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Alaska Workers' Compensation Insurance
Protect your business and employees with Alaska workers' comp
Alaska workers' compensation insurance provides financial and medical benefits for job-related injuries or illnesses. From Anchorage to the Arctic, this coverage is essential for safeguarding your team and meeting state regulations.
Start a quote online or call a Progressive Commercial agent to find out more about workers' comp coverage in Alaska.
Who needs workers' compensation insurance in Alaska?
Under Alaska workers' compensation laws, any businesses with at least one employee must have insurance. This extends to family members and friends working for the company.
You can review Alaska workers' comp requirements for more information.
Alaska workers' compensation insurance exemptions
Alaska offers workers' comp exemptions for certain businesses or employment situations, including:
- Noncommercial cleaners
- Amateur sports officials
- Sole proprietors
- State assistance recipients in work programs
- Part-time or seasonal farm workers
- Commercial fishers
- Contract real estate agents
- LLC members with at least 10% ownership
Even if your business is exempt, coverage protects your employees and reduces legal risks. Workers' comp might also be required to fulfill specific professional licenses and contract terms.
What are the penalties for not having workers' comp in Alaska?
Without workers' compensation insurance, employers can face fines up to $1,000 per employee for each day without coverage. There's also a $1,000 fee for violating stop work orders. Having coverage protects against Alaska workers' comp penalties and provides peace of mind.
How much does workers' comp cost in Alaska?
The cost of workers' compensation insurance in Alaska depends on factors like:
- Job classification code: In Alaska, the National Council on Compensation Insurance (NCCI) assigns class codes to various professions. These codes determine insurance rates based on the job's risk level.
- Payroll: Workers' comp costs are calculated per every $100 of payroll, meaning they increase as the company grows.
- Claims history: Your claims history can raise your premium, as more claims can lead to increased costs.
- Insurance carrier: Alaska workers' compensation insurance companies charge different rates because each uses its own method to evaluate risk and set prices.
How can you get workers' comp in Alaska?
If you own a business in the state of Alaska and need workers' compensation coverage, you have a few options:
- Private insurers: Businesses often choose private insurers for workers' comp because they can offer customized coverage and extra benefits.
- Self-insurance: Applying for self-insurance might lower workers' comp costs by allowing you to pay claims with your own funds, but you'll need to manage the financial risks yourself.
- Assigned risk pool: New or high-risk companies with a history of claims might have a hard time securing private coverage or self-insurance. These businesses can get a policy through Alaska's Assigned Risk Pool, managed by the NCCI.
Connect with a Progressive Commercial specialist or get an online quote to explore your options.
How does workers' comp work in Alaska?
Workers' compensation insurance supports people who experience workplace accidents. After an employee reports an incident, a claim can be filed by either the employee or employer. Once approved, the employee receives financial support.
Alaska workers' comp benefits can cover:
- Medical expenses
- Disability benefits
- Lost wages
- Rehabilitation costs
Workers' comp also helps businesses by lowering the risk of lawsuits. Employees who accept an Alaska workers' compensation settlement typically can't sue, but if they do, this insurance helps cover the costs.
Alaska workers' compensation death benefits
Providing financial aid to the spouse and dependents of deceased employees, Alaska workers' compensation death benefits help families cover expenses and maintain stability during a challenging time. They can include:
- A lump-sum payment of up to $10,000 for funeral expenses
- $5,000 to the employee's surviving spouse and/or children
- Weekly benefits for the employee's dependents
Alaska workers' compensation statute of limitations
According to Alaska's statute of limitations, employees must report occupational injuries within 30 days. If disability benefits are denied, your employee will have two years to file a written claim.
Why choose Progressive Commercial for Alaska workers' comp
For over 50 years, Progressive Commercial has been a reliable partner for businesses like yours, offering dependable service, competitive rates, and trustworthy guidance.
Let us help you find the right workers' comp policy for your company. Talk to an agent or start an online quote today.
