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Best Business Insurance in Alaska of 2025

Bryan Keith

When running a business, it is important to have insurance. This is because your business could suffer many losses if you do not have the proper coverage. A good policy will also protect you and your employees in case anything bad happens. However, you might be wondering what are some of the best types of policies for your business? We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality. 

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Serving 1,000,000+ Small Business Owners

hartford business insurance logo
4.9

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • NA

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

What are the requirements for business insurance in Alaska? 

Most small business owners are required by law to take out basic insurance. The type and amount of insurance you need depend on the nature of your business and the risks involved.

If you have employees, you must:

  • Take out workers compensation insurance (if it’s available in your state or territory)
  • Take out employer liability insurance

If you have a motor vehicle registered in your business name, you must hold third party property damage insurance

You may also be required to hold other forms of insurance, such as professional indemnity insurance or public liability insurance. 

What are the types of business insurance in Alaska?

The following is a list of the most common types of business insurance policies in Alaska and the coverage they provide:

Workers’ Compensation Insurance

It covers medical expenses and lost wages for employees injured on the job. This coverage is required in most states for companies with employees.

A few exclusions in workers compensation business insurance policy are:

  • If any employee is injured while committing a criminal act. For example, if an employee is caught stealing from the company and gets injured, he/she will not be able to claim compensation.
  • If any employee is injured due to his/her negligence and carelessness at work. For example, if an employee failed to follow safety precautions at work and gets injured, he/she will not be able to claim compensation.
  • If any employee is injured while driving under influence of alcohol or drugs.
  • If any employee is injured while fighting inside or outside the workplace premises.

Commercial Property Insurance

Covers damages to buildings owned by your business and/or office equipment in case of fire, theft, or natural disaster.

As with any other insurance policy, there are exclusions. Some of the more common causes of losses that are excluded from commercial property coverage include:

  • Explosions or implosions, except for explosions resulting from an accidental fire.
  • Earth movement, including earthquakes and landslides.
  • Flooding caused by rising water or tidal wave.
  • A nuclear hazard such as radiation or radioactive contamination.
  • War and military action such as hostile or warlike action in time of peace or war, whether declared or not; civil war; insurrection; rebellion; revolution; or usurped power.
  • Governmental seizure or destruction of property to prevent its seizure by an enemy.

Professional Liability Insurance (Errors & Omissions)

Provides coverage when a client sues for failure to perform services as promised in a contract or agreement, including errors in workmanship or negligence.

Professional liability policies generally do not cover:

  • Bodily injury or property damage to clients or others (covered by general liability insurance).
  • Damages for which the insured is not legally liable (e.g., claims made against a party that is not responsible for the alleged act, error, or omission).
  • Claims relating to the rendering of professional services where professional liability coverage is specifically excluded by contract, agreement, or otherwise with the client. 
  • Defense costs associated with criminal actions (covered by crime insurance).
  • Claims associated with errors in work products that have already taken place at the inception of the policy.

Commercial Auto Insurance

Protects company vehicles and drivers used for your business operations. It is more expensive than personal auto insurance, but it provides much higher limits on bodily injury and property damage claims than personal auto insurance policies.

Here are some of the major exclusions in commercial auto insurance:

  • Losses due to normal wear and tear
  • Losses resulting from nuclear reactions
  • Losses resulting from warlike activities such as riots, strikes, etc.
  • Losses resulting from mechanical breakdowns or failures
  • Malicious acts by you or your employees.

How much does business insurance cost in Alaska?

The cost of this coverage in Alaska varies depending on a number of factors — here are some of them:

Size and location of the business.

Larger companies pay more for workers’ compensation coverage because they have more employees, but they also tend to have more sophisticated risk management plans in place. A larger company might also be able to self-insure some areas or spread risks out among multiple policies.

Industry. 

Some industries are inherently riskier than others and therefore face higher premiums for certain types of coverage. Construction companies, for example, face higher workers’ compensation premiums due to the high risk of injury on worksites. Businesses with many employees also face more risk from employee lawsuits than businesses with only a few employees. The best way to save money on insurance is to make your business less risky through better safety measures, training, and quality control procedures.

Claims history. 

Companies that have made a lot of claims in the past are generally seen as riskier prospects for insurance providers, so they will often face higher premiums as a result. 

Business activities

What your business does, the level of risk associated with it, and the costs associated with repairing any damage or property loss will affect your premium. For instance, an electrical contractor faces different risks than a restaurant owner.

How to choose the best business insurance in Alaska

Here are some tips on how to choose the best business insurance policy:

  • Choose an agent who specializes in commercial policies. An agent who specializes in small business policies will be more familiar with your state’s regulations and laws governing commercial policies as well as the needs of other companies in your industry than a general agent would be.
  • Find out if your industry has specific risks that require special coverage. If you are working in an industry with specific risks, such as construction or food service, it is important to find an agent who can help tailor coverage based on those risks.
  • Choose an insurance company with experience in the type of business you’re running.
  • Decide which types of business coverage your company needs.
  • Shop around for competitive rates and quotes from different companies.
  • Consider all options, including combining policies for multi-policy discounts.