top

Idaho Business Insurance

Save up to 30% with instant coverage designed for the self-employed

Business Insurance has never been easier

Customised business insurance to protect you and your clients.
http://get-covered-icon
Get covered in 10 minutes and save up to 30%
http://live-certificate-icon
Instant proof of insurance and easy monthly payments
http://do-it-100-online
Do it all 100% online or talk to a licensed U.S. based advisor

Business insurance in Idaho

Over the past decade, Idaho’s population grew by 14%,1 and many new residents are starting or joining small businesses. 

Idaho’s small companies employ almost 56% of the state’s workers and are crucial to its economic health.2 Business owners in the Gem State need the right insurance bundle to help protect against accidents and mistakes that could put their company at risk, such as:

  • Claims of causing injury or damaging property
  • Accusations of professional negligence that cause someone else to lose money
  • Employee injuries that happen while performing job duties
  • Damages from work-related automobile accidents

Next Insurance helps more than 1,000 types of small businesses and self-employed workers quickly get the coverage they need online at the best price. We specialize in small business insurance, so we can easily help you find a custom insurance package that is right for you.

Continue reading to find out about the most important types of business insurance in Idaho or start a free instant quote to review options for your business.

Find the coverage you need, all in one place

How Next can help you with business insurance in Idaho

We offer a quick and simple way for you to get business insurance quotes online, purchase coverage and share your certificate of insurance. The entire process typically takes just a few minutes.

Our team of licensed, U.S.-based advisors can help you if you have any questions.

Start an instant quote today.

We’ve got tailored policies for thousands of professions

(You could say we have a thing for small business)

Business insurance coverage and requirements in Idaho

Small business owners in Idaho will typically want to carry one or more of the following types of insurance:

 

General Liability insurance

Idaho business insurance packages should usually include general liability coverage. This type of insurance helps pay to settle claims of injury or property damage.

Generally liability insurance in Idaho is typically required if you plan to rent commercial office space and can help protect a small business from lawsuit costs.

For instance, an employee of a Boise-based plumbing company accidentally breaks a water main at a downtown office building during a job, causing an office worker to have a slip-and-fall injury and thousands of dollars of structural damage. 

The plumbing firm’s general liability insurance would help cover the injured person’s medical bills and pay to repair the damages to the building, up to the policy limits. This form of coverage would also assist with attorney fees, court costs and additional damages if the injured person or building owner sued the plumbers for negligence.

A general liability add-on known as tools and equipment insurance could be an important addition if you own a construction or cleaning business. It helps pay to replace or repair business equipment that is damaged, lost or stolen.

 

Professional Liability insurance

Small businesses in any industry can be accused of work mistakes, resulting in unexpected expenses.

Professional liability insurance, also known as errors and omissions (E&O) coverage, helps pay for damages if someone claims that your company made an oversight that caused financial losses.

For instance, a commercial real estate developer says that a Nampa-based architect failed to deliver complete building foundation plans, leading to a project delay that results in lost revenue. Professional liability coverage helps the architects repay the costs of the mistake, including attorney fees, court costs and other damages if the client files a lawsuit.

 

Workers’ Compensation insurance

In Idaho, businesses must carry workers’ comp insurance before hiring employees. State law requires this coverage for companies with full-time, part-time and seasonal workers.3

Workers’ compensation protection helps employees who are injured on the job pay for medical expenses. If an employee needs time off of work to recover from an accident, workers’ comp insurance in Idaho pays for 67% of weekly wages, subject to state minimum and maximum allowances.4

Workers’ comp insurance would help in the following situation:

An employee of an Idaho Falls-based debris removal firm is hurt on the job after handling boards with exposed nails. The worker needs to visit the emergency room for stitches and can’t report to the job for two weeks. Workers’ comp coverage helps the employee pay for medical expenses and recover some lost pay during recuperation.

 

Commercial Auto insurance

If your company owns vehicles, a business insurance package in Idaho should include commercial auto insurance

Personal auto coverage usually doesn’t cover damages that happen in business-owned vehicles. Commercial auto insurance helps pay for damages if someone has an accident in a vehicle titled to your company. 

Idaho requires all drivers to carry a minimum of $50,000 in auto insurance to help pay for injuries to other people and $15,000 for damaging property.5 But the minimum requirements might not cover all damages if a worker has a serious automobile accident.

For instance, an employee of a Coeur d’Alene bed and breakfast is driving guests back to Spokane International Airport in a company-owned shuttle and has an accident on Interstate 90, injuring several passengers and another driver. Commercial auto coverage helps pay for the injured persons’ medical bills, along with damages to both vehicles.

Hired and non-owned auto insurance is a form of coverage that helps protect small businesses from accident damages that occur in vehicles not titled to the company. Businesses that sometimes request staff members to drive their own automobiles for work or rent them should strongly consider this add-on.

 

How much does business insurance in Idaho cost?

Our customers in Idaho pay a median of about $47 per month for business insurance packages. How much your company should budget for coverage depends on factors such as:

Your industry’s regular risks. Small business insurance in Idaho will cost more if your company routinely encounters serious risks. 

Construction companies based in Idaho pay a median of $65 per month for insurance bundles, in part due to the industry’s higher risk of injury and property damage. Fitness center operators aren’t as exposed to the same level of risk and spend $15 each month for protection.

The amount of coverage you choose and policy limits. Purchasing Idaho’s minimum required insurance and choosing the lowest policy limits will save your business money in the short term. However, you could pay more out of pocket if someone at your company is accused of causing an accident or making a critical work error.

How many people you employ. How much you’ll pay for workers’ compensation coverage depends on your business’s number of employees. These costs are typically higher for companies that employ more people, so be sure to have an accurate staff count before you get a quote.

Start a quote with Next Insurance today to explore coverage options for your business in just a few minutes.

 

More resources for Idaho small businesses and self-employed workers

Sources: 

  1. U.S. Census Bureau 
  2. U.S. Small Business Administration 
  3. Idaho Industrial Commission 
  4. Idaho Industrial Commission
  5. Idaho Department of Insurance