Business Insurance in Juneau, AK
Experts break down commercial insurance costs, coverages, companies, and more for small business owners in Juneau
Written by
Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
There are more than 3,000 businesses registered in the Juneau area. Many of these are small, privately-owned companies. If you are a small business owner in this capital city, having sufficient business insurance can help your company stay profitable in times of trouble.
Independent agents can help you identify all the risks your company faces and can recommend the best and most affordable commercial insurance products to cover against each of them. Find an independent insurance agent near you to learn more and to start comparing customized business insurance quotes.
Is Business Insurance Required in Juneau, AK?
Business insurance is not mandatory by law. However, there are instances where some types of coverage you might include in your business insurance policy may be necessary.
- If you take out a business loan, your lender is likely to require you to carry a business insurance policy that includes property and liability coverage until the loan is paid in full.
- If you are a contractor, your clients may require you to show proof of liability insurance and workers’ compensation insurance before they will hire you to do a job.
- If your business owns and operates a vehicle or a fleet of vehicles, they will need to be covered by commercial vehicle insurance.
- Alaska requires most businesses to cover their employees with workers’ compensation insurance.
Even if it is not required, business insurance is often a good investment. It can prove highly beneficial if your company faces an unexpected hardship like a liability lawsuit, a natural disaster, or a forced closure.
How Much Does Business Insurance Cost in Juneau, AK?
A simple business owners policy (BOP) for a small business with few employees and limited liability risks can cost as little as a few hundred dollars a year. At the same time, a larger company that needs several different types of coverage may spend a few thousand.
The cost of business insurance can vary significantly from one company to the next because rates are based on several factors such as:
- The type of business you own and its expected annual revenues
- The number of workers you employee
- The value of your company’s assets
- Your company’s liability exposures
- The types of coverage you want to include in your business policy package
The only way to know how much coverage will cost for your Juneau business is by requesting customized quotes from a few different insurance providers. Every insurance provider has a specific way of assessing risks and calculating rates, so every company you contact is likely to quote you a different price.
Comparison shopping lets you choose the policy that offers the coverage you want at the most competitive rate. Independent insurance agents make it easy to compare policies and quotes.
What Does Business Insurance Cover in Juneau?
Small business insurance coverage can shield your company from financial losses in three ways. You can expect your policy to provide:
Each of these types of insurance will be explained in further detail below.
You can further tailor your coverage to meet your company’s specific coverage needs by adding additional commercial insurance policies and options to your business’s policy package.
What Does Small Business Liability Insurance Cover in Juneau, AK?
Companies of all sizes can wind up on the wrong end of a liability lawsuit. For a small company, the associated costs can be overwhelming. Business liability insurance products are designed to cover expenses like legal fees, court costs, settlements, and judgments if your company is sued for a covered event.
All business insurance policies include general liability insurance. This covers the most common liability risks businesses face. It includes:
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents that occurred on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by a product your company produces or sells.
- Media liability insurance: This covers accusations of marketing errors like copyright infringement, false advertising, and deceptive pricing.
General liability insurance is helpful, but for some small businesses, it is not enough. Because your business may have liability risks that go beyond what public liability insurance can cover, you may want to consider adding additional commercial liability products such as:
- Employment practices liability insurance (EPLI): This covers your business against accusations of illegal employment practices like discrimination, harassment, retaliation, and wrongful termination.
- Cyber liability insurance: This covers your company’s financial obligations to affected individuals if criminals hack into your business’s computer network and access personal, financial, or other sensitive data.
- Environmental liability insurance: This can cover clean-up costs and damages if an accident or disaster causes toxic substances used, produced, or sold by your company to pollute the ground, water, or air.
- Commercial vehicle liability insurance: This covers your business’s increased liability risks if you or one of your employees causes an accident while driving a company vehicle.
- Workers’ compensation insurance: This shields your company from potential liability lawsuits by covering your employees’ medical care, lost wages, and other financial losses if they are injured on the job.
This is not a complete list of all the commercial liability insurance products available to your business. An independent insurance agent can help you identify all of your company’s liability exposures and can recommend the right insurance products to cover against each of them.
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What Kinds of Property Coverage Does Business Insurance Offer to Companies in Juneau?
All business insurance policies include commercial property insurance.
Commercial property insurance is designed to cover repair or replacement costs if your company-owned property is damaged or destroyed by covered hazards like:
- Accidental fires, wildfires, and explosions
- Property crimes, like theft and vandalism
- Severe weather events, like thunderstorms, windstorms, snowstorms, ice storms, and prolonged freezing temperatures
You will want to be sure that your company’s property coverage limits are high enough to enable you to rebuild, repair, or replace all of your business-owned property following a disaster.
In Juneau, commercial property insurance alone may not be sufficient. To fully protect your company’s assets, you may also want to purchase:
- Inland marine insurance: This is designed to cover your company’s portable property while it is being transported over land and when it is located away from your place of business, such as at a job site or in a warehouse.
- Flood insurance: Commercial property insurance does not cover flood damage. Floods can be caused by snow and ice melt, storm surges, and prolonged heavy rains. Floods are most common near the Mendenhall River and many Juneau-area creeks. Fortunately, you can purchase an affordable commercial flood insurance policy through the National Flood Insurance Program (NFIP).
- Earthquake insurance: Juneau is at risk for earthquake damage because of its proximity to the Queen Charlotte-Fairweather fault. However, seismic events are not covered by commercial property insurance. You may therefore want to supplement your coverage with an earthquake insurance policy.
Local independent agents are familiar with all the risks you face as a business owner in Juneau and can help to ensure that your business property is suitably covered.
How Does Business Interruption Insurance Protect Companies in Juneau, AK?
Sometimes, the city of Juneau can be hit by a significant disaster. A recent snowstorm dumped as much as six feet of snow in many parts of the city, followed by freezing rain. The governor issued a Disaster Declaration, and many businesses had to halt operations while roads were cleared and damage was repaired.
Business interruption insurance, which is included in every business insurance policy, is designed to protect against this risk. It can provide a continuation of income if your company is forced to temporarily close down because of damage caused by a covered event.
With business interruption insurance, your company will have the funds needed to continue paying regular expenses like payroll, taxes, loan payments, and rent until repairs are made, and you can resume normal business operations.
What about Insurance Products for Employee Benefits Packages?
Offering your workers competitive benefits can help your business recruit and retain some of the area’s best talent.
A local independent agent can help you build your employee benefits package by assisting you with finding reasonably priced:
- Employee health insurance plans
- Employee life insurance plans
- Simplified employee pension plans (SEPs)
Your agent can also help you be sure that the health insurance policy you choose covers a wide range of doctors and medical facilities in the Juneau area.
What Are the Best Small Business Insurance Companies in Juneau, Alaska?
The best business insurance companies in Alaska are the ones that consistently provide exceptional customer service, reliable coverage, and competitive rates.
Local independent insurance agents have teamed up with some of the area’s top insurance providers, so you can be confident that any policies your agent recommends to you are offered by trustworthy providers.
Why Work with an Independent Insurance Agent in Juneau, AK?
Independent insurance agents are free to work with multiple insurance companies to find the policies that best fit your company’s coverage and budgetary needs. These agents can combine policies from different insurance providers in one easy-to-manage business insurance policy package.
Arrange an obligation-free consultation with an independent insurance agent near you for help assessing your company’s coverage needs and to start comparing customized business insurance quotes.