Alaska Retail Store Insurance (AK) – policies and cost

Retail store Liability Insurance in Alaska  – (AK), is a must have type of insurance to have for any company who conducts business selling to the public from local shops.

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If you’re a Retail store manager, you must buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Alaska? 

But first, a outlet should not to be understood to be a shop. There are many workshops that include the word shop in their name, like repair shop that are not selling products, but provide work to the public.

The latter usually has some sort of registered license, and so they need to buy their own liability insurance in AK. A cashier in Alaska is likely to be younger than the average for the state, and to earn less than the average for Alaska.

Retailers deal in public to sell merchandise to other businesses for household consumption and so need Small Business insurance in Alaska to cover all possible risks.

Retail Store Insurance in Alaska

General statistics

About 6% of the total labor force in Alaska was working in the retail sector in 2020. 

Interesting fact – workers in AK are ten time more likely to find jobs in grocery stores than in appliance stores.

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What are the common forms of retail store insurance policy types in Alaska? 

General liability insurance.

The usual general liability policy for retail stores in Alaska covers a total of $2 million for the whole year, with a boundary of $1 million for a single submission.

Professional liability insurance

Most retailers in Alaska will see the need for a policy of at least $10000, and usually choose considerably more when their own sort of business warrants it. In some cases, the insurance company in Alaska gives a bonus to include a deductible of a few hundred dollars, to stop the nuisance of frivolous claims.

Product liability insurance

The ideal level of cover in AK, is worked out on the type of merchandise that the store markets as well as the value of sales.

Commercial vehicle insurance

As soon as goods leave your premises in Alaska, your standard insurance stops cover. If you are doing your own distribution with a truck, then you require specific policy giving you commercial vehicle insurance in Alaska for the vehicle, the driver and the contents.

Commercial insurance

Retail business depends on stock and a physical shop. This means investing your money into premises and goods, and you cannot afford to let this walk out the door. Commercial insurance in Alaska is especially designed to take into account the risks that can end up costing you a lot of money.

Property insurance

Alaska carries special risks when it comes to buildings, and every business must take out the appropriate cover to protect property and contents. 

As well, the possibility of disasters is increasing because of climate change, so every merchandiser should take care to get all the cover necessary to cover even the most remote possibility.

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Business Income insurance

There has been a history of ups-and-downs in AK, that have hit retail businesses hard. It is clever to get proper cover in place before such a calamity occurs, rather than to expect that you can never be hurt.

Average costs of these types of insurance in Alaska

Although every retail business is unique, there are enough examples of usual quotes from insurance companies in Alaska for us to give rough guidelines. Of course, you should always check with an agent of what’s relevant for your business.

The below list is for annual premiums for the main types of insurance retailers need in Alaska.

Types of insurance Price range
Public liability insurance $325 – $712
Commercial insurance $1115 – $2479
Property insurance $1103 – $3034
Business income insurance $332 – $1239
Commercial vehicle insurance $1784 – $2928
General liability insurance $588 – $1277

Cost of insurance in Alaska depends on many different factors

Please be aware that the above figures are based on averages for small retail businesses. The size and location of your business in Alaska can have a big impact on the cost, and also the type of trade and inventory will.

For Example – a liquor store on the high street has a much different risk of robbery than a bookstore conducting Alaska retail sales that is located inside a large mall, so the costs of the insurance will be very different.

FAQ section:

Do you need business insurance in Alaska?

Most retailers in AK, will have to have at least some insurance, covering laws because they are dealing with the public, and also probably to qualify to be permitted to register with a business license in Alaska . As well, insurance in Alaska is especially designed to take into account the risks that can end up costing you a lot of money.

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What is considered a retail store and what is not?

Some businesses use the word “shop” in their definition, but don’t really act as retailers.

For example:

  • auto repair shop
  • repair shop
  • tattoo shop
  • body shop
  • machine shop
  • motorcycle repair shop
  • auto body shop
  • dram shop
  • coffee shop
  • bike shop
  • tire shop
  • coffee shop
  • mechanic shop

A better wording would be if the business sells several of the following to the public:

  • Specialty products for narrow sectors, like florists, jewellers.
  • Entertainment, communication, and technology goods.
  • Apparel like babywear, kids, women’s and men’s clothing.
  • Food and beverages as in supermarkets, liquor stores, fruit & vegetable grocers and specialty food stores
  • Books, newspapers, magazines and office supplies.
  • Home living and homeware, trade, and gardening goods.
  • Sport, recreation, and leisure goods.
  • General retail as in department stores and clothing retailers.

Where to find the right insurance?

In every town in Alaska you will be able to find a qualified insurance agent or broker that can advise you on your best options. Most independent brokers and agents work six days a week, with the following opening times.

Opening Hours:
Monday – 8:30 AM – 6:30 PM
Thursday – 8:30 AM – 6:30 PM
Wednesday – 8:30 AM – 6:30 PM
Thursday – 8:30 AM – 6:30 PM
Friday – 8:30 AM – 6:30 PM
Saturday – 7:30 AM – 1:30 PM