Business Insurance FAQs

• Research Judgments: Investigate large judgments against businesses similar to yours in your area to understand potential risks.
• Balance Sheet: Assess your assets and liabilities to determine what you need to protect.
• Income Statement: Evaluate your income statement to understand what you can afford to lose.
• Comfort Level: Choose liability limits that you feel comfortable with, recognizing that verdicts can exceed your coverage.
• Contract Requirements: Check your business contracts for specific liability limit requirements.
• Industry Standards: Look at the liability protection carried by other businesses in your industry.

There is no universal solution, and it’s important to factor in the legal landscape, business type, and specific exposures.

Yes, businesses can purchase “package” policies that combine multiple types of coverage, such as:

• Business Owners Package (BOP)
• Special Multi-Peril (SMP)
• Custom-designed insurance packages

These packages can be tailored to the specific needs of businesses, including auto garages, auto dealers, jewelers, beauty salons, and apartment buildings.

Workers’ Compensation Insurance is a system that balances the rights of employers and employees regarding job-related injuries or illnesses. In exchange for state-mandated benefits, employees give up the right to sue employers for work-related injuries. Employers are required to demonstrate their ability to pay these benefits, typically through purchasing Workers’ Compensation insurance.

Note: Wyoming is a monopolistic state for Workers’ Compensation, meaning employers must purchase this coverage from a state-run fund, which is why we do not offer Workers’ Compensation insurance in this state.

Business Liability and Workers’ Compensation insurance do not cover claims related to discrimination, wrongful termination, or violations of the Disability Act. However, you can protect your business with Employment Practices Liability Insurance (EPLI). EPLI covers legal defense costs and protects your business against allegations from employees, which can often be more expensive than the actual claim.