Insurance for Small Business Owners in Indiana

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).

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.

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.

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 out general liability insurance as a separate minimum coverage. 

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.

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.