Insurance for Small Business Owners in Hawaii

Commercial Auto Insurance.

Hawaii small businesses that own vehicles are required to purchase commercial auto insurance to cover work vehicle accidents. Hawaii’s requirement includes minimum coverage for business-owned vehicles of $20,000 in bodily injury per person, $40,000 in bodily injury per accident, and $10,000 in property damage liability per occurrence. Personal injury protection minimums of $10,000 per person are also required.

Workers’ Compensation Insurance.

Hawaii’s workers’ comp law requires employers to provide certain benefits like covering medical bills without regard to the employer's fault and prohibits employees from filing a civil action against the employer for work-related injuries or illnesses. If your Hawaii small business has one or more employees, Hawaii requires it to carry workers’ compensation coverage under this law. 

Small Business Owner’s Insurance.

Bundling property damage insurance and general liability into one comprehensive Business Owner’s Policy (BOP) for your Hawaii small business lowers your cost. A BOP typically covers losses and damages related to business property from an incident like a fire, customer or client medical expenses for onsite third-party accidents like a slip and fall, and advertising damage claims like copyright infringement.

General Liability Insurance.

General Liability insurance for your Hawaii small business can be obtained as a separate minimum coverage if your small business doesn’t need property coverage. If you lease space for your Hawaii business, the property contract may require General Liability Insurance. It helps ease the financial burden of customer injury and typically covers third-party property damage, slander and libel lawsuits, and other third-party risks. 

Professional Liability Insurance.

Another policy recommended for some small businesses in Hawaii is Professional Liability (errors and omissions/E&O) insurance. E&O insurance applies to businesses in Hawaii that provide expertise as a service, like technical services, accounting, and design, as it can protect them from related damage claims. Professional liability helps protect your small business from claims related to work mistakes and errors and negligence lawsuits. 

Cyber Liability Insurance.

Hawaii small businesses are potential targets for cybercrime. Cyber Liability insurance is recommended for small businesses in Hawaii to help manage the results of a cyberattack, including help paying for customer notification and fraud monitoring costs and associated legal fees. Cyber insurance helps companies recover from phishing, ransomware, data breaches, and other common cyberattacks.