There are more than a half a million small businesses in the Hoosier State. They employ 1.2 million workers and represent many different industries, from construction to restaurants to real estate.1
All of these companies need the protection of Indiana business insurance. It can provide a financial safety net after unexpected events, such as:
NEXT is 100% dedicated to small business and insures more than 1,300 types of small businesses and self-employed workers. We make it easy for you to get the right coverage at the right price and purchase your policy online in less than 10 minutes.*
Continue reading to learn about important types of business insurance in Indiana. Or get a free instant quote to see customized coverage options for your business.
Business insurance usually involves a package of different types of coverage, which insurance companies call policies.
A business insurance package in the state of Indiana may include some combination of:
Because every small company is unique, you can select the types of coverage you need based on your business insurance needs.
General liability coverage is commonly included in business insurance packages in Indiana.
If someone says that your company’s actions caused injury or property damage, general liability coverage can help pay for medical expenses and repairing and replacing property. If you’re sued, it can help cover court costs, attorney fees and damages for which you’re held liable.
General liability insurance would apply in this situation:
A building owner accuses an Indianapolis construction company of improperly fixing a steel column during renovations, which requires expensive repairs to remediate structural damage.
General liability insurance in Indiana could help the construction company pay to repair the damage. If the owner sues, it could also help cover court costs, legal fees and any damages for which the construction company is held responsible.
Construction and cleaning companies may choose to purchase tools and equipment coverage with their general liability policy. This optional add-on can help pay to replace or fix business gear that is stolen, lost or damaged.
Most small businesses with employees are required by the state to carry Indiana workers’ comp insurance. This kind of coverage is designed to help pay costs when employees suffer job-related injuries and need medical care and time to recover.
For instance, an employee of a Fort Wayne retail store falls from a stockroom ladder, breaks an arm and is temporarily unable to work. Workers’ compensation insurance could help the business pay for the injured employee’s medical bills and physical therapy costs. It could also cover a portion of the employee’s wages while they get better.
If your business involves driving, you’ll need commercial auto insurance as part of your insurance package. It’s critical because personal auto policies won’t pay for accidents or bodily injury caused when you’re behind the wheel on business.
Here’s a scenario where commercial auto coverage could help a small employer:
A shuttle driver at a small hotel in Evansville rear ends a line of cars while dropping off guests at a restaurant. Commercial auto insurance could help the hotel owner pay for damage to its shuttle and other vehicles, and help cover medical expenses if anyone is hurt.
Hired and non-owned auto coverage is an optional add-on to commercial auto coverage. It is designed to cover damage from accidents that happen when employees drive their own cars for or rent vehicles for business reasons.
Indiana commercial property insurance, sometimes called business property insurance, can help pay for business property that’s damaged or destroyed after a covered event, such as water, fire or wind incidents.
For example, a kitchen fire at a Terre Haute family-style restaurant damages the cooking station. Commercial property coverage could help pay to repair the grill and replace frying pans that were ruined.
It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Many providers don’t cover flooding and hurricane damage.
If your business is accused of making a professional error that cost someone else money, professional liability coverage, also known as E&O or errors and omissions insurance, can offer crucial protection. It can help pay damages and legal fees to defend your business.
For instance, a commercial office building developer claims that a Bloomington architecture firm didn’t deliver a building plan on time, which caused several clients to pull out of the project. The developer sues the architect for damages.
Professional liability coverage could help the architect pay for legal costs and court fees and to help settle the case.
Your business insurance cost will be based on the package of coverage you select for your business insurance requirements. How much you’ll pay to protect your Indiana company will vary based on several factors, which include:
Owners of higher-risk businesses should budget a bit more for insurance than those with fewer risks. For example, construction companies, which have a greater chance of injury and property damage, typically pay more than professional services companies.
Companies with larger employee numbers will spend more on workers’ compensation coverage each month than those with fewer staff members. To get the most accurate insurance quote, be sure to use your exact employee count.
Business insurance will cost more as you add policies to your coverage package. Most businesses need more than one type of insurance to protect them in different situations.
The best way to explore coverage options and find out how much you’ll pay for a business insurance policy is to get a free instant quote from NEXT.
You can also use our insurance calculators for a general estimate of insurance costs in Indiana:
We offer a fast and easy way for small business owners to get a business insurance quote online, purchase coverage and instantly share a certificate of insurance. The entire process usually takes less than 10 minutes.
You can also chat with our U.S.–based NEXT licensed insurance agents if you need help or have questions.
Learn more about insurance options in the states where you work.