The nearly 69,000 small companies based in Wyoming play a major role in the state’s economic health by employing nearly two-thirds of its workers.1
The right insurance package helps small businesses and self-employed individuals in Wyoming protect against unexpected events, which could include:
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 Wyoming or start a free instant quote to review options for your business.
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Small business owners in Wyoming who are shopping for an insurance package will want to consider the following major types of coverage:
General liability coverage is one of the most common and important types of business insurance in Wyoming.
This form of protection helps pay for damages if someone at your company is accused of injuring another person or destroying property. It is also commonly required to rent commercial office space.
If a person or business sues your company, general liability insurance assists with lawsuit expenses, even if the claim is without merit. By carrying this coverage, a business receives help with lawyer fees, court costs and damages for which it is held responsible, up to the policy limits.
A business might need to file a general liability insurance claim if something like this happened:
A resident of a Cheyenne apartment complex is injured after falling down a dark stairwell and seeks medical care. The injured person blames the accident on the property management company for failing to provide proper lighting. The property management firm’s general liability coverage would help pay for the injured resident’s medical expenses, along with other costs if the individual filed a lawsuit.
Construction and cleaning business owners often add tools and equipment insurance to general liability coverage to help pay for items that are stolen, lost or damaged.
Businesses that hire employees in Wyoming must carry workers’ compensation insurance to comply with state laws.2
If an employee gets hurt while performing job duties, workers’ comp insurance pays for the person’s medical bills. In Wyoming, workers’ compensation coverage also reimburses injured employees two-thirds of lost wages if they need more than eight days off to recover.3
For example, an employee of a Casper-based carpentry firm suffers a serious cut while at work. The employee needs stitches and a few weeks to recuperate from the injury before returning to the job. Workers’ comp insurance pays for the injured carpenter’s medical bills and helps repay a portion of lost wages.
Wyoming law requires all drivers to carry auto insurance to help cover accident damages.
Since personal automobile coverage doesn’t usually pay for accident damages in company-owned vehicles, business insurance in Wyoming often includes commercial auto coverage. This type of insurance provides protection if someone at your company injures other people or causes property damage when driving for work.
Drivers in Wyoming must carry a minimum of $50,000 in auto insurance to help pay for injuries to others and $20,000 in property damages if there’s an accident.4 But businesses that own several vehicles that employees often drive should think about purchasing more than the minimum required coverage.
Commercial auto insurance could save a small business in Wyoming a significant amount of money if something like this happened:
A driver claims that employees of a Gillette-based debris removal firm damaged their vehicle after items fell from the back of a company truck on Interstate 90. Commercial auto insurance helps pay for damages to the other person’s vehicle, along with medical expenses if the accident resulted in injuries.
Companies might occasionally request that employees drive their personal vehicles to jobs or rent automobiles. Adding hired and non-owned auto coverage to a business insurance package in Wyoming helps pay for accident damages in these situations.
No small business wants to be accused of professional negligence, but unexpected mistakes and accusations of oversights can happen.
Professional liability insurance, also known as errors and omissions (E&O) coverage, helps pay for claims of substandard work, incomplete jobs and missed deadlines that result in financial losses. If someone sues your company over these kinds of issues, professional liability insurance helps cover the same types of lawsuit expenses as general liability coverage.
For instance, a homebuyer claims that stone flooring installers used the wrong type of tiles at a new vacation property in Jackson. The business’s E&O insurance would help pay to remove the incorrect tiles, purchase new ones and provide labor expenses to fix the mistake.
Business insurance in Wyoming costs Next customers a median of $44 per month. The following factors play a role in determining how much your company might spend:
Your industry and related risks. Small businesses that regularly encounter risks such as injuring other people or damaging property should expect slightly higher insurance costs than companies with fewer chances of serious accidents.
Business insurance packages in Wyoming cost construction companies a median of about $49 per month. Fitness center operators in the state typically spend $17 each month for coverage.
The types of insurance you select and policy limits. If you choose the minimum amount of required coverage and the lowest policy limits, you’ll save a little money in the short term. But if your company ever needs to file a large claim, you could end up paying more out of pocket than you saved.
Your employee count. A small business with 20 employees will pay more for workers’ compensation coverage than a company with four people on staff. Be sure to provide your company’s current number of employees to receive the best possible insurance quote.
Start a quote with Next Insurance today to explore coverage options for your business in just a few minutes.
Check out these links if you would like to learn more about starting a business in Wyoming:
Learn more about insurance options in the states where you work.