South Dakota

South Dakota Insurance License: 10012461

Considering South Dakota’s excellent business climate and high quality of life, it’s no wonder that small-business owners like you are looking for a piece of the pie. According to the South Dakota Governor’s Office of Economic Development, the state’s rankings say it all.

In 2013, South Dakota was ranked as the best state in America for business by CNBC. That same year, Fast Company named South Dakota the number-one state for entrepreneurial growth, and the U.S. Bureau of Economic Development deemed it the best state in the nation for personal income growth.

According to the Small Business Survival Index, South Dakota is the best state for entrepreneurs, and a lot of that probably has to do with its state taxes. Business owners enjoy no corporate income tax, no personal income tax, no personal property tax, no business inventory tax, and no inheritance tax.

South Dakota also does not have dram shop laws. That means an injured person or property owner cannot seek damages from a business such as a bar or restaurant that served alcohol to someone who goes on to cause an injury or property damage. Despite this, you may want to consider liquor liability insurance if you run a business that sells or serves alcohol. Though it’s likely you would win a lawsuit, this policy would help pay the cost of defending yourself in court.

Are you ready to set up shop in this entrepreneurial state? Just don’t forget to secure a small business insurance plan that will protect what you build.

South Dakota Savings Tips

  • You want the best rate for your business insurance, but who has the time to hunt down multiple quotes? We do. Rather than calling multiple agencies and filling out lots of applications, simply complete a single online application at Insureon. We'll send you multiple quotes for multiple types of coverage within 24 hours or less, and can start your coverage immediately.
  • If you're unsure if your property insurance policy includes coverage for flooding, water damage or wind damage, ask your Insureon agent for a free policy review.
  • Did you know that you can add millions of dollars in additional coverage to your general liability policy for a just a few hundred dollars a year? Ask your Insureon agent about excess liability insurance, also called "umbrella insurance," which also adds coverage to many of your other underlying insurance policies.

South Dakota Business Insurance Licensure Information

In South Dakota, insurance agents, agencies and brokers are licensed by the Division of Insurance - South Dakota Department of Labor. Insureon is licensed in South Dakota as BIN Insurance Holdings LLC (NPN 15752926) for Property & Casualty Insurance (License #10012461). You can verify our licensure with the Sircon Corp. Verification System by selecting State: South Dakota; Entity Type: Agency; and entering our South Dakota state license number (10012461) into the field marked "License Number."

South Dakota Business Links

  1. NOAA National Climatic Data Center: Annual average number of tornadoes, 1953–2004
  2. PAH Webmaster (2005-11-02): 1925 Tri-State Tornado
  3. South Dakota Workers' Compensation Rules
  4. South Dakota Division of Insurance
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