Alaska General Liability Insurance

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Alaska General Liability Insurance Policy Information

AK General Liability Insurance

Alaska General Liability Insurance. AK general liability insurance protects your business against property damage, advertising injury claims, personal injury claims, and bodily injury claims. Such claims could jeopardize the success and reputation of your business.

As a business owner or small contractor, you require a form of general liability protection, to shield you from such unexpected situations. A single accident might lead into a lawsuit that is beyond your financial abilities. When that happens, you will be staring at losing your source of livelihood. That is where general liability insurance comes in.

Alaska general liability insurance pays for cost of third-party lawsuits over slip-and-fall injuries, property damage and more. Get a fast and affordable quote in AK.

What Does General Liability Insurance Cover?

Businesses are inherently risky. The good news is that some of the risks can be protected. General business liability insurance helps to safeguard your business against various known and unknown risks. Some of the areas in your business that are covered by Alaska general liability insurance include:

  • Property damage and bodily injury: The property damage and bodily injury helps to protect your business against various business claims as well as claims alleging financial loss as a result of bodily injury or property damage, occurring out of your products or business operations. Slip an fall is covered here.
  • Advertising errors: This protects your AK business from certain claims where others claim that your business has infringed on certain copyrights when advertising your goods, services or products.
  • Reputational harm: The reputational harm protects your business against claims of malicious prosecution, false arrest, slander, libel, wrongful eviction and violation of privacy rights, just to name a few.
  • Damage to rented premises: This helps to protect your company from certain claims that might occur during your business operations. This may be occasioned by lightning, fire or explosion.
  • Medical payments: Alaska general liability insurance will protect your business against medical claims brought forward, when someone gets injured in your business premises and requires medical treatment.
  • Some clients might also need you to agree to a certain level of general liability before you can provide goods or services to them. With AK general liability insurance, such issues are adequately handled.
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AK General Liability Insurance Cost

The cost of your Alaska general liability insurance coverage is determined by various factors. They include the business type, location of your business, the total number of employees in your business, as well as the risk level your business is exposed to. For example a roofer working on a roof faces much higher risks than an accountant sitting in an office behind a desk.

In our litigious society, more and more businesses are being sued due to issues like libel, slander, property damage, and bodily injury, just to name a few. Apart from that, businesses can be sued even when they have not done anything wrong. That is why your business requires general liability insurance protection.

AK General Liability Insurance By Industry

Small Business

Protect your company and employees with AK commercial insurance. Read informative articles on Alaska small business insurance coverages - and how they can help shield your company from legal liabilities.

Construction Contractors

Learn about Alaska construction contractors insurance, including how much the premium costs and what is covered - and how commercial insurance can help protect your AK construction business from lawsuits.

Contractors and Home Improvement

Learn about Alaska contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your AK business from lawsuits.

Commercial Property

Read up on Alaska commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.

Professional Services

Get informed about Alaska professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.

Advertising, Marketing and Media

Learn about Alaska media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.

Real Estate

Learn about Alaska real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.

Retail

Read valuable Alaska 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.

Auto Service and Repair

Read about Alaska auto service & repair insurance, which provides protection for damages done to customers vehicle's and other property as well as injuries resulting from the work done.

Health and Beauty

Learn about Alaska health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.

Information Technology and Internet

Learn about Alaska IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.

Food and Drink

Learn about Alaska restaurants, bars, liquor stores commercial insurance coverages. See how food service insurance help protect against accidents, oversights and lawsuits resulting from business operations.

Medical and Dental

Discover Alaska business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.

Manufacturing and Wholesale

Read informative articles on Alaska manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.

Education, Colleges, Universities & Schools

Learn about Alaska commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.

Sports and Fitness

Learn about Alaska sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected.

Children and Pets

Discover what Alaska commercial insurance policies cover for children and pet related businesses.

Miscellaneous

Find informative articles on miscellaneous AK businesses including the types of commercial insurance they need, costs and other considerations.

Non-Profit

Find useful articles on business insurance for Alaska non-profit 501(c)(3) organizations, charities and associations.

Arts and Recreation

Read up on Alaska arts and recreation commercial insurance.

Agribusiness

Learn about AK agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.

Commercial Auto

Learn about Alaska commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.

Alaska General Liability Insurance Information

AK Commercial Insurance Articles

Read informative articles on Alaska commercial insurance including costs and coverages.



Alaska Economic Data, Regulations And Limits On Commercial Insurance

Made In Alaska

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.

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Also find Alaska insurance agents & brokers 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.

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