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Which insurance policies are recommended for Billings businesses?
Montana is a growing hotspot for new businesses with abundant opportunities for entrepreneurs. Protect your Billings business with these insurance products.
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Billings often require this coverage.
BEST FOR
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Billings recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
BEST FOR
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy is an affordable way to buy general liability coverage and commercial property insurance together. It's recommended for low-risk small businesses in Billings.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Montana businesses with employees, with few exceptions. It also covers work-related injuries for sole proprietors, which health insurance may deny.
BEST FOR
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Billings businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
BEST FOR
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
BEST FOR
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Billings business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
BEST FOR
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
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Which business insurance policies are required in Billings, MT?
State and local laws can determine the type of insurance you need. These policies help you comply with Billings business insurance requirements.
Workers' compensation insurance
Montana state law requires workers' compensation for all small businesses with employees, whether they're full-time, part-time, temporary or seasonal. There are a few exceptions to this rule, including:
- Real estate agents paid by commission
- Household or domestic workers
- Freelance writers paid by article
- Church clergy or ministers
- Newspaper carriers
Workers' compensation helps pay for medical expenses related to work-related injuries.
Most workers' comp policies also include employer's liability coverage, which protects the business from injury-related lawsuits.
Single-person businesses, such as sole proprietors and independent contractors, should also carry workers' comp, though they are not required by state law. This policy can help with medical bills related to work injuries, or may be a requirement for certain contracts.
Commercial auto insurance
All Montana small businesses with company-owned vehicles are required to carry commercial auto insurance.
This insurance protects your business if you or your employees are involved in an accident with company vehicles while performing work-related activities and errands.
Montana insurance minimum requirements include:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $20,000 property damage liability
Certain businesses, such as trucking businesses or those that use utility trailers or cargo trailers, may require higher limits.
In Montana, personal injury protection (PIP) is also required as an endorsement to your coverage, and it helps provide medical payments coverage if there's an accident, regardless of who was the at-fault driver.
Businesses that use personal, rented, or leased vehicles will need another policy called a hired and non-owned (HNOA) policy.
How much does business insurance in Billings cost?
Small businesses in Billings don't have to pay a lot for commercial insurance. Here are a few average costs for Billings businesses:
General liability: $57 per month
Workers' comp: $74 per month
Professional liability/E&O: $68 per month
Business insurance costs depend on factors such as:
- Type of business
- Business revenue
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about Billings business insurance
Review answers to common questions about Billings business insurance.
How do I get a certificate of insurance for my business?
With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the insurance option that suits your coverage needs and pay for it online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage for your Montana company that matches your specific business needs and your budget.
Most businesses can get their certificate of insurance within a few hours. With this certificate, you can demonstrate proof of insurance for contracts, bids, and other agreements.
Can my business be held liable for a data security breach?
Yes, your business could be held responsible for a data breach, which is why cyber insurance is so important.
Small businesses are a common target of cyberattacks and ransomware attacks since they often have fewer security measures in place.
Montana data breach laws require Billings businesses to notify any residents if they're exposed in a data breach. The Attorney General's Office of Consumer Protection must also be notified.
Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Billings insurance requirements?
All small businesses in Billings must register for a small business license before they begin operations. There may be additional special requirements for business insurance and bonds, depending on the type of work you do.
Here are a few examples of businesses with other obligations:
- Contractors do not specifically need commercial general liability insurance to operate in Billings. They might, however, need a surety bond to sign a contract or bid on a project.
- Real estate agents and brokers are required to carry errors and omissions (E&O) insurance in order to operate in Montana.
- Notaries public in Montana are required to carry a $25,000 surety bond.
- Cannabis dispensaries in Montana aren't required to carry insurance but may want to consider additional policies to address the increased risk of the cannabis industry.
- Physicians aren't required by law to carry malpractice insurance in Montana, but some healthcare facilities require it.
When running a business in Billings, you need to be aware of laws and regulations for the city, Yellowstone County, and the state of Montana.
How can I get help starting a small business in Billings, MT?
The City of Billings provides ample support for new and growing small businesses.
Here's a list of local organizations available to provide guidance and resources:
- Billings Small Business Development Center offers assistance in the form of grants and loans, business planning, and other educational resources.
- Big Sky Economic Development provides business advising, community development, and events for local small businesses.
- SCORE Billings works with local Billings small business owners to provide mentorship and education.
- Think Billings provides financial assistance and financial training for small businesses.
- Small Business Administration Montana assists with funding support, counseling, and contract assistance in Billings and beyond.
- Montana's Secretary of State Business & UCC Services helps local businesses with business registrations, annual reports, and a business directory.
Keep in mind that many lenders will require you to first obtain business insurance coverage before they will approve a loan.
How can I save money on Billings business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies.
With Insureon, you can get free Montana business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on minimizing workplace exposures and risk management. Fewer accidents mean fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance. You can also speak to one of Insureon's agents to discuss your insurance coverage needs.