Do You Need Small Business Insurance in Idaho?
If you’re planning an escape to the mountains to chase waterfalls or do a bit of stargazing, Idaho is the place to be. From Boise to the Flathead Forest, this state has it all--for residents and travelers alike. Idaho is also served by many small businesses who provide financial consulting, real estate services, healthcare, and much more. According to the US Small Business Administration:
- There are over 165,000 small businesses in Idaho
- Over 315,000 private sector workers are employed by small businesses
- The largest share of small business employment is
To protect these vital economic drivers, Idaho requires small businesses to carry minimum coverage to help protect their cash flow from disruptive and even ruinous events. So, we’ve done the research for you on both required and recommended insurance below.
Required Business Insurance Coverage in Idaho
Commercial Auto Insurance.
Idaho mandates automobile coverage, and for businesses, this means carrying minimum benefit amounts for bodily injury liability ($25,000 per person/$50,000 per accident) and for property damage liability ($15,000 per accident).
Workers’ Compensation Insurance.
On-the-job employee accidents and illnesses can become costly—medical treatment, legal and court fees, and other costs incurred by the company. Workers’ Compensation typically covers related healthcare and legal costs, providing relief for employees and businesses. That’s why this coverage is required by the state for most businesses insurance—with few exceptions.
Recommended Business Insurance Coverage in Idaho
Small Business Owner’s Insurance.
By combining property and liability coverage, a Business Owner’s Policy (or BOP) offers Idaho small business owners more complete coverage at an affordable cost. It typically extends to damage that impacts buildings, machinery and equipment, and business personal property. Also, it provides businesses financial protection for customer injury claims like accidents, false advertising, etc.
General Liability Insurance.
A general liability policy covers customer injuries that occur at your business, damage to customer property, and slander or libel lawsuits. Leases for commercial office space may require a business owner to purchase general liability.
Professional Liability Insurance.
Idaho businesses that provide expertise and consulting services can protect themselves from costs resulting from work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. Note: professional liability insurance is often referred to as errors and omissions insurance.
Cyber Liability Insurance.
43% of small businesses have identified as being the target of a ransomware attack. And given events like a misplaced flash drive with customer data and an email phishing scam can cost your small business, Cyber Liability coverage makes financial sense. It typically covers system damage, customer notification and fraud monitoring costs, as well as legal fees, associated with breaches, malicious hacking, and cyberattacks.
Our Small Business Insurance Company Is Here to Help
- QHow do I get a quote for small business insurance in Idaho?A
We’ve made getting a quote for your small business easy. Answer a few questions to receive an instant coverage decision. Then complete your profile and purchase your policy online.