Business Insurance in Palmer, AK

Experts break down commercial insurance costs, coverages, & companies for business owners in Palmer, AK.

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Aerial View of Downtown Palmer, Alaska during Summer. Find Palmer, Alaska business insurance.

There are more than 1,000 businesses registered in the city of Palmer. From contracting firms to small family diners, each plays an important role in the local economy. If you are a small business owner in this Alaska city, business insurance can protect your company’s finances when disaster strikes.

Independent agents can help you identify your company’s various exposures and can recommend the best and most affordable business insurance products to cover against each of them. Find an independent insurance agent near you to discover how easy it can be to find the right commercial insurance coverage.

Is Business Insurance Required in Palmer, AK?

Business insurance is not mandatory by law. However, there are times when certain types of coverage may be necessary. 

  • If you are paying on a commercial mortgage, business loan, or business line of credit, your lender is likely to require you to be covered by business insurance until your loan is paid in full.
  • If you are a contractor, you may need to show your prospective clients proof of liability insurance and/or workers’ compensation insurance before they will hire you to do a job.
  • Businesses that own and operate vehicles are required to carry commercial vehicle insurance policies.
  • The state of Alaska requires nearly all businesses to cover their employees with workers’ compensation insurance.

Even if you are not required to have it, business insurance can prove beneficial. It has the potential to save your company from bankruptcy if it is affected by an unexpected hardship like a liability lawsuit, a natural disaster, or a forced closure.

How Much Does Business Insurance Cost in Palmer, AK?

The cost of business insurance can vary significantly from one company to the next because rates are based on several factors such as:

  • The type of business you own and its expected annual revenues
  • The number of people you employ and the types of jobs they do
  • The value of your company’s property and other assets
  • Your company’s various liability exposures
  • The types of coverage you want to include in your business policy package

To find out how much coverage will cost for your Palmer business, you will need to contact a few insurance companies and request customized quotes. Or, if you prefer, an independent agent can do this for you.

Every insurance provider has its own method of calculating rates, so you are likely to be quoted several different prices. Comparison shopping lets you choose the policy that offers the coverage you want at the most competitive cost.

What Does Business Insurance Cover in Palmer, AK?

There are three main parts to every business insurance policy. They are:

By purchasing these three types of coverage and adding additional policies and options, you can build a business insurance policy package customized to your company’s specific coverage needs.

What Does Small Business Liability Insurance Cover in Palmer, AK?

No business is too small to find itself on the wrong end of a liability lawsuit. Commercial liability insurance products are designed to cover expenses like legal defense fees, mediation costs, settlements, and judgments if your company is sued for a covered event.

At a minimum, all business insurance policies include general liability insurance. It covers some of the most common liability risks businesses face. It includes:

General liability insurance covers a lot, but it is not always enough to cover businesses against all of their liability exposures. If needed, an independent agent can help you review other types of liability coverage such as:

  • Errors and omissions insurance: This covers your business and the people who work for you against accusations of professional errors that cause clients to experience financial losses, injuries, or other harm.
  • Employment practices liability insurance (EPLI): This covers your business against accusations of illegal employment practices like harassment, discrimination, wrongful termination, and retaliation.
  • Cyber liability insurance: This can cover your company’s financial obligations to affected individuals if hackers break into your business’s computer network and access their personal, financial, or other data.
  • Commercial vehicle liability insurance: This covers your business’s financial responsibilities to others if you or one of your employees causes an accident while operating a company vehicle.
  • Workers’ compensation insurance: This shields your company from potential liability lawsuits by covering medical care, lost wages, and other losses if an employee is injured on the job or is diagnosed with an occupational illness.

These are just a few of the many commercial liability insurance products available to you. Your insurance agent can help you determine which, if any, kinds of coverage are a good fit for your business and can help you find the most affordable policies.


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What Kinds of Property Coverage Does Business Insurance Offer to Companies in Palmer, AK?

All business insurance policies include commercial property insurance. This coverage is designed to pay for repair or replacement costs if your business-owned property is damaged or destroyed in a covered event. Covered hazards include:

  • Fires, explosions, and smoke damage
  • Property crimes, like shoplifting and vandalism
  • Severe weather events, like thunderstorms, windstorms, snowstorms, ice storms, and prolonged freezing temperatures

Commercial property insurance covers a lot, but it does have some exclusions, so purchasing supplemental coverage may be necessary for some businesses in Palmer. Some commercial insurance policies you may want to consider include:

  • Inland marine insurance: This covers your company’s portable property when it is being transported over land and when it is located away from your place of business, such as at a job site or in a warehouse.
  • Flood insurance: Commercial property insurance does not cover flood damage. Floods can pose a serious risk in Palmer when snow and ice melt and during periods of prolonged heavy downpours. Fortunately, businesses can affordably purchase up to $500,000 in structural coverage and $500,000 in contents coverage through an NFIP-backed commercial flood insurance policy.
  • Earthquake insurance: Palmer has a very high risk of earthquakes. The US Geological Survey reports a 99.99% chance that this city will experience a significant earthquake within the next 50 years. Damage caused by seismic events is not covered by commercial property insurance, so you may want to consider supplementing it with commercial earthquake insurance.

When you work with an independent insurance agent in your community, your agent will be familiar with all the risks your business faces and will be able to match you up with suitable policies to cover against them.

How Does Business Interruption Insurance Protect Companies in Palmer, AK?

A recent winter windstorm brought 90 mph gusts to the Palmer area. The storm’s winds destroyed signs, roofs, and windows. It also caused significant damage to commercial vehicles and small airplanes, as well as widespread power outages.

In addition to the damage caused by winds, the absence of power caused pipes to freeze, and many businesses were significantly damaged by water and ice when these pipes burst.

Following this disaster, some area businesses had to remain closed for several days while repairs were made. This is an example of when business interruption insurance can come to the rescue.

Business interruption insurance is designed to provide companies with a continuation of income if they are forced to temporarily close down because of damage caused by a covered event.

When you have this coverage, your business will have the funds needed to continue paying regular expenses like payroll, taxes, loan payments, and rent when it is unable to generate income due to damage caused by a covered event.

What Insurance Products Can Small Businesses Include in their Employee Benefits Packages?

Businesses that offer a competitive benefits package have an advantage when trying to recruit and retain some of the area’s best and most talented employees.

If you want to put together an employee benefits package, a local independent agent can help you find suitable and reasonably priced products like:

Your agent can also help you be sure that many area doctors and medical centers accept the health insurance policy you choose.

What Are the Best Business Insurance Companies in Palmer, Alaska?

The best business insurance companies in Alaska are the ones that have a proven track record of providing exceptional customer service, reliable coverage, and competitive prices.

Local independent insurance agents have teamed up with some of the top insurance providers servicing the Palmer area. This means you can rest assured that any policies your agent recommends to you are coming from dependable providers.

How Can an Independent Insurance Agent in Palmer Help Business Owners Find the Best Coverage?

Independent insurance agents can perform a complete risk assessment of your business to help ensure that you do not have any unintentional gaps in your coverage. These agents are free to work with multiple insurance companies to find the policies you want at the most competitive rates.

Arrange an obligation-free consultation with an independent insurance agent near you to get more information and to start comparing customized business insurance quotes.

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