. The carrier also offers quality customer service, has a lot of positive reviews, and offers numerous discounts.
- Nationwide: Nationwide also provides a huge selection of coverages in addition to business insurance. The carrier has excellent ratings from both AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- Progressive: Progressive provides a large selection of coverages along with business insurance. The carrier also has excellent financial strength and offers 24/7/365 customer service and many discounts.
- The Hanover: The Hanover offers many different types of business insurance and personal insurance. The carrier has excellent ratings from both AM Best and the BBB and offers 24/7 claims reporting.
An Alaska independent insurance agent can help you find the business insurance you need from one of these top-rated carriers.
Alaska Business Insurance Requirements
Alaska state law requires all businesses with one or more employees to carry workers' compensation insurance. While workers' comp is the only state-mandated coverage, your company should be covered by a more comprehensive business insurance policy. Liability coverage can help your company get the reimbursement it desperately needs after a lawsuit. Further, commercial property insurance can allow you to rebuild your business from the ground up if it gets destroyed by a fire or an explosion.
Every business in Alaska with one or more employees must have workers' comp. The only state-required business insurance coverage in Alaska is:
Optional business insurance coverages in Alaska:
- Commercial auto insurance
- Business income insurance
- Commercial general liability insurance
- Commercial property insurance
- Professional liability insurance
- Cyber liability insurance
An Alaska independent insurance agent can help you build a comprehensive business insurance policy.
What Business Insurance Covers in Alaska
Business insurance policies in Alaska aren't standard, so they will cover as much as you put into yours. In addition to workers' comp to protect your team, you'll likely also want to consider getting coverage for company vehicles with commercial auto insurance and protection against data breaches with cyber liability insurance. You'll also want to add business income insurance to get replacement income and company payroll during a temporary closure. Your Alaska independent insurance agent can recommend all the coverages you need to complete your business insurance policy.
Liability Coverage Options for Small Businesses in Alaska
Depending on your industry, you may need more than just one type of liability coverage for your Alaska business. Commercial general liability coverage is a necessary and great start, but you may also need other forms to offer more protection. Consider these three major liability coverages for your business.
- Commercial general liability insurance: Covers losses caused by lawsuits filed against your business for claims of personal property damage or bodily injury by third parties.
- Cyber liability insurance: Covers losses related to data breaches and cyber threats that lead to the exposure of private data, including customer credit card numbers or employee records.
- Professional liability insurance: Covers legal costs like attorney and court fees if your business gets sued by a third party for improper advice or services that caused injury or loss.
An Alaska independent insurance agent will help make sure your business gets the liability protection it needs.
Property Coverage Options for Small Businesses in Alaska
Your business's physical building and inventory also need the right protection against numerous threats. Be sure to look into adding this coverage to your business insurance policy.
- Commercial property insurance: Covers repair or rebuilding of your business's physical buildings or replaces other property like inventory after a covered disaster like theft or fire.
Your Alaska independent insurance agent can help you get set up with the right amount of commercial property insurance.
Other Insurance Options for Small Business Owners in Alaska
These coverages alone might not be enough to protect your business adequately. Your company may still need additional coverages, such as:
- Business income insurance: Reimburses lost income caused by covered closures following disasters like fires and break-ins.
- Commercial auto insurance: Covers your company vehicles against incidents like lawsuits after accidents, theft, vandalism, etc.
An Alaska independent insurance agent can help you get set up with any business insurance your unique company requires to operate smoothly.
Average Cost of Business Insurance in Alaska
Business insurance costs in Alaska aren't standard, since premiums vary depending on many factors. The kind of business you run, your exact location, the policy you build, the insurance company you go through, and more can all impact your business insurance costs. A larger business tends to need more coverage and can expect higher premiums as a result. Riskier businesses, too, such as those in construction, can expect to pay far more for coverage based on the larger risk factor. Also, your business's specific operations will influence the coverage it needs, impacting your overall premium.
National Business Insurance Stats
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Anchorage | 26,033 | 5.88 | 5.32 |
| Fairbanks | 2,713 | 5.17 | 5.84 |
| Juneau | 3,703 | 5.88 | 2.92 |
| Kenai | 970 | 5.85 | 5.98 |
| Ketchikan | 1,283 | 3.85 | 2.53 |
| Palmer | 1,391 | 2.54 | 3.61 |
| Sitka | 1,649 | 2.12 | 1.29 |
| Wasilla | 2,646 | 1.05 | 3.67 |
How Does Your Alaska City Measure Up?
Commercial property: Anchorage, like many other areas of Alaska, commonly faces heavy snowfall and other severe weather. Commercial property insurance can help business owners rebuild or replace damaged or destroyed property like a storefront or office space.
Commercial auto: A commercial auto insurance policy can help your business recover after lawsuits involving company vehicles. It can also help pay for repairing or replacing company vehicles if they get stolen or damaged by a covered disaster.
Workers’ compensation: All businesses in Anchorage, as well as the rest of the state, must have workers' compensation to protect their team if they have even one employee. Coverage is mandatory by state law and can provide compensation if a worker gets injured or ill due to the job or even dies as a result of their job duties.
Commercial property: Badger, like many other areas of Alaska, commonly faces heavy snowfall and other severe weather. Commercial property insurance can help business owners rebuild or replace damaged or destroyed property like a storefront or office space.
Commercial auto: A commercial auto insurance policy can help your business recover after lawsuits involving company vehicles. It can also help pay for repairing or replacing company vehicles if they get stolen or damaged by a covered disaster.
Workers’ compensation: All businesses in Badger, as well as the rest of the state, must have workers' compensation to protect their team if they have even one employee. Coverage is mandatory by state law and can provide compensation if a worker gets injured or ill due to the job or even dies as a result of their job duties.
Commercial property: Fairbanks, like many other areas of Alaska, commonly faces heavy snowfall and other severe weather. Commercial property insurance can help business owners rebuild or replace damaged or destroyed property like a storefront or office space.
Commercial auto: A commercial auto insurance policy can help your business recover after lawsuits involving company vehicles. It can also help pay for repairing or replacing company vehicles if they get stolen or damaged by a covered disaster.
Workers’ compensation: All businesses in Fairbanks, as well as the rest of the state, must have workers' compensation to protect their team if they have even one employee. Coverage is mandatory by state law and can provide compensation if a worker gets injured or ill due to the job or even dies as a result of their job duties.
Commercial property: Juneau, like many other areas of Alaska, commonly faces heavy snowfall and other severe weather. Commercial property insurance can help business owners rebuild or replace damaged or destroyed property like a storefront or office space.
Commercial auto: A commercial auto insurance policy can help your business recover after lawsuits involving company vehicles. It can also help pay for repairing or replacing company vehicles if they get stolen or damaged by a covered disaster.
Workers’ compensation: All businesses in Juneau, as well as the rest of the state, must have workers' compensation to protect their team if they have even one employee. Coverage is mandatory by state law and can provide compensation if a worker gets injured or ill due to the job or even dies as a result of their job duties.
Commercial property: Knik-Fairview, like many other areas of Alaska, commonly faces heavy snowfall and other severe weather. Commercial property insurance can help business owners rebuild or replace damaged or destroyed property like a storefront or office space.
Commercial auto: A commercial auto insurance policy can help your business recover after lawsuits involving company vehicles. It can also help pay for repairing or replacing company vehicles if they get stolen or damaged by a covered disaster.
Workers’ compensation: All businesses in Knik-Fairview, as well as the rest of the state, must have workers' compensation to protect their team if they have even one employee. Coverage is mandatory by state law and can provide compensation if a worker gets injured or ill due to the job or even dies as a result of their job duties.
Alaska Business Insurance FAQ
Many factors influence the cost of your business insurance in Alaska. Policy premiums aren't standard, and vary by insurance company as well as the coverages you choose, your business's size, the number of employees you have, how much coverage you need, your business's industry, and more.
Alaska requires all businesses with one or more employees to carry workers' compensation. That's the only state-mandated type of business insurance in Alaska.
Your Alaska business insurance will need to at least include workers' compensation, but you may also choose to add more coverages like commercial property insurance, general liability insurance, cyber liability insurance, commercial vehicle insurance, and others.
Small business liability insurance in Alaska covers lawsuits filed against your business by third parties like customers for claims of bodily injury or personal property damage.
Yes, Alaska does offer small business health insurance plans. Your Alaska business might also qualify for a tax credit if it has 25 or fewer full-time employees. You can start browsing for small business health insurance plans in Alaska here.
Our research found that Travelers, Nationwide, Progressive, and The Hanover are the best small business insurance companies in Alaska this year. These carriers were chosen based on financial strength, policy options, discount options, rates, and more.
An Alaska independent insurance agent can help you find the right kind of business insurance policy quickly and easily. They shop and compare policies from many different carriers for you, and help you select one that provides only the best blend of coverage and cost.
Do You Know What Your Business Insurance Covers in Alaska?
https://labor.alaska.gov/wc/er-profit.html