Alaska General Liability Insurance – AK
Alaska General liability insurance is crucial coverage to have for any businesses big or small.
This form of insurance shields your business against several claims stemming from harm to third parties or your customers.
The fact is that all businesses face some level of risk, which is why they require general liability insurance.
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This type of coverage can help protect your business against claims related to malpractice or bodily injury.
General liability insurance in Alaska can be had in different types of coverage, and the one you must have will depend on the kind of business you operate.
For example, if you have a construction business, then you will need a higher level of general liability insurance coverage.
5 Key Reasons Why You Need General Liability Insurance in Alaska
One of the many common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that operating any kind of business is already risky.
General liability insurance in Alaska not only protects your business against claims arising from injury and property damage but also from any issues as a tenant if you are renting a space.
Further, it provides coverage for not only your business but also your employees against claims originating from injury or property damage to third parties.
Apart from being an all-important part of your business, here are 5 key reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Alaska
If you are a handyperson, you already should be aware of the cash you can give up if you fall ill.
As a handyperson, you are not covered by government workers’ compensation perks, therefore you should check out AK handyman insurance.
Research indicates that injuries to independent workers in Alaska were up by a whopping 12 percent.
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When you buy Alaska general liability insurance, you are protected financially for medical costs related to the injury at the worksite.
Depending on the general liability insurance policy you choose, you may also be eligible for compensation for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to get general liability insurance in Alaska.
If your company runs services that can cause injury to others including clients, then getting general liability insurance should not be an option.
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One good example of this is AK dog walker insurance, which shields your pet sitting business if the dog causes injury to others.
Another example is when you are restoring your client’s drywall, and they slip over your tools, then you will be have to pay for their injury.
If you buy general liability insurance in Alaska, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Alaska is to shield your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly break an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance policy.
Alaska General liability insurance can help shield your business against any lawsuits stemming from claims that you poorly deliver services as promised.
Things such as poor workmanship can be covered under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance provider to check if they provide this type of insurance.
While general liability insurance covers your business against several different sorts of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling things under your own label, then it is wise to have general liability insurance in Alaska, and here is why!
If a person claims bodily harm due to the use of your business’s products, then general liability insurance will shield you against these sorts of claims.
And if you sell your products online, then it is a smart idea to check out AK ecommerce insurance to better protect your interests.
Take, for example, your organization is selling facial creams, and a client has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Protected Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are some things that may not be covered under your insurance terms.
The first thing that may not be covered is against incidents not related to your services. Employee illnesses may also not be covered under your general liability insurance contract.
As a business, you may be storing several expensive tools in your truck or even at your end user’s property.
If these accessories do get stolen, you will have to get specialized general liability insurance.
In the incident of theft of your personal tools, your truck insurance policy will not cover these tools against theft.
Another area where general liability insurance may not offer coverage is if you make errors in your services.
When buying general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not pay costs that are higher than your policy limit.
Different Types of General Liability Insurance
General liability insurance is a widely used term for several types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL form of insurance covers your business against claims that cause bodily injury or property damage to others.
Further, general liability insurance also covers your corporation against reputational harm or oversight in your advertising.
Certain examples of things general liability insurance will shield your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes claims against your business that originate from errors in the services you provide.
For example, if you are a chartered accountant that gives a client with wrong figures, and they sue you, professional liability insurance will provide the legal expenses.
If you provide professional services to people, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your organization has several staff, opting for employee liability insurance is a wise idea.
This kind of insurance covers your employees against any injury they may sustain at the workplace.
Furthermore, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The price for general liability insurance varies across insurance providers. It depends on a lot of different factors including the sort of business you are running.
For example, if you are running a construction business, then the charge for your premiums will be above that other forms of businesses, hence you should check out AK roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you select to pay annually.
High-risk industries can expect to pay higher premiums such as construction categories.
You can save funds if you pay for your insurance contract in full annually.
Furthermore, you can also save money on your general liability insurance policy if you group all your policies under one insurance company.
You should also minimize your company claims on your general liability insurance contract.
How to Locate General Liability Insurance Companies in Alaska?
When finding the best general liability insurance provider in your area, it is important to check the organization’s reputation.
You should then determine your coverage limit, where the higher the limit, the higher the cost of premiums.
But it is highly important that you select the right amount of coverage.
If you are unsure about the coverage limit you need, speak to your general liability insurance company to help evaluate your business risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.