Alaska General Liability Insurance
Alaska general liability insurance is the most inexpensive way to protect your business in the event of damage to a customer or a customer's property. You can protect any kind of business using this kind of coverage. From restaurants, to hotels, to AK pharmaceutical manufactures, all can benefit from Alaska general liability insurance.
Alaska law requires that any company with employees be covered under a liability policy. No matter whether you own a small business or a large corporation you will need Alaska general liability insurance. You can talk to your AK advisor to determine what the requirements are for your specific company.
Classes of Insurance
The two more popular classes of liability insurance include public, and product. Both are usually covered under commercial liability insurance. What your business does will determine what types of coverage you need. You will want to identify your risks prior to shopping for your Alaska general liability insurance to determine what you want your coverage to include.
Public liability covers your risk to the general public in Alaska. There are specific additions you can include in your policy that can cover a specific risk. For instance, a manufacturing firm may want to include pollution protection. Other good examples would include hotels, pubs, resorts, or theatres. If alcohol consumption is part of your business, the risks and premiums will increase.
Product coverage includes the manufacturing or supplying of goods in Alaska. These would include vehicle manufacturers, medical devices, chemicals, or any other type of goods that are produced and sold to the public or other businesses. This would cover you for defects or damages resulting from a poor product.
Costs for Insurance
Costs for Alaska general liability insurance are generally determined by two factors, perceived risk and the requirements of the state. Perceived risk is determined by what type of work your company performs. For instance, if you own a fishing lodge in Alaska, your risk would be more than if you own a greeting card company. Your risks would especially increase if you not only own a fishing lodge, but you also provide fishing excursions to your customers. Due to the increase of risk to your customer, your premiums will be higher.
Most Alaska general liability insurance policies will have a maximum payout in the event of a claim. If you want to increase your coverage, you might want to purchase an umbrella policy. An umbrella policy will cover you for anything beyond your general insurance limits.
There are several ways to minimize claims on your Alaska general liability insurance policy. The best ways include involving your employees in a safety and quality program. You can go about this in a variety of ways. The important thing is that you stress the importance of safety and quality to everyone in your organization.
You may want to develop a training program that you include in your monthly meetings with your employees. These programs should be designed to train your employees on safety and quality. Some general coverage carriers will give you a discount if you institute this type of program. Talk to your provider to determine if they have discounts available.
Choosing a Carrier
There are many ways to choose an Alaska general liability insurance provider. You can shop online and save money by comparing quotes. You could talk to your existing insurance provider to see if they offer general liability in Alaska. You could also talk to your local Chamber of Commerce to get names of local Alaska providers in your area.
You should always review your policies carefully to ensure your coverage is what you deem necessary and cost effective compared to your risk factor. If there is something you do not understand, ask questions. Keep your records up to date. Most general carriers will perform a yearly audit of your records to determine if your risks have changed.
In the case of a claim, you will want to cooperate with your policy provider's investigation. Create a record of the claim including employee statements, photos of the accident site and cause of the accident. If a police report is filed, you will want to make sure you get a copy of the report as well for future reference. Most general insurance policies will not cover any crimes or intentional damage caused by you or an employee.
Alaska general liability insurance is affordable and required if you have employees. There are several policies available to meet your needs. Review your potential risks to determine what kind of coverage you want. Be sure to shop online to compare quotes from several carriers before you make your purchase. No matter whether you own a restaurant or fishing lodge, you will find a liability policy to meet your needs.