Anchorage Business Liability Insurance

Anchorage business liability insurance varies depending on the activity of your company. For example, insuring a store in Anchorage, AK, United States will be very different from insuring an office with Alaska business liability insurance. Lots of the same requirements, in terms of liability and property, but you also have different, specific needs.

For example, if you're an architect, and you're setting up an office in downtown Anchorage, AK, you need to have malpractice coverage. Someone might sue you based on building you design, and if it's deemed professional negligence, your basic Anchorage business liability insurance policy won't cover you. Instead, you need a policy called "errors and omissions", or "malpractice" coverage.

Anchorage Store Owners Insurance

You should always check in to liability insurance for small business or large business practices. If someone walks into your Anchorage store, slips and breaks a leg, you will be grateful that you have Anchorage business liability insurance. Anchorage business liability insurance will protect your company from third-party claims related to advertising injury, property damage, personal injury, and, as in this example, bodily injury. Again, this policy will protect you from most third-party claims that may be brought against you; so, if the person with the broken leg sues, you're covered. Liability insurance for small business

If you're selling a product in your Anchorage, AK store, you also need to have an additional policy called product liability insurance. If someone sues you due to an issue with your product, your basic anchorage business liability insurance won't cover you. Product liability coverage, however, will protect you from third-party claims related to damage caused by your product. Luckily, if you're selling or manufacturing relatively harmless products this policy will be pretty inexpensive.

Anchorage liquor stores may need to have a liquor liability policy. If there's a liquor related accident in your store, your basic Anchorage business liability insurance won't protect you. You will want to consider the Alaska dram shop laws if you're opening a liquor store, as you may be held unexpectedly liable. You may want to consult with an Alaska insurance agent to consider whether or not you need a liquor policy for your business.

Furthermore, you need a policy to insure your property, as well. In the case of natural disaster, for example, you need property insurance. Also, if you have a valuable store inventory, you should insure your assets as well. You can insure your assets for cash value or replacement value. You'll want to choose replacement value if it's difficult to replace your inventory, and cash value (which is cheaper) if it's easy to replace your store's contents.

Malpractice

All Alaska professionals need to have malpractice or errors and omissions. If someone attempts to sue you for a mistake you make, you need to have malpractice coverage. Again, your basic Anchorage business liability insurance policy won't protect you for a claim related to professional negligence or an error.

Even if you never make mistakes, it's possible that you may receive a meritless claim about your professional activity. For example, if a client or customer doesn't want to pay you, you may receive a claim regarding professional negligence. If you don't have malpractice coverage, this kind of claim could be devastating for your business. A lawsuit could easily put a small company out of business.

Who needs malpractice coverage? Brokers, technology specialists, architects and many other professionals need this protection. If you think you may need errors and omissions or malpractice, you may want to consult with an insurance agent. If you could receive a claim related to professional error, you shouldn't go without this coverage.

Business Liability Insurance Deductible

If you have a high deductible your premium will be lower. Your deductible and your premium for your Anchorage business liability insurance are inversely related. If you can afford the risk, having a high deductible will most likely save your company money. Of course, you can't set your deductible at an outrageously high number if you can't afford it.

Also, you may want to consider the likelihood that your business may face a lawsuit. If a lawsuit seems like a likely occurrence in the future, you may want to consider a lower deductible. On the other hand, if there are very few reasons in which a customer, client or competitor would sue you, set a high deductible. Of course, if your industry is not particularly risky, the cost of your liability coverage will be much lower anyway.

Consulting with an Anchorage business liability insurance agent can help you set the appropriate deductible. An experienced agent can assess your industry and business risks, and calculate your deductible accordingly. Furthermore, an agent can help you choose a reliable insurer that suits your company, which can be somewhat difficult to find on your own. Generally, the best way to find a quality insurer is to choose a good agent who can do the research for you.

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