Do You Need Small Business Insurance in Iowa?
You may think of Iowa as having wide-open spaces, perfect for getting away from the bustle of the city. However, the Hawkeye State is also home to many small businesses from Davenport to Dubuque and everywhere in between. These small businesses provide a range of products and services in healthcare, retail, beauty, etc. In Iowa,
- Small businesses account for 99% (over 272,000) of businesses
- Employing 48% of private employees (over 650,000)
- And new small businesses continue to increase each year
To keep Iowa’s small businesses going strong, the state requires (and recommends) specific business insurance coverage. We’ve done some research for you below.
Required Business Insurance Coverage in Iowa
Commercial Auto Insurance.
Automobile insurance coverage is a must in Iowa. For small businesses, commercial or personal auto insurance policies are required to include personal injury protection ($20,000 per accident) and property damage liability ($40,000 per accident). Some vehicles, like taxis and ride-sharing vehicles, may require higher coverage limits.
Workers’ Compensation Insurance.
Most small businesses in Iowa are required to carry adequate Workers’ Compensation coverage. Typically, this 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 and hefty medical and legal bills to compensate an injured employee.
Recommended Business Insurance Coverage in Iowa
Small Business Owner’s Insurance.
20% of small businesses experience theft, and a Business Owner’s Policy (or BOP) can help your business cover losses from such an event. Merging property insurance and general liability insurance into one provides small businesses in Iowa a cost-effective package to cover damage and/or liability claims.
General Liability Insurance.
To help ease the financial burden associated with third-party (customer, vendor, etc.) injury claims—like slip-and-fall accidents or slander and libel lawsuits—small businesses can seek General Liability coverage as a separate policy. And this type of coverage may be a minimum requirement in a commercial property contract for leasing space.
Professional Liability Insurance.
This type of coverage is more commonly known as “errors and omissions insurance.” With this type of coverage in place, Iowa small businesses providing expert services and consultation can protect themselves from costs resulting from work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits.
Cyber Liability Insurance.
With 88% of small businesses owners worried they may be exposed to a data breach or become the victim of a cyber attack, Cyber Insurance is recommended. It can help businesses recover from such malicious hacking and cyberattacks by paying related customer notification and fraud monitoring costs, as well as associated legal fees and system damage.
Our Small Business Insurance Company Is Here to Help
- QHow do I get a quote for small business insurance in Iowa?A
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