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.

Loading...
Loading...

Best Workers’ Compensation Insurance in Alaska

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.

Loading...
Loading...

Cheapest Workers’ Compensation Insurance in Alaska

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.

Loading...

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).

Loading...

Best Workers’ Compensation Insurance for Micro Businesses in Alaska

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.

Loading...

Best Workers’ Compensation Insurance for Midsize Businesses in Alaska

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.

Loading...

How Much Is Workers’ Compensation Insurance in Alaska?

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.

Loading...
Loading...

Factors That Impact Workers’ Compensation Costs in Alaska

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

Loading...

Do You Need Workers’ Compensation Insurance in Alaska?

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.

scale icon
WORKERS’ COMP PENALTIES IN ALASKA

In Alaska, there might be penalties and other consequences if the required workers' compensation insurance is not provided. This can include things like:

  • Fines
  • Being shut down until workers’ compensation is obtained
  • Jail time

What Does Workers’ Compensation Insurance Cover in Alaska?

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.

Workers’ Comp Resources for Employees in Alaska

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:

  1. Report the illness or injury
  2. Seek medical attention
  3. Notify the employer
  4. File a workers' compensation claim
  5. Cooperate with the claims process
  6. 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.

Frequently Asked Questions About Workers’ Compensation Insurance 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.

Thimble is the top provider of workers' compensation insurance in Alaska. It is the state's most reasonably priced insurer, with average monthly rates of $203. The best insurer for you might depend on your needs, the number of employees you have and other factors.

Thimble has the lowest monthly rates for workers' compensation insurance in Alaska, with average costs of $203. Keep in mind that where you live, payroll expenses and the number of employees will all affect which insurer is the most affordable for you.

Yes, most businesses in Alaska are required to carry workers' compensation insurance. Businesses with one or more employees are typically required to carry workers' compensation insurance coverage under the Alaska Workers' Compensation Act.

Workers' compensation insurance in Alaska typically costs $229 each month. This is higher than the national average.

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


sources