Get the right commercial insurance for your Fargo business
Which insurance policies are recommended for Fargo businesses?
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Fargo often require this coverage.
- 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).
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber insurance helps small businesses in Fargo recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
- 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 Fargo.
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Fargo businesses with any number of employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Fargo businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
- 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.
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Fargo business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
- 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.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Verified business insurance reviews
Hear from customers like you who purchased small business insurance.
Which business insurance policies are required in Fargo, ND?
Workers' compensation insurance
North Dakota state law requires workers' compensation for all small businesses with employees, whether they're full-time, part-time, temporary or seasonal. The state uses a monopolistic state fund, which requires business owners to obtain workers' comp coverage for their employees through the state, rather than a private insurer.
Workers' compensation helps pay for medical expenses related to work-related injuries and illnesses.
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 North Dakota 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.
North Dakota insurance minimum requirements include:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability
- $25,000 uninsured/underinsured motorist coverage per person
- $50,000 uninsured/underinsured motorist coverage per accident
- $30,000 personal injury protection
Certain businesses, such as trucking businesses or those that use utility trailers or cargo trailers, may require higher limits.
In North Dakota, personal injury protection (PIP) is also required as an endorsement to your coverage. 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 auto (HNOA) policy.
How much does business insurance in Fargo cost?
Small businesses in Fargo don't have to pay a lot for commercial insurance. Here are a few average costs for small business owners, based on policy data from Insureon customers:
General liability: $45 per month
Workers' comp: $54 per month
Professional liability/E&O: $88 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
Top professions we insure
FAQs about Fargo 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 options that suits your business insurance needs and pay online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents will help you get coverage for your Fargo company that matches your specific business needs and your budget.
Most businesses can get their certificate of North Dakota business 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 – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Small businesses are a common target of cyberattacks and ransomware attacks since they often have fewer security measures in place.
North Dakota data breach laws require Fargo businesses to notify any residents as expeditiously as possible if they're exposed in a data breach. The Attorney General's office must also be informed if more than 250 individuals were impacted by a breach.
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 Fargo insurance requirements?
Fargo does not have a standard city business license for all small businesses, but there may be special requirements for business insurance and bonds, depending on the type of work you do.
Additionally, certain industries, such as businesses that sell alcohol, plumbers, and transportation companies, are required to carry a license.
Here are a few examples of businesses with other obligations:
- Contractors are required to carry commercial general liability insurance for contractors to do contract work for the State of North Dakota. They might also need general liability or a surety bond to sign a private contract or bid on a project.
- Real estate agents and brokers are required to carry errors and omissions insurance.
- Notaries public in North Dakota are required to carry a $7,500 surety bond.
- Cannabis dispensaries in Fargo aren't required to carry special 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 medical malpractice insurance in North Dakota, but some healthcare facilities require it.
When running a business in Fargo, you need to be aware of laws and regulations for North Dakota, Fargo, and Cass County.
How can I get help starting a small business in Fargo, ND?
The City of Fargo provides ample support for new and growing small businesses.
Here's a list of local organizations available to provide guidance and resources:
- North Dakota Small Business Development Centers offers business advising, training, and resource planning for Fargo entrepreneurs.
- The City of Fargo provides business resources on several topics including permitting, licensing, taxes, and other necessary information.
- SCORE Greater Fargo works with local Fargo small business owners to provide mentorship and education.
- Lake Agassiz Development Group is a nonprofit that provides resources, such as financing and business planning services.
- The U.S. Small Business Administration North Dakota District offers events, guides, and education for small business owners in Fargo and beyond.
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 Fargo business insurance?
Small business owners can save money on insurance solutions by comparing quotes from different insurance companies.
With Insureon, you can get free North Dakota 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 coverage 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.