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Alaska workers’ compensation is designed to protect employees and employers under the Alaska Workers’ Compensation Act. The Act provides medical, disability, and financial benefits for injured individuals. Death benefits are often included in workers’ compensation agreements in Alaska as well.
Keep reading to learn about Alaska workers’ comp insurance laws and their implications for employers and employees.
Small business owners can save money on Alaska workers’ comp insurance by doing the following:
Education is essential in the workplace. Teach employees the correct way to report injuries and illnesses while educating everyone on preventative measures to avoid common accidents.
A cautious workplace that prioritizes safety is the best way for small business owners to save money on Alaska workers’ comp insurance.
Workers comp insurance policies are based on your estimated employee payroll for the year. This will form the core of your premium cost with various other factors that play a lesser role in the total cost.
At the end of your 12 month policy term, the insurance company will audit your payroll and determine the exact amount. If your actual payroll is lower than projected, you receive a refund. If it’s more than projected, you’ll owe more money.
If an employee gets hurt during this term, make sure you report the injury to the insurance company so they can manage the claim in a timely fashion.
In terms of employee coverage, workers’ compensation usually pays for medical expenses, lost wages, and legal expenses if the employee files a lawsuit related to the accident or injury.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
The first step to get a Worker's Comp policy is to gather your business information and know your payroll numbers. Then request a few quotes from an agent or online quoting software. Ask a knowledgeable agent to explain the quotes to you on which one would be the best fit for your company.
Once you finalize the policy you will have coverage for the next 12 months. Make sure you pay your premiums on time so you don't jeopardize your policy.
There are usually a few different options for payment plans. Ask your agent what the options are and pick one that works for your cash flow.
There are severe consequences for refusing to comply with Alaska workers’ compensation laws, such as:
In Alaska, workers’ compensation insurance death benefits are as follows:
Spouses with no children receive 80% of the deceased worker’s weekly wage, up to $1,289 weekly.
Spouses with one child receive 50% of the weekly wage; the child gets 40%, up to $1,298 weekly.
Spouses with two or more children receive 30%, and the children receive 70%, up to $1,298 weekly.
Children without a living parent will receive 100% of the deceased worker’s weekly wage, which will be shared if there are multiple children.
If the deceased worker has no immediate family, other dependents, such as parents, grandchildren, or siblings, receive 42% of weekly wages with a cap of $20,000 in total.
Alaska workers’ compensation laws mandate a one-time payment of $5,000 to a surviving spouse and children for everyday expenses. Funeral benefits include up to $10,000 for burial and service expenses.
In most cases, Alaska workers’ comp insurance settlements are available as lump-sum or structured payments based on agreed-upon compensation. While an employee and employer are responsible for agreeing, the terms must be approved by the Alaska Workers’ Compensation Board.
Employees must report work-related accidents or injuries to employees within 30 days of an incident.
Employees have two years from injury or illness to file a workers’ compensation claim.
The injured worker has two years from the date of injury or the last payment of a workers’ comp settlement to request a dispute.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
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