Small businesses in Idaho most often buy these insurance products.
A general liability policy covers common third-party risks, including customer property damage and injuries. Most commercial leases require this business liability insurance.
Workers’ comp insurance is required for all Idaho businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Idaho. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for an Idaho business.
This policy, also called errors and omissions insurance (E&O), protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
E&O, sometimes called professional liability insurance, is common with professional services in Idaho. It can cover the cost of lawsuits related to your work performance.
This policy helps pay for financial losses from data breaches and cyberattacks. It's important for any Idaho business that handles credit card numbers or other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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State laws can affect which business insurance coverage you need. These policies are required everywhere in Idaho, from Boise to Coeur d'Alene.
If you employ one or more full-time, part-time, seasonal, or occasional employees, the state of Idaho requires you to maintain a workers' compensation policy unless you are specifically exempt from the law. You must have workers' compensation in place when the first employee is hired.
This policy covers medical bills for work injuries and illnesses. It also provides disability benefits for injured employees.
Idaho's minimum requirements for auto liability coverage are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
Idaho's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Real estate agents and brokers are required by state law to carry errors and omissions insurance (E&O), while other professionals who offer advice or services sometimes need this policy to get licensed.
State law also requires that attorneys carry malpractice liability insurance with policy limits of $100,000 per claim.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find a bargain. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount. For example, you can often combine directors and officers insurance (D&O) with employment practices liability insurance (EPLI) or other types of management liability insurance.
Choosing lower limits or a higher deductible will also lower your premium. Learn more about how to find cheap business insurance.