Best General LiabilityAlaskaBest General Liability Insurance in Alaska (2023)
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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.
Best General LiabilityAlaskaBest General Liability Insurance in Alaska
Best Overall - Thimble
Cheapest - Next
Best for Employers - Next
Best for Sole Proprietors - Thimble
Best Overall General Liability Insurance in Alaska
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.
How was this MoneyGeek score calculated?
Best OverallScore: 87
1/5LLC Affordability
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS
Most affordable option for sole proprietors
High financial stability rating
Get quotes quickly
CONS
Higher rates for LLCs with 20 employees
Low complaint score
Company Highlights
Thimble offers affordable rates for sole proprietors, with an average rate of $22 per month. However, it’s not the cheapest option for LLCs with 20 employees, as its average premium is $66 per month. It also has a high financial stability rating, which means it can fulfill its obligations in case you file a claim. You can also get a quote within seconds, making it easier for you to compare rates from different insurers.
Cheapest General Liability Insurance in Alaska
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.
How was this MoneyGeek score calculated?
CheapestScore: 88
5/5LLC Affordability
1/5Sole Proprietor Affordability
0/5Customer Satisfaction
2/5Financial Stability
4/5Online Quote Process
PROS
Cheapest option for LLCs with 20 employees
Get a quote in less than two minutes
CONS
Higher rates for single proprietors
Low financial stability rating
Company Highlights
Next provides low rates, particularly for LLCs with 20 employees. Although sole proprietors may find cheaper premiums from other companies, Next may still be a good option. Next has a somewhat efficient quote generation process, taking just over a minute to obtain a quote. If you’re in a rush to know the cost of your insurance or if you’re comparing rates, Next might be of huge help.
Next received the lowest score for financial stability, reflecting the insurer's uncertain ability to fulfill its responsibilities.
Best General Liability Insurance for Employers in Alaska
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.
How was this MoneyGeek score calculated?
Best for EmployersScore: 91
5/5LLC Affordability
0/5Customer Satisfaction
2/5Financial Stability
3/5Online Quote Process
PROS
Affordable rates
Get a quote in a couple of minutes
CONS
Low financial stability score
Poor customer satisfaction
Company Highlights
Next offers the cheapest rates for LLCs with 20 employees. It might also be a good company to check if you're in need of a quick estimate for your insurance costs or if you're actively comparing rates since it has the fastest quote process out of the insurers we evaluated. You might only need two minutes to know how much your premiums will cost. Next has a low financial stability score, which could mean that it might have problems meeting its financial responsibilities to its clients. Next receives more complaints than the industry average, according to its low customer satisfaction score.
Best General Liability Insurance for Sole Proprietors in Alaska
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.
How was this MoneyGeek score calculated?
Best for Sole ProprietorsScore: 95
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS
Cheapest rates for sole proprietors
Financially stable
Get quotes quickly
CONS
Low customer satisfaction rating
Company Highlights
Thimble offers the most affordable rates for sole proprietors, with an average monthly rate of $22. It can give you a quote in just 27 seconds, making it a good option for comparing quotes while you’re still shopping around. This company also has a high financial stability rating, indicating that it’s more likely to have the capacity to meet its obligations to its clients. Thimble received a low customer satisfaction score. This means it received more customer complaints compared to the industry standard, as per the NAIC index.
Do You Need General Liability Insurance in Alaska?
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
SMALL BUSINESS RESOURCES IN ALASKA
The Alaska Small Business Development Center offers workshops to help with business growth. They are available as on-demand videos or sometimes as live events.
How Much Is General Liability Insurance in Alaska?
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.
Factors That Impact General Liability Insurance Costs in Alaska
Many factors can impact the cost of general liability insurance for companies, and different companies will likely have varying rates.
Policy limits
Higher coverage amounts can lead to higher rates because your insurer will have to pay more in the event of a claim.
Number of employees and payroll costs
Having more employees and increased payroll costs may result in higher premiums. A smaller employee roster and lower payroll costs can result in cheaper premiums. The $30 monthly price difference in Alaska between sole proprietors and LLCs with 20 employees highlights this.
Business location
Operating in high-risk areas raises your premiums because of the increased possibility of harm or accident. The average premiums we’ve collected may differ for every city.
Claims history
Insurance companies may also look at the number of claims you have filed in the past. More claims could be a sign that you are high-risk, and this could raise the cost of your policy.
Industry
Businesses in high-risk industries could receive higher rates because they’re more prone to physical injury liabilities. The table below shows the average cost of general liability insurance for cleaning businesses, software development companies and general contractors in Alaska.
Frequently Asked Questions About General Liability Insurance in Alaska
We addressed questions about general liability insurance in Alaska. Here are some questions you might ask when looking for an insurer.
About Melissa Wylie
sources
- Alaska Small Business Development Center. "Workshops." Accessed May 11, 2023.
- Department of Labor and Workforce Development. "Workers' Compensation Requirements For Employer." Accessed May 11, 2023.