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Business Insurance in Cheyenne, WY
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Which insurance policies are recommended for Cheyenne businesses?
Wyoming is a famously great state for small businesses, thanks to low costs and no corporate or personal tax. Protect your Cheyenne 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 Cheyenne 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 Cheyenne 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 Cheyenne.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Cheyenne 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 Cheyenne 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 Cheyenne 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 Cheyenne, WY?
State and local laws can determine the type of insurance you need. These policies help you comply with Cheyenne business insurance requirements.
Workers' compensation insurance
Wyoming 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:
- Volunteers
- Federal government employees
- Professional athletes
- Private duty nurses
- Household workers
- Casual employees
Workers' compensation helps pay for medical expenses related to work-related injuries. Wyoming is a monopolistic state and small business owners must purchase their workers' comp policy through their state fund.
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 Cheyenne 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.
Wyoming 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 Wyoming, personal injury protection (PIP) is not required as an endorsement to your coverage, but 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 Cheyenne cost?
Small businesses in Wyoming don't have to pay a lot for commercial insurance. Here are a few average costs for Wyoming businesses:
General liability: $42 per month
Workers' comp: $35 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 Cheyenne business insurance
Review answers to common questions about Cheyenne 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 Cheyenne 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.
Wyoming data breach laws require Cheyenne businesses to notify any residents "in the most expedient time possible without unreasonable delay" if they're exposed in a data breach. Notifications can be done via written notice or electronically.
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 Cheyenne insurance requirements?
Cheyenne 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 businesses, such as massage therapists, tattoo shops, and restaurants are required to carry a license.
Here are a few examples of businesses with other obligations:
- Contractors must have $1,000,000 per occurrence and $2,000,000 aggregate commercial general liability insurance to operate in Wyoming. They might also 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 perform business, according to the Wyoming Real Estate Commission.
- Notaries public in Wyoming are not required to carry insurance or surety bonds, but it's highly recommended.
- Physicians are required by law to carry malpractice insurance in Wyoming. They must carry $50,000 per claim coverage and a $1 million annual coverage limit.
- Lawyers in Cheyenne are not required to carry professional liability insurance, but they must disclose to the Wyoming State Bar if they chose to not carry coverage. Additionally, uninsured attorneys are required to manage client funds in a trust account.
When running a business in Cheyenne, you need to be aware of laws and regulations for Wyoming, the city of Cheyenne, and Laramie County.
How can I get help starting a small business in Cheyenne, WY?
The City of Cheyenne provides ample support for new and growing small businesses.
Here's a list of local organizations available to provide guidance and resources:
- Wyoming Small Business Development Center (SBDC) offers counseling, funding services, and government contracting assistance to small business owners.
- Wyoming Business Council provides a business resource network, licensing support, a women's business network, workforce services resources, and more.
- SCORE Denver & WY works with local Cheyenne small business owners to provide mentorship, events, and education.
- The U.S. Small Business Administration Wyoming District offers counseling, funding programs, certification, and disaster recovery for small business owners in Cheyenne and beyond.
- Wyoming Library to Business (WL2B) assists local businesses with educational resources.
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 Cheyenne business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies.
With Insureon, you can get free Wyoming 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.