Insurance for Small Business Owners in Wyoming

Workers’ Compensation Insurance.

Wyoming’s workers’ compensation law requires employers to insure all employees before working for their small businesses. There are exemptions, though, including pro athletes, casual laborers, private household workers, nurses, government employees, and volunteers. Register with the Division of Workers’ Compensation and Unemployment Insurance before hiring employees, then obtain insurance through the Wyoming monopolistic fund. Your policy will cover workplace illnesses, injury, and death. 

Commercial Auto Insurance.

All business-owned vehicles in Wyoming must be covered by commercial auto insurance. The commercial auto insurance requirements include minimums of $25,000 per person and $50,000 per accident for bodily injury and $20,000 per accident for property damage. The penalty for not having auto insurance ranges from $250 to $750. If your employees sometimes use their personal vehicles to complete business tasks, we recommend Hired and Non-Owned Automobile Insurance coverage. 

Small Business Owner’s Insurance.

Protect your Wyoming small business with a Business Owner’s Policy (or BOP). A BOP gives you the convenience of bundling property insurance and general liability into one comprehensive, cost-saving policy. Typically a BOP covers a Wyoming small business’s liability when it comes to a customer or client’s medical expenses for onsite accidents, advertising damage claims like libel, and losses and damages related to property used for your business’s purposes.

General Liability Insurance.

If your small business does not need the property liability portion of a business owner’s policy, you can secure a General Liability Insurance policy as a separate minimum coverage. If your small company in Wyoming leases a space, your commercial property contract may require General Liability Insurance. General Liability Insurance helps protect your Wyoming small business from the financial burden of third-party property damage claims, customer injury, and certain lawsuits. 

Professional Liability Insurance.

Real estate, finance, and other professional services are sizeable small business sectors in Wyoming. It is crucial for businesses that provide expertise or require licensing, like architects, stylists, and accountants, to obtain Professional Liability insurance. Also called “errors and omissions insurance,” professional liability insurance focuses on work mistakes, incomplete work claims, missed deadlines, and professional negligence lawsuits. 

Cyber Liability Insurance.

88% of small business owners believe their businesses are vulnerable to a cyberattack. It is critical to consider cyber liability insurance coverage to protect your Wyoming small business. Cyber liability insurance helps with fraud monitoring and customer notification costs following a cyberattack and associated legal fees. With cyber insurance coverage, your business gets help recovering from cyberattacks like ransomware, data breaches, and phishing.