Indiana

Insurance for Small Business Owners

Do you need small business insurance in Indiana?

From Terre Haute to Indianapolis and back to Lake Michigan, The Hoosier State is a great place for a quick getaway or a summer vacation. It’s also home to many small businesses who serve customers in healthcare, retail, and other myriad products and services.

  • 1.2 million small business employees (almost 45% of the private workforce)
  • Over 512,000 small businesses
  • Small businesses with fewer than 100 employees is the largest share

To help small businesses stay financially sound, the state of Indiana requires active business insurance coverage. We’ve done the research for you below; and to save time, get a quote for coverage in minutes with B2Z Insurance. 

Required Business Insurance Coverage in Indiana

The State of Indiana requires the following insurance coverage for small businesses:
  1. Commercial Auto Insurance.

    Sufficient automobile coverage is a requirement in the State of Indiana, for both personal and business travel. This means carrying minimum benefit amounts for bodily injury liability ($25,000 per person/$50,000 per accident) and for property damage liability ($25,000 per accident).

  2. Workers’ Compensation Insurance.

    Small businesses in Indiana are required to carry active Workers’ Compensation coverage regardless of size. This typically covers the medical and legal costs for employees who are injured or become ill on the job. Without this coverage, your small business may incur state fines in addition to associated legal fees and medical costs required to treat the employee.

Recommended Business Insurance Coverage in Indiana

The following insurance coverage is recommended for Indiana small businesses:
  1. Small Business Owner’s Insurance.

    A Business Owner’s Policy (or BOP) is a cost-effective way for small business owners to bundle both property insurance and general liability into one comprehensive policy. Typically BOP covers losses and damages related to buildings used for business purposes, as well as machinery, equipment, and business personal property. It also covers customer medical expenses for onsite accidents and advertising damage claims.

  2. General Liability Insurance.
    General Liability may be required in the commercial property contract for leasing space, as it helps ease the financial burden associated with customer injury and property damage claims, as well as slander and libel lawsuits. Although included in a BOP policy, some small business owners may seek this out as a separate minimum coverage. 

  3. Professional Liability Insurance.
    If your small business provides expertise and services to clients, Professional Liability coverage is recommended. It typically covers work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. Also, referred to as “errors and omissions” insurance.

  4. Cyber Liability Insurance.
    Misplaced flash drives with customer data and phishing scams can cost your small business. And with 43% of small businesses having identified as being the target of a ransomware attack, 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

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in Indiana?
    A

    Yes. We currently offer Indiana small business owners the following types of insurance policies:

  2. Q
    How do I get a quote for small business insurance in Indiana?
    A

    B2Z has made getting a quote simple: Answer a few questions about your business, choose your coverage, and validate your account and payment information. That’s it!