Best Workers' Compensation Insurance in Alaska (2024)

MoneyGeek evaluated insurers for their cost, financial stability, customer service and ease of obtaining online quotes to determine Alaska's best workers' compensation insurance. With strong ratings across these areas, Thimble scored the best.

To protect themselves from possible monetary and legal responsibilities, small business owners in Alaska are required to carry workers' compensation insurance. This insurance covers medical costs, lost salaries and possible lawsuits should a worker become sick or hurt while at work.

Based on MoneyGeek's analysis, Thimble is the best worker's compensation insurance provider in Alaska. Workers' compensation insurance from Thimble is priced at $203 on a monthly average, but this may vary based on circumstances specific to your company.

The most affordable workers' compensation insurance in Alaska is offered by Thimble, with monthly rates averaging $203. The number of employees and payroll affect insurance prices significantly. For companies with 20 employees and $1,250,000 in yearly payroll costs, Thimble offers the best value.

To identify the least expensive option, the table below ranks insurance companies by their average monthly rates. The most affordable option for you might [depend on other factors] (#factors-that-impact-workers-comp).

The best workers' compensation insurance provider in Alaska for companies with five employees is biBERK, with an average monthly rate of $65.

The number of employees impacts your workers' compensation insurance cost, but payroll is often the biggest expense. We identified the best workers' compensation for micro businesses in Alaska, which includes businesses with fewer than 10 workers, by collecting estimates for a company with a staff of five and yearly payroll expenses of $312,500.

The best workers' compensation insurance in Alaska is provided by Thimble, with a $932 monthly rate for companies with 100 staff members.

Payroll is a significant factor in workers' compensation costs, in addition to the number of employees. To determine the best workers' compensation for midsize businesses in Alaska, we compiled estimates for a business with 100 staff members and a $6,250,000 yearly payroll.

For companies with 20 employees, workers' compensation insurance in Alaska averages $229 every month, making it more expensive compared to the $168 monthly cost across the nation. Our sample policy limits include:

• $1 million total policy limit
• $1 million per employee limit
• $1 million per accident limit

This means the insurance policy will pay up to $1 million for any accident and $1 million for each employee, up to the $1 million total policy limit. You will need to cover any additional wages lost or higher-than-expected medical costs incurred by the worker, though.

The number of employees and yearly payroll are two of the most important variables affecting insurance premiums. The chart below shows how the price of workers' compensation insurance in Alaska fluctuates depending on the number of employees.

There can be a big difference in the price of workers' compensation insurance between businesses. The following factors can impact premiums.

Alaska requires businesses with at least one worker or more, whether they are working part-time or full-time, to have workers' compensation insurance. There are some exclusions for certain businesses, including contract entertainers, part-time babysitters and sports officials for amateur events, among others.

Obtaining workers' compensation insurance in Alaska is necessary to secure your financial security, even if you are exempt. You take full financial responsibility for any work-related damages if you choose not to purchase workers' compensation insurance. This could result in significant costs and legal action from the harmed worker.

When it comes to workers’ compensation insurance, note that the employer is the policyholder. Various costs and benefits associated with work-related accidents or illnesses are often covered by workers' compensation insurance in Alaska. The following are some of the main areas that workers' compensation insurance normally covers:

• Medical expenses: This is for diseases or injuries sustained at work and can include check-ups with the doctor, admissions to a healthcare facility, operations and other essential services.
• Lost wages: This is for wage replacement benefits if a worker cannot continue to work as a result of a sickness or injury sustained on the job.
• Vocational rehabilitation: This is for funding services such as work retraining, skill development, aid in finding a job and other forms of assistance.

The specifics of workers' compensation coverage may change based on the insurance plan, the type of accident or illness and other variables.

The Alaska Department of Labor and Workforce Development's Division of Workers' Compensation is responsible for managing workers' compensation in Alaska. Workers in Alaska must take the following steps in order to submit a claim and receive benefits:

3. Report the illness or injury
4. Seek medical attention
5. Notify the employer
6. File a workers' compensation claim
7. Cooperate with the claims process
8. Review and appeal

Based on what happened and the type of accident or illness, different procedures and regulations may apply when making a workers' compensation claim in Alaska.

It is crucial to pick the best provider for workers' compensation insurance in Alaska, but there are a number of factors to consider. Learn the answers to frequently asked questions regarding Alaska's best workers' compensation insurance.