Alaska Agriculture Forestry Fishing Hunting Insurance Policy Information
Alaska Agriculture Forestry Fishing Hunting Insurance. Protecting yourself and your business is important and having the right insurance is the way to do so. Insurance allows you to protect your business and everything you own especially in the agriculture industry. The biggest sector in the United States is the agriculture, fishing and hunting industry. As with any business, there are things that you have to be prepared to face in this industry. One of the biggest problems encountered in this industry is the unpredictability of weather. To thrive in this type of industry the ideal weather conditions must be present. Severe weather has been the cause of massive financial losses for business people in this industry. This is where Alaska agriculture forestry fishing hunting insurance comes into play.
Alaska agriculture forestry fishing hunting insurance protects your property from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
How To Determine If Your Business Is In The Agriculture, Forestry, Fishing and Hunting Sector?
A classification system known as the National American Industry Classification System (NAICS) helps with the categorization of businesses. By categorizing businesses, the NAICS can gain insight about a business with data collection, analysis, and reporting. Here are some of the businesses that are classified under the agriculture, forestry, fishing, and hunting sector:
- Crop Farming Businesses - A business can be classified under the agriculture, forestry, fishing, and hunting sector when crop farming is a part of the business. Crop farming such as soybeans, grains, fruits vegetables or tobacco puts a company in this sector.
- Forestry Businesses - Businesses including timber tract operations, logging, tree nursery, and production are categorized in this industry.
- Animal Farming Businesses - If a business includes beef cattle farming, dairy milk production, hog and pig agriculture and any produce coming from animals, then it's considered to be a part of this sector.
- Fishing Businesses - Businesses involving fishing and aquaculture farming are considered to be a part of this industry.
Why AK Agriculture, Forestry, Fishing and Hunting Industry Insurance Is Important
With any industry, a person goes into many things can go wrong, the best option is to prepare for them. Being involved in this industry puts any business at risk of damage because of the unpredictability involved. It's as simple as a tornado destroying everything that you've work so hard to build. Imagine this you work so hard to grow your crop and drought comes and wipes it all out. A shift in the weather pattern and a person can be in deep financial trouble. In a moment your livelihood could be lost. Luckily there are Alaska agriculture forestry fishing hunting insurance plans that can help you to be more protected and prepared for a time like this in your business.
These types of plans protect you when the unpredictable happens. The type of coverage that you get with this type of insurance is not the type of coverage you get with normal insurance coverage plans. The first step to choosing the right policy is knowing what policy will compensate for the type of operation you are running. Once you've figured that out, you are now in a position to find the insurance plan that will keep you protected. Here are some examples of the different coverage plans you can consider:
- Buildings and Building Contents Insurance: If you have a greenhouse or a poultry pen this insurance this is the type of coverage you need. This type of insurance also covers the equipment that you store in buildings you use for your business.
- Farm personal property insurance: Having this type of coverage means your livestock, crops, farm machinery and supplies and tools will be covered if they were lost or damaged by an event covered under the type of insurance.
- Commercial vehicle insurance: While operating your business you may need to use different vehicle to move to different locations on your farm site. Any vehicle you use to get around your farm must be properly insured. If you use vehicles to operate this coverage plan allows you to keep your vehicles protected.
Getting Alaska agriculture forestry fishing hunting insurance is the best thing you can do for your business especially if you're in the agriculture, forestry, fishing, and hunting industry. With anything in life we can never predict what will happen, but at least you can live with the peace of mind that if anything were to happen. Taking the time to get the right insurance for your business helps to keep you safe in the times when life can be uncertain.
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 Miscellaneous & Non-Profit Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare Insurance
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Control of Well
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Printers & Publishers
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Security Guard
- Surety Bonds
- Unmanned Aerial Vehicles (UAV) Drone
- Waste Disposal Landfill
- Wedding Planner
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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Also 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.