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Business Insurance in South Dakota
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What are the requirements for small business insurance in South Dakota?
State laws can affect which business liability insurance policies you need for your small business.
Workers' compensation insurance
Businesses in South Dakota are not required by law to carry workers’ compensation insurance, but coverage is highly recommended if you have employees. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
All business-owned vehicles must be covered by commercial auto insurance. South Dakota's commercial auto insurance requirements are:
- Bodily injury liability: $25,000 per person / $50,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured motorist coverage: $25,000 per person / $50,000 per accident
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).
Recommended insurance policies for small businesses in South Dakota
General liability insurance
This policy is important for all South Dakota businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel or slander lawsuits
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects professionals who are experts in their field. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy helps South Dakota businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
A BOP bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a South Dakota business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
Workers’ compensation insurance is beneficial for South Dakota businesses with employees. It can cover medical costs for work injuries and illnesses.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in South Dakota. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
How much does small business insurance cost?
Commercial insurance can be affordable for a small South Dakota business. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
Insureon specializes in South Dakota business insurance
In South Dakota, insurance agents, agencies, and brokers are licensed by the Department of Labor's Division of Insurance. Insureon is licensed in South Dakota as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number 10012461). You can verify our licensure with the Sircon Corp. Verification System by selecting South Dakota, Agency, and then entering our state license number.
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