Fairbanks Business Insurance

Your Complete Guide to Fairbanks, AK Business Insurance

Independent agents help you get the right business insurance with the lowest rates.

Fairbanks Alaska homeowners insurance

Living and working in Alaska presents a unique set of challenges. Business owners in Fairbanks need dependable insurance so they can resume normal day-to-day activities as quickly as possible after a disaster. 

Your commercial insurance policy has a lot of moving parts. You don't have to become an expert to get the best policy at the lowest price. When you work with a Fairbanks independent insurance agent, you'll have access to their experience and knowledge about local insurance requirements. 

Contact a Fairbanks independent insurance agent today to get started. 

Why Do Businesses in Fairbanks, Alaska Need Liability Insurance?

Business liability insurance offers a layer of financial protection after a liability lawsuit. There are many aspects of your business that you don't have control over. If someone hurts themselves on your property, your company could be liable for damages. 

Liability insurance covers your legal fees, court costs, and damages after a covered event or incident. If you are sued for any number of reasons, your liability policy helps pay the bills. 

Here are some of your options for commercial liability insurance policies:

  • Premises liability insurance: Accident-related third-party injuries, illnesses, and property damage on your business property. 
  • Product liability insurance:  Third-party injuries, illnesses, and property damage caused by defects in products your business produces, sells or promotes.
  • Employment practices liability insurance: Lawsuits resulting from accusations of illegal employment practices.
  • Cyber liability insurance: Financial losses and liabilities after hackers access your computer systems, exposing sensitive personal customer data.
  • Pollution liability insurance: Clean-up costs and damages after an accident resulting in pollution of the ground, water, or air.
  • Commercial vehicle liability insurance: Third-party injuries or damage caused by you or one of your employees while driving for company business. (Alaska requires this coverage.) 

Talk with your agent about these options and find out if your company may benefit from extra liability coverage.

What Insurance Products Cover Your Fairbanks Business Property?

In Fairbanks, you are most likely to file an insurance claim after damage from winter storms, fire, or flooding. Your business property policy covers losses after most types of damage-causing events in Alaska. 

A commercial insurance policy doesn't cover damage from flooding, however. Your agent can help you get a commercial flood insurance policy that can help cover your losses after flood-related damage. 

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 & 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.

Your Fairbanks independent agent will get to know you and your business. They'll recommend coverage that you may not have thought of. They can also help you balance coverage with cost, so you get the best value for your dollar. 

Why Is Business Interruption Insurance a Good Idea in Fairbanks, AK?

If your business suffers major damage, you may have to shut down while you rebuild. Business interruption insurance provides funds to keep your monthly bills paid. You may even be able to keep key employees on the payroll for a while, eliminating the need to rehire when you reopen. 

According to FEMA records, Alaskan business owners suffer damage and losses due to fires, earthquakes, straight-line winds, landslides, and flooding. After damage from these catastrophic events, you may have to wait for inspectors to clear your business to reopen. This can extend the time you'll need to remain closed. 

Closing your business in Fairbanks, even for a few days, can be financially stressful. Business interruption insurance helps you pay the bills and focus on reopening as quickly as possible. Talk with your agent about how this coverage may benefit your business, specifically. 

Do Businesses in Fairbanks Need Worker's Compensation Insurance?

Fairbanks businesses must follow Alaska's laws about providing worker's compensation coverage to employees. If you have more than one employee, your business has to pay for this coverage. 

Worker's compensation insurance handles medical bills for workers who are injured or become ill on the job. If they require ongoing medical care or have to use disability benefits, the policy also pays those bills. 

Your worker's compensation insurance premiums are based on the statistical likelihood that your employees will be hurt while performing their work duties. It's also based on your past claims history and your safety practices. 

Your agent can help you get the lowest possible worker's compensation rates by matching you with a company that specializes in providing this coverage to employers in your niche. 

What about Insurance Products for Employee Benefits Packages?

If you provide health insurance and life insurance to your employees as part of their benefits package, you may have an easier time attracting and retaining top talent. 

Life insurance and health insurance aren't cheap, but there are proven long-term cost benefits associated with providing this crucial coverage to your employees. Your agent can talk with you about your options and help you find a policy that provides your employees with great value while staying within your company's budget. 

Why Work with an Independent Insurance Agent in Fairbanks, AK?

When you work with a Fairbanks independent insurance agent, you'll get the benefit of working one-on-one with an insurance expert. Your agent can help your company stay in compliance with local laws about business insurance. Even after you purchase your policy, you'll have an expert by your side to help with claims. 

Contact an independent insurance agent in Fairbanks today to get started. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.census.gov/quickfacts

https://www.fema.gov/disasters

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https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181/

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx

https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits

https://www.city-data.com/city/Fairbanks-Alaska.html