Small businesses are the backbone of the economy in Idaho. However, running a small business comes with its own set of risks. Accidents can happen, and businesses can be sued for various reasons.
That’s why it’s important for small businesses in Idaho to have insurance coverage to protect themselves from unforeseen circumstances.
Small business insurance is a type of insurance that provides coverage for businesses with fewer than 500 employees. This insurance covers various aspects of a business, including liability, property, and employees.
Small business insurance in Idaho is regulated by the Idaho Department of Insurance. The department sets the minimum requirements for insurance coverage that a business must have. However, businesses can choose to purchase additional coverage depending on their needs.
Here we’ll cover everything you need to know about small business insurance in Idaho.
Why Do Small Businesses in Idaho Need Insurance
Small businesses in Idaho may require insurance for several reasons. One of the main ones is to protect themselves from financial loss due to accidents. For example, if a customer slips and falls on the business’s premises, the business can be held liable for any medical expenses or damages. Without insurance, the small company may have to pay for these expenses out of pocket, which can be financially devastating.
Another reason why small businesses in Idaho need insurance is to protect themselves from lawsuits. If a business is sued, it can cost thousands of dollars in legal fees and damages. Insurance provides coverage for these expenses, so businesses don’t have to pay for them out of pocket.
Finally, small businesses in Idaho need insurance to protect their employees. Workers’ compensation insurance provides coverage for employees who are injured on the job. This insurance covers medical expenses and lost wages, which can be financially devastating for a business.
The Main Types of Small Business Insurance in Idaho
The most common types of insurance include:
General Liability Insurance
General liability insurance provides coverage for accidents that occur on a business’s property. This insurance covers medical expenses, property damage, and legal fees if the business is sued.
Property Insurance
Property insurance offers coverage for the physical assets of a business, including the building, equipment, and inventory. This insurance covers damage or loss due to fire, theft, or other covered events.
Workers’ Compensation Insurance
Workers’ compensation insurance covers medical expenses and lost wages for the employee who gets injured on the job.
Professional Liability Insurance
Professional liability insurance offers coverage for businesses that provide professional services, such as doctors, lawyers, and accountants. This insurance covers lawsuits related to professional negligence or errors.
Commercial Auto Insurance
Commercial auto insurance provides coverage for vehicles used for business purposes. This insurance covers accidents, theft, and damage to the vehicle.
How Much Does Small Business Insurance Cost in Idaho?
There is no one set price for small business insurance in Idaho, as the cost will vary depending on several factors, including the type of insurance, the size of the business, and the industry. On average, small businesses in Idaho can expect to pay between $500 and $2,000 per year for insurance coverage.
The cost of insurance can be reduced by taking steps to mitigate different risks you may be facing. For example, installing security cameras can reduce the risk of theft, which can lower the cost of property insurance. Additionally, businesses can choose to increase their deductibles, which can lower their premiums.
Are Businesses Required to Have Insurance in Idaho?
While businesses in Idaho are not required by law to have insurance, some types of insurance are required by the state. For example, businesses with employees are required to have workers’ compensation insurance. Additionally, some industries may be required to have specific types of insurance.
Even if a business is not required by law to have insurance, it’s still recommended. Insurance provides protection against unforeseen circumstances that can be financially devastating for a business.
Finding the Best Coverage For Your Business
When it comes to finding the best coverage for your business, it’s important to work with an experienced insurance agent. An insurance agent can help you assess your risks and determine the types of insurance coverage that are best for your business.
It’s also important to shop around and compare insurance quotes from multiple providers. This can help you find the best coverage at the most affordable price.
By working with a team of experts in the insurance field, you can save yourself some time and trouble. Get a quote for your policies and answers to all of your questions from the best insurance agent on the market. Contact EKinsurance today!