Workers’ compensation insurance Alaska with Huckleberry Insurance

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Workers’ compensation insurance Alaska with Huckleberry Insurance

Alaska workers' compensation laws

Insurance is a crucial piece of running a business. For employers in the state of Alaska, this means having workers’ compensation coverage in addition to your standard small businesses insurance plan. The Alaska workers’ compensation act clearly outlines the state laws to which all businesses must adhere. 

Generally speaking, any company that employs a minimum of one full-time or part-time employee must have a workers’ compensation plan in place. However, the Alaska workers’ compensation board has outlined several exceptions to this rule. For instance, if you are or have employees that fall under the following category, then the insurance isn’t required:

  • Part-time babysitters
  • Commercial fisherman
  • Sole proprietors

Here are a few other exemptions that the division of workers’ compensation has outlined for business owners.

No matter if your business is located in Anchorage, Juneau, or anywhere else in the state of Alaska, if you have employees not on the exemption list, then you need coverage. 

Huckleberry can help you find an affordable workers’ compensation plan within five minutes by using our free estimate tool.

Workers’ compensation insurance Alaska with Huckleberry Insurance

How much is Alaska workers' compensation insurance?

Now that we have determined that workers’ compensation insurance is a necessity, let’s discuss what matters: the price. 

Like other insurance products, the actual insurance cost of workers’ compensation is dependent on several factors. One of the biggest determinants of how much you pay for your coverage is the amount of payroll you process. The more employees you have, the higher the payroll, the higher your insurance premiums will be. 

The size of your workforce is only one way that insurance carriers determine where to set your premium. Other criteria generally used include safety history, location, and the industry that your company operates in. 

On average, customers who purchase their workers’ compensation insurance policy through Huckleberry pay $151 per month. However, depending on where you are located in the State of Alaska, you could pay as low as $28 per month for coverage. 

Since there is a big difference between those price points, you must know what you might pay. To help you better understand your potential monthly payments, Huckleberry has created a free workers’ compensation calculator to help you estimate your costs.

Workers’ compensation insurance Alaska with Huckleberry Insurance

Workers' compensation benefits and coverage in Alaska

Even though workers’ compensation insurance is a requirement for nearly all Alaska employers, it makes financial sense to carry the coverage. Regardless of how careful we all are, accidents can happen during the workday. If something does happen, workers’ compensation may protect employees and employers. 

For example, if an employee has a work-related injury, they can file a workers’ compensation claim. Depending on how bad the incident is, work compensation could cover a multitude of items, including:

  • Medical treatment
  • Permanent partial impairment or permanent total disability
  • Lost income
  • Retraining expenses or reemployment benefits
  • Funeral expenses
  • Death benefits
  • Disability benefits for Temporary partial disability or temporary total disability

For employers, having protection in place for injured employees has multiple benefits as well. Not only does it help keep the company protected against potential lawsuits for workplace injury, but it is also something that many employees expect to see as part of their benefits package. 

Even though workers’ compensation should cover most incidents at work, there are certain situations where the insurance policy won’t kick in. For example, if an accident happens on the job but was the result of drugs or alcohol, then the employee may not receive any type of medical benefits. Likewise, work-related injuries that result from a clear disregard for company policies can leave the employee without protection.

Top industries we serve in Alaska:

Workers’ compensation insurance Alaska with Huckleberry Insurance

4 reasons why business owners in Alaska love Huckleberry

  • Coverage at an Affordable Rate: Lower average rates than other insurance companies
  • 5 Minutes or Less: Over 90% of clients find their perfect business insurance in 5 minutes or less
  • No Paperwork: Our process is completely online and doesn’t require paperwork
  • Simple and Easy: You can complete the application process without the need for an insurance agent or insurance agency.

FAQ: Alaska workers' compensation requirements

  • Generally, you won’t need a workers’ compensation policy if you are self-employed and are the only person performing work. However, it is important to note that you will need to obtain coverage if you ever need to bring on an employee.

  • Alaska has one of the strictest stances against companies not maintaining workers’ compensation insurance for their employees. Below are the potential consequences that an owner could face if they knowingly decide not to obtain coverage:

    • Being forced to suspend business operations until workers’ compensation is obtained
    • Pay penalties equaling $1,000 per employee per day until the coverage is obtained
    • Pay additional penalties of $1,000 per day until a workers’ compensation coverage is purchased
    • Face criminal penalties of up to one year in jail or $10,000 in fees
    • Be unable to secure job contact within the state until coverage is obtained
  • Regardless of if a business has part-time or full-time employees, they need to have a workers’ compensation plan if they are going to hire workers.

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