Jump ahead to learn:
- What could be covered by Commercial Property insurance in Alaska?
- Is Commercial Property insurance required in Alaska?
- How much is Commercial Property insurance in Alaska?
- How ERGO NEXT Commercial Property insurance can help protect Alaska business owners
What could be covered by Alaska Commercial Property insurance?
Commercial property insurance in Alaska could help to protect the goods and gear you need to run your business.
Commercial property coverage typically has three parts:
- Business personal property coverage (also called BPP insurance), which could help cover the contents of your business space, such as equipment, inventory, furniture, flooring and fixtures.
- Building coverage, which could help protect the building structure itself, including things like HVAC systems, sprinkler systems or damage from a fallen tree.
- Business income insurance coverage, also called business interruption insurance, could help cover lost income if your business is forced to close for repairs after an unexpected covered event, such as a fire or vandalism.
Commercial property insurance coverage can usually help business owners with:
- Building structural damage
- Inventory damage
- Damaged furniture and fixtures
- Stolen business goods and gear
- Equipment breakdowns
- Business income interruptions
Building structural damage
When a building your business owns or rents is damaged by a covered event, commercial property insurance could help cover the cost of repairs. For example, if a fire damages your restaurant in Anchorage, commercial property insurance could help with repair costs.
Inventory damage
If your store’s inventory is damaged, commercial property insurance could help you replace it. For example, if a frozen pipe bursts in your Kodiak coffee shop, soaking your inventory, commercial property insurance could help cover replacement costs.
Damaged furniture and fixtures
Commercial property insurance could help with costs related to damaged physical fixtures on your business premises, such as:
- Display cases
- Retail shelving
- Windows
- Flooring
- Business furniture
If a storm shatters the windows of your Juneau consulting firm, a commercial property insurance policy could help with the cost of replacing them.
Stolen business goods and gear
Electronics and other stolen business equipment taken from your office, storefront, warehouse or other business space can be expensive to replace. Commercial property insurance could help cover the cost.
Equipment breakdowns
Equipment breakdowns can disrupt your business operations. For example, if a power surge damages the HVAC system at your Fairbanks gift shop, commercial property insurance could help cover the cost of repairs.
Business income interruptions
Commercial property insurance could help replace lost business income if your business is forced to temporarily shut down for repairs after a covered event.
Is Commercial Property insurance required in Alaska?
Small businesses in Alaska may need commercial property insurance to sign a lease for a business space, such as a storefront or warehouse.
Banks and financial lenders may require it to purchase real estate or equipment with a business loan.
Many small businesses here choose to get commercial property insurance even if it’s not required because it can offer important financial protections against Alaska hazards. Some storm-related damage, including flooding may require additional coverage or a policy endorsement.
