Best General Liability Insurance in Alaska (2024)

Thimble is the overall best company for general liability insurance in Alaska, with average monthly rates of $66 for LLCs with 20 employees and $22 for sole proprietors. The cheapest company is Next. Its average monthly rates are $40 for LLCs having 20 workers and $25 for sole proprietors.

To identify the best general liability insurance in Alaska, MoneyGeek compared the prices, client satisfaction ratings and financial soundness of various providers. Your industry, employee count, location and other factors can influence the best insurer for you. It’s important to pay attention to your business needs when searching for insurance.

The best general liability insurance in Alaska is from Thimble, earning a MoneyGeek score of 87 out of 100. The table below shows our ranking of all companies in Alaska based on their respective MoneyGeek scores and average rates.

The cheapest general liability insurance in Alaska is from Next, which has an average monthly premium of $40 for LLCs having 20 workers and $25 for sole proprietorships. Other factors can affect rates, and Next may not necessarily have the cheapest rates. We primarily considered affordability and gave an equal weighting of 50% to the cost for both LLCs and sole proprietors to rank companies.

Next is the best general liability insurance for employers in Alaska. It has a MoneyGeek score of 91 out of 100 and an average monthly premium of $40. Our analysis for this category is focused on the average monthly cost for LLCs with 20 employees. Your employee count can determine your rates. A business with fewer employees can have cheaper premiums and vice versa.

Thimble secured the top spot for the best general liability insurance for sole proprietors in Alaska, with a MoneyGeek score of 95 out of 100. We analyzed the average costs for sole proprietors without employees and found that Thimble is the cheapest insurer, with an average monthly rate of $22. The cost of your policy depends on many factors, and sole proprietors engaged in high-risk industries might face higher premiums.

General liability insurance is not required for businesses, but it may be useful in some circumstances, such as acquiring business permits or securing contracts in particular industries. This insurance covers legal fees and claims, medical expenses and property damage. It’s a smart way of protecting your finances to avoid shouldering these expenses. It allows you to feel secure about your business funds in case of unforeseen circumstances, like property damage or liability from injury. You can avoid severe financial losses during trying times, especially if you have to pay thousands for legal claims or medical bills.

Certain types of business insurance are required in Alaska. Businesses with more than one employee need to have workers’ compensation insurance, although it’s subject to exceptions. Additionally, companies must have the following commercial auto insurance coverage limits:

• $50,000 for bodily injury or death per person
• $100,000 for bodily injury or death per accident
• $25,000 for property damage per accident

The average monthly premium for general liability insurance in Alaska is $23 for sole proprietors and $53 for LLCs with 20 employees. These rates are based on a policy with a $2 million aggregate limit, $1 million per occurrence limit and $0 deductible.

The occurrence limit is the maximum amount of coverage for individual claims, whereas the aggregate limit is the maximum coverage of your insurance for the entire policy period. For example, your insurance can pay up to $1 million in the event of a claim. However, if you have several claims within a single year, your policy will only pay up to $2 million in total. The deductible is the sum that you need to pay out of your pocket before your insurance coverage begins to pay for a claim.

Many factors can impact the cost of general liability insurance for companies, and different companies will likely have varying rates.

We addressed questions about general liability insurance in Alaska. Here are some questions you might ask when looking for an insurer.