Indiana small business insurance
Indiana small businesses can purchase several types of insurance to protect their assets and operations. Some common types of insurance for small businesses in Indiana include:
What To Consider
- General Liability Insurance: This type of insurance protects a business from third-party claims of bodily injury or property damage.
- Business Property Insurance: This insurance covers damage to a business's physical assets, such as buildings and equipment.
- Workers' Compensation Insurance: This insurance is required by law in Indiana for businesses with employees and covers medical expenses and lost wages for employees who are injured on the job.
- Business Interruption Insurance: This insurance covers lost income and expenses if a business has to shut down temporarily due to a covered event, such as a natural disaster.
- Cyber Liability Insurance: This insurance covers a business's liability for data breaches and cyber attacks.
It's important to note that different business types have different insurance needs, and thus it's best to consult with an insurance agent to determine what types of insurance are appropriate for your specific business.
General Liability Insurance for Indiana
General Liability Insurance, also known as commercial general liability insurance, is a type of insurance that protects Indiana small businesses from third-party claims of bodily injury or property damage. This insurance can help cover the costs of legal defense, settlements, and judgments if a customer, vendor, or other third party sues your business for damages or injuries.
Some examples of situations where general liability insurance may be beneficial for an Indiana small business include:
- A customer slips and falls in your store, resulting in an injury
- A delivery driver for your business causes an accident that damages someone else's property
- A product you sell is defective and causes injury or damage to a customer
It's important to note that general liability insurance does not cover employee injuries, those are covered by workers' compensation insurance.
It's also important to be aware that the coverage limits of a general liability policy may not be enough to cover major claims or lawsuits. Some businesses opt to purchase umbrella insurance, which provides additional liability coverage above the limits of the primary policy.
It's best to consult with an insurance agent to determine the right amount and type of insurance for your specific business needs.
Business Personal Property Insurance For Indiana
Business Personal Property Insurance, also known as BPP, is a type of insurance that covers damage to a small business's physical assets, such as buildings and equipment, in the state of Indiana. This coverage can include furniture, electronics, inventory, and other property owned by the business that is not permanently attached to the building.
This type of insurance can protect a business from financial loss due to damage or loss of its property caused by events such as fire, theft, or natural disasters. Business personal property insurance may also include coverage for loss or damage of property while in transit or temporarily off-premises.
It's important to note that standard property insurance policies typically only cover property that is permanently attached to the building, such as walls, floors, and ceilings. Business personal property insurance is usually needed for items such as computers, inventory, furniture, and equipment.
It's also important to keep in mind that the coverage limits of a business personal property policy may not be enough to cover the replacement value of all the property.
Indiana Small Business Insurance FAQ
We’re big believers in keeping things simple, so ask us anything and we’ll answer honestly and without the jargon.
Is business insurance required in Indiana?
Business insurance requirements can vary greatly depending on the type of business and where it's located. In Indiana, like in many states, certain types of business insurance may be legally required. Here are some common types:
1. General Liability Insurance: also known as commercial general liability (CGL) insurance, is not legally required for most businesses in Indiana, or in many other states. However, it is highly recommended for almost all businesses, and in some cases, it may be required by a client or a lease agreement.
1. Workers' Compensation Insurance: If you have employees, Indiana law requires you to carry Workers' Compensation Insurance, which provides wage replacement and medical benefits to employees who are injured or become ill "in the course and scope" of their job.
2. Professional Liability Insurance: Certain professions that offer advice or services, such as lawyers, accountants, or consultants, may be required to carry professional liability insurance, also known as errors and omissions insurance.
5. Surety Bonds: Certain businesses like contractors may be required to have surety bonds, which are designed to guarantee a principal will fulfill a pre-determined set of obligations.
Beyond these, there may be industry-specific requirements. For example, businesses in the food service industry may be required to carry certain types of liability insurance.
It's worth noting that while not always legally required, other forms of business insurance, like general liability insurance or property insurance, are often highly recommended to protect a business from various risks.
Who we insure in Indiana?
How Soon Can I get Insurance
After we receive your insurance application, it typically takes us about an hour to generate your policy number. However, in some instances, we may be able to expedite the process and complete it even quicker.
How can I get a quote for my business?
You can get a quote by filling out our online application form, or you can contact us directly to speak with one of our knowledgeable insurance representatives.
Do you provide customized insurance packages based on the specific needs of my business?
Yes, we work closely with our clients to understand their specific needs and provide insurance packages that best suit their business requirements.
How does the claim process work?
To file a claim, contact our claims department as soon as possible after the incident. You'll need to provide details about the incident and any supporting documentation. Our team will then review your claim and guide you through the next steps.