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The Last Commercial Frontier: Alaska Business Insurance

More than 80% of the revenues in Alaska come from the oil and gas industry. That means Alaska business insurance quotes need to include property liability for things like heat pipes and barrels; premises liability that may extend for miles; and workers’ compensation for employees all over the place. There’s a lot to keep track of regardless of what business you’re in. Fortunately, through smart shopping Alaska business insurance is affordable and reliable.

The Quakes

According to the Alaska Earthquake Information Center, Alaska is “by far the most seismically active state in the U.S.” Translation: prepare for the worst. Whether you own a retail store in Juneau or a restaurant in Anchorage, standard insurance is unlikely to cover damage to the building and its contents that results from an earthquake. Since that damage can be extensive within seconds, and with no real physical defense, you need earthquake insurance as part of your Alaska business insurance quotes. The long-term benefits definitely outweigh the costs.

Alaska Workers’ Compensation

When you live in the largest state in the U.S., and you operate a large business, there may be a lot of ground to cover for your employees. When you begin reviewing Alaska business insurance quotes, it’s important to know the details of the Alaska Workers’ Compensation Act. For starters, every employer with one or more employees in Alaska is required to purchase a workers’ compensation policy unless the state approves you as a self-insured employer. There are other exceptions to this part of Alaska business insurance. Members of an LLC and commercial fishers, for example, are excluded. But there are also unique inclusions; volunteer fire fighters are included as employees of the fire department. Make sure you read the act to know how it relates to your business.

Alaska Business Insurance for Commercial Fishing

For commercial fishers, you won’t need to look up workers’ compensation as part of your Alaska business insurance quotes. The Fishermen’s Fund provides treatment for fishermen licensed in Alaska who are injured on or off shore. License and permit fees from both resident and nonresident commercial fishermen provide money for the fund. The injury or illness must be “directly connected with operations as a commercial fisherman.” When you consider buying Alaska business insurance for your boat, University of Alaska Fairbanks marine advisory expert Terry Johnson says you need to consider four things: hull and machinery, breach of warranty, cargo, and protection and indemnity.

More Requirements

In order to apply for a business activity permit from the state, you’ll most likely have to purchase a minimum amount of Alaska business insurance. This includes comprehensive automobile liability of at least $1 million and commercial general liability insurance between $1 million and $5 million per combined single limit per occurrence. Consult the permit board to figure out your minimums, then use these numbers as the starting point for your Alaska business insurance quotes.

Controlling Costs

The National Federation of Independent Business determined that 86% of small business owners in The Last Frontier have seen Alaska business insurance quotes rise in recent years–often by 100% or more. At the same time, doing business without quality coverage is like embarking on a solo trip through the Arctic National Wildlife Refuge with no supplies. So, what’s the solution? Search. There are dozens of insurers in Alaska available to you. Let a free service like compare rates. It’s quick and thorough. That way, you can find the right coverage at the best price.

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