Small Business Insurance Alaska

Alaska general liability insurance, which may also be called commercial general liability, can protect almost all businesses in Alaska.

This type of insurance can help pay for expenses if your business is accused of injuring a non-employee or causing property damage. It can also help pay legal costs fees if someone sues your business for such claims.

For example, an Anchorage homeowner claims that a plumbing company damaged a hardwood floor while repairing a sink. General liability insurance could help the plumbers pay to replace the client’s floor.

Cleaning and construction companies in Alaska may want to include optional tools and equipment coverage with their policy. It can help repair or replace work gear that is lost, stolen or damaged outside of normal wear and tear.

Keep in mind that many commercial landlords and clients will require proof of business liability insurance before they’ll sign a contract with your business.

State law requires almost all businesses with employees to carry Alaska workers’ compensation insurance. If employees are injured or become sick on the job, this type of coverage can help pay for medical care and lost wages if they’re unable to work.

For instance, a worker at a Fairbanks construction company is hurt by a falling object at a job site, needs an ambulance and stays in the hospital overnight. Workers’ comp coverage could help pay for the employee’s medical expenses and help cover lost wages while they’re recovering and unable to do their job.

If your business involves driving, your Alaska insurance needs should include commercial auto insurance. That’s because personal auto policies won’t cover damages from accidents that happen while behind the wheel for work purposes.

Commercial auto coverage can help pay for property damage and medical bills after a situation such as this:

An electrician based in Homer has a fender bender in a company van while leaving a job site, smashing his vehicle and another. Commercial auto insurance could help pay to repair the auto damage. If anyone is hurt, coverage could also help cover medical costs.

Hired and non-owned auto coverage is an optional add-on to commercial auto. It can help cover accident damages If you ask employees to rent vehicles or drive their personal autos for business.

Alaska commercial property insurance, sometimes called business property insurance, can help pay for business property that’s damaged or destroyed after a covered event, such as water, fire or wind incidents.

For example, a kitchen fire at a Ketchikan casual dining restaurant damages the cooking station. Commercial property coverage could help pay to repair the grill and replace cookware that was ruined.

It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Many carriers don’t cover flood and hurricane damage.

If a client claims that your business’s actions caused monetary losses, you could be held responsible for damages. That’s why business insurance packages in Alaska often include professional liability insurance.

Also called errors and omissions coverage (E&O), this type of insurance can help pay for damages after accusations of poor work, missed deadlines or incomplete jobs. It can also help pay for legal defense fees if you’re sued.

For example, a software engineer in Juneau is under contract to build an e-commerce website for a small retail store. The client says that the site doesn’t work according to the terms of the contract and files a lawsuit for lost revenue and the cost to fix the bugs.

E&O coverage could help the software engineer pay attorney fees, court costs and any damages for which they’re held responsible.