Alaska business owners need dependable insurance so they can recover quickly after a catastrophe. Whether it's a local weather event or an unfortunate incident that happens to your Anchorage business, a well-designed business insurance policy can help you get things back to normal.
A great business insurance plan has many moving parts. Fortunately, you don't have to spend a lot of time learning about your options. When you choose an Anchorage independent insurance agent, you'll have instant access to their experience helping local businesses get the insurance policies they need.
Contact an Anchorage independent insurance agent today to get started.
Why Do Businesses in Anchorage, AK, Need Liability Insurance?
Business liability insurance is a crucial component of any business insurance policy. It covers your financial damages, legal costs, and court costs if you are sued for a number of reasons.
Here are some of your options for commercial liability insurance policies:
- Premises liability insurance: This covers accident-related third-party injuries, illnesses, and property damage to your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by defects in products your business produces, sells or promotes.
- Employment practices liability insurance: This covers lawsuits resulting from accusations of illegal employment practices.
- Cyber liability insurance: This covers financial losses and liabilities after hackers access your computer systems, exposing sensitive personal customer data.
- Pollution liability insurance: This covers clean-up costs and damages after an accident resulting in pollution of the ground, water, or air.
- Commercial vehicle liability insurance: This covers third-party injuries or damage caused by you or one of your employees while driving for company business. Alaska requires this coverage.
Your agent will explain how each of these policies may work for your business. They'll talk with you about your company and make suggestions about other coverages that may protect and benefit you in the long run.
What Insurance Products Cover Your Anchorage Business Property?
In Anchorage, you are most likely to file an insurance claim due to winter storms, fire, and flooding. Your commercial property insurance policy covers losses for many common issues faced by Alaska business owners.
If you want coverage for damage due to flooding, you'll need a commercial flood insurance policy. Your agent can talk with you about your risks and walk you through your choices. Flood insurance is a smart choice for most Anchorage businesses. This inexpensive add-on coverage pays for necessary repairs to your business property after a covered event.
You may need other specialized insurance products to further protect your business. Here are some options:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
- Boiler and machinery insurance: This covers the repair or replacement of a broken-down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
- Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.
After getting to know you and your company, your independent agent can recommend the coverages that fit your business and your budget. They'll help you make sure your coverage limits are high enough to rebuild after a disaster, too.
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Why Is Business Interruption Insurance a Good Idea in Anchorage, AK?
After a major catastrophe, you may have to take time away from day-to-day business to rebuild your company's property and replace lost merchandise, fixtures, computers, and furniture. During the time that your doors are closed, your income will be significantly reduced or maybe even eliminated.
According to FEMA, common disasters in Alaska include fires, earthquakes, severe storms, straight-line winds, landslides, and flooding. After these types of events, you may need to wait for a city inspector to clear you to open your business once you've made the needed repairs.
Closing your Anchorage business can be financially devastating, even if it's just for a few weeks. With business interruption insurance coverage, you'll be able to continue to pay your regular monthly bills and keep key employees on the payroll after a covered event.
Your agent can talk with you about how business interruption insurance may work in your situation. They'll also help you get a policy with enough coverage to keep your business afloat, even after a major disaster.
Do Businesses in Anchorage Need Worker's Compensation Insurance?
Anchorage businesses must follow Alaska's laws about providing worker's compensation coverage to employees. You must provide your workers with this crucial coverage if you have one or more employees.
Worker's compensation insurance provides financial support for workers who are injured or become ill on the job. If staff require medical attention, the policy pays those costs, regardless of who is at fault for the accident or incident. Worker's compensation insurance also pays disability benefits to injured workers who can't return to their job.
Working with an independent agent to find an insurer who provides worker's compensation policies in your niche could save you money. Your agent can help you navigate this complicated and legally mandated coverage.
What about Insurance Products for Employee Benefits Packages?
Employers who provide health insurance and life insurance as part of their benefits package have an easier time retaining and attracting top talent. Your benefits package is an important part of what draws employees to your business.
While offering supplemented health and life insurance isn't cheap, there are cost saving benefits to employers. You have many options when it comes to choosing an insurance company that will provide value to your employees. Let your agent help you find a great insurer with coverage that fits your company's budget.
Why Work with an Independent Insurance Agent in Anchorage, AK?
With the right types of insurance from a reputable company, you can concentrate on the day-to-day business of running your company. Working with an independent Anchorage insurance agent means you'll have an expert by your side, even after you purchase your policy.
Contact an independent insurance agent in Anchorage, AK, today to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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