Adult Novelty Insurance Alaska Policy Information
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Adult Novelty Insurance Alaska. Also known as adult novelty liability, it is a specialized product liability insurance service offered to the manufacturers, wholesalers and/or retailers of specialty adult products.
It is designed to cover the holders of adult novelty insurance Alaska policies against possible legal action resulting in the failure of their products causing someone injury.
Adult novelty insurance Alaska protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Who Needs Adult Novelty Insurance?
If you are a manufacturer of adult products, including but not limited to Anal beads, Anal vibrator, Aneros, Arab strap, Ben Wa balls, Borghild Project, Bread dildo, Butt plug, CandyGirl, Cock ring, Dildo, Double penetration dildo, Erotic electrostimulation, Erotic furniture, French tickler, G-Spot vibrator, Genital jewellery, Hitachi Magic Wand, Love egg, MysteryVibe, Nipple clamp, OhMiBod, Orgasmatron, Passion Dust, RealDoll, Roxxxy, Sex dice, Sex doll, Sex machine, Sex pillow, Sex robot, Sex swing, Sinulator, Strap-on dildo, Sybian, Tantus, Teledildonics, Vibrator, Violet wand, Virtual reality sex or other adult related paraphernalia, you should definitely consider getting some kind of coverage.
The thing about this industry is that the claims are far lower in frequency than other business; however, they are generally higher in severity. This is because of the potential embarrassment factor in coming forward about product faults. People tend only to complain when things go so seriously wrong, their anger or pain is able to outweigh any reservations they may have. The same goes for retailers; for you to get complaints that something has gone wrong, it has had to have gone very wrong indeed.
Adult novelty insurance Alaska should cover you for most incidents related to use of a product against its original intention, but do make sure you know exactly what situations you are covered for before you buy a policy. The last thing you want to happen is someone making a claim, then finding out you aren't covered.
Why Get Adult Novelty Insurance?
Just like any other kind of business, if you value the long-term viability of your business, you should have some sort of commercial liability insurance. If you are looking into getting adult novelty insurance Alaska, you have taken the greatest care as a manufacturer, wholesaler or retailer when bringing your product to the public. You've made sure that your products are safe before being released into the market place. You spent your weekends researching the companies that provide your stock.
It only takes one slip up on the factory floor, one failure of quality control, one person in the chain to turn up with a hang-over once, and you have the potential for a financially devastating situation, not to mention the damage to the way your brand is viewed by the public. When it comes to adult products there is no room for human error due to the nature of their use. That is why you need adult novelty insurance Alaska.
Another point that should be noted is Duty of Care. Just because you have the insurance, that doesn't mean you can now get away with a negligent approach to customer welfare. You still need to make sure the clients are aware of the limits to with their adult novelties can be used for example anything electrical should not be used in the bath, anything that can restrict the airway should be used with utmost care, ensure any restraints aren't cutting off adequate blood circulation and so on.
This will ensure that you've fulfilled your duties as a responsible manufacturer or retailer so that when someone uses something wrong, and they use it in a way it's not designed, you are less likely to be liable for it. If you don't warn them against it first though, you can be on the hook for the injuries caused by their stupidity.
What Types Of Adult Novelty Insurance Are There?
Adult businesses need adult novelty insurance Alaska just like any other type of business does. The first step is to register the business and then obtain insurance. Any type of AK adult novelty business has to go through vigorous licensing requirements when it is being set up. But in general there are three different types of insurance you will need to get:
General Liability: Every business no matter what needs this type of insurance. This policy provides you with defense should you, your employees or your products cause harm or damage to any third parties, along with other coverages that you will need. GL protects your business from 3rd party's claims of bodily injury, associated medical costs and damage to property.
Worker's Compensation: This will cover your business should any of your employees or you get injured while working on the job. AK workers comp is required for any non-owner or partner employees.
Data Breach: As you can imagine, privacy extremely important in the adult novelty business. This type of business will more than likely be storing sensitive information about its clients and this type of adult novelty insurance Alaska coverage will provide protection in the event of data being leaked out or going missing. It can be the difference between an easy solution and a large and expensive lawsuit.
What Does Adult Novelty Insurance Cost?
Depending on the exact nature of the product you sell, you may end up paying slightly higher premiums than the shoe store next door or the factory producing tissue paper. Annual premiums are very dependent on your location, gross sales, product mix etc.
You will need to work with a insurance broker to help you find the best fit policy for your business.
Alaska Adult Novelty Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Floor coverings must be in good condition, no frayed or worn spots on carpet, and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. All goods should be kept on easily reached shelves so that customers do not pull down items on themselves.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area.
Personal injury exposures are from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low. Direct import of foreign products can be a concern, particularly as it relates to adult toys. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer.
Workers compensation exposures are from lifting that can cause back injury, hernia, sprains, and strains, and from slips and falls. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Shelves should be easily accessible for storage. Stepladders should be available. Housekeeping in storage areas, especially during peak times, is vital in preventing trip and falls. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures are low since ignition sources are limited to electrical wiring, heating and cooling systems. The material, fabrics and plastic goods on hand can create a tremendous fire load and be extremely susceptible to damage by fire, smoke and any type of moisture. If high-value items are carried, theft may be a concern. Appropriate security measures must be taken, including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department. Breakage is a concern as items may be made of glass or pottery.
Business interruption is a concern since sales may peak at particular times during the year.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank reconciliation. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.
Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises.
Business auto exposure is generally limited to hired and non-owned liability for employees running errands.
AK Adult Novelty Insurance
If you make or sell adult products, you should have adult novelty insurance Alaska to meet your business protection needs.
Alaska Economic Data, Regulations And Limits On Commercial Insurance
If you're an entrepreneur who is thinking about starting a business in Alaska, it's important to have a basic understanding of the state's overall economy before you set up shop. Regardless of how high-quality the products and services you are planning on offering may be, if the location where you open your organization doesn't offer a target market that your products and services will appeal to, chances of success are slim. Furthermore, if a workforce isn't available to support your business, you'll have a hard time staying afloat.
With that said, it's important for business-minded individuals who are thinking about starting a company in Alaska to familiarize themselves with the state's economy; it's also a good idea to have an understanding of the commercial insurance requirements.
Following is an overview of economic trends and commercial insurance policies that business owners are required to carry in The Last Frontier.
Economic Trends For Business Owners In Alaska
According to the Bureau of Labor Statistics, the unemployment rate in Alaska was 6.1% in December of 2019. While that's significantly higher than the national unemployment rate, which was 3.4% in December, 2019, it's lower than it was one year prior, when the rate of unemployment was 6.5% in December of 2018. Though the workforce is growing slower than it is in other states, economists do predict that the rate will continue to decline in the coming years.
Despite Alaska's remoteness and cold climate, it's actually a great start to start a business. According to the Tax Foundation, Alaska is the second most tax-friendly state for business owners in the United States, as there's no individual income tax or state sales tax. Additionally, Alaska has the second highest rate of new business owners, as well as the second highest percentage of available employees (as per 2016).
As in most states, the best spots to start a business in Alaska are the state's biggest cities and the surrounding areas. This includes Anchorage, Juneau, and Fairbanks. Other key areas that are seeing a boost in business development in recent years include Homer, Sitka, Prudhoe Bay, and Ketchikan.
While there are several industries that are experiencing growth in The Last Frontier, specific sectors thrive more than others. Businesses that are related to the following industries are booming in AK:
- Fishing, which is also one of the largest contributors to the state's economy.
- Mining, which provides more than 4,500 jobs in Alaska.
- Petroleum, which is responsible for 34% of jobs in the state. In fact, Prudhoe Bay is North America's largest oil field.
- Tourism is the second largest private sector employer in the state. Each year, millions of people from around the globe travel to Alaska to marvel at the numerous natural wonders that can be found here.
Commercial Insurance Requirements In Alaska
The Alaska Division of Insurance regulates insurance in AK. Alaska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alaska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alaska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
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Also find AK local small businesses by General Liability Class Code and learn about Alaska small business insurance requirements for general liability, business property, commercial auto & workers compensation including AK business insurance costs. Call us (907) 531-9001.