Insurance for Small Business Owners in North Dakota

Workers’ Compensation Insurance.

North Dakota’s workers’ compensation law requires all employers to insure all employees before working for your small business. This requirement includes full-time, part-time, seasonal, and occasional workers. Workers’ Compensation insurance must be obtained through North Dakota Workforce Safety & Insurance (WSI) instead of private insurers. WSI is an employer-financed no-fault insurance system. Your policy will cover workplace illnesses, injuries, and death. 

Commercial Auto Insurance.

All business-owned vehicles in North Dakota must be covered by commercial auto insurance regardless of your business's size. The required auto insurance includes minimums of $25,000 per person and $50,000 per accident for bodily injury, $25,000 per accident for property damage, $25,000 per person and $50,000 per accident for uninsured motorist coverage, and basic personal injury protection of $150 per week with a $30,000 maximum. If your employees sometimes use their personal vehicles to complete business tasks, B2Z recommends Hired and Non-Owned Automobile Insurance coverage. 

Small Business Owner’s Insurance.

North Dakota small business owners can protect their businesses with a Business Owner’s Policy (or BOP). A BOP gives you the convenience and savings of bundling property insurance and general liability into one comprehensive policy. Typically the policy covers a North Dakota small business’s liability when it comes to a customer or client’s medical expenses for onsite accidents, advertising damage claims, and losses and damages related to property used for your business’s purposes.

General Liability Insurance.

General Liability can be secured as a separate minimum coverage if your business does not need the property liability portion of a business owner’s policy. If your small company in North Dakota leases a space, your commercial property contract may require General Liability Insurance. General Liability Insurance helps protect your small business from the financial burden of property damage claims, customer injury, and slander and libel lawsuits. 

Professional Liability Insurance.

Real estate and other professional services are large business sectors in North Dakota. It is crucial for businesses that provide expertise and require licensing, like architects, stylists, and financial advisors, to obtain professional liability insurance. Also called “errors and omissions insurance,” professional liability insurance focuses on work mistakes and errors, missed deadlines, incomplete work claims, and professional negligence lawsuits. 

Cyber Liability Insurance.

In 2020, North Dakota experienced the highest losses from cybercrime of any US state. North Dakota is working toward reducing cybercrimes with public awareness campaigns and investments. It is critical to consider cyber liability insurance coverage to protect your business. Cyber liability insurance helps with fraud monitoring and customer notification costs following a cyberattack, as well as associated legal fees. With this cyber insurance coverage, your business gets help recovering from cyberattacks like ransomware and malware.