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Which insurance policies are recommended for Idaho businesses?
Small businesses in Idaho most often buy these insurance products.
General liability insurance
A general liability policy covers common third-party risks, including customer property damage and injuries. Most commercial leases require this business liability insurance.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Libel and other advertising injuries
Workers’ compensation insurance
Workers’ comp insurance is required for all Idaho businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Medical expenses for work-related injuries
- Disability benefits
- Legal fees related to employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in Idaho. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business vehicles
- Theft of a business vehicle
- Damage to a company vehicle
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for an Idaho business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Errors and omissions insurance
E&O, sometimes called professional liability insurance, is common with professional services in Idaho. It can cover the cost of lawsuits related to your work performance.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber insurance
This policy helps pay for financial losses from data breaches and cyberattacks. It's important for any Idaho business that handles credit card numbers or other sensitive data.
BEST FOR
- Customer notification costs
- Fraud monitoring services
- Data security measures
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
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Which business insurance policies are required in Idaho?
State laws can affect which business insurance coverage you need. These policies are required everywhere in Idaho, from Boise to Coeur d'Alene.
Workers' compensation insurance
If you employ one or more full-time, part-time, seasonal, or occasional employees, the state of Idaho requires you to maintain a workers' compensation policy unless you are specifically exempt from the law. You must have workers' compensation in place when the first employee is hired.
This policy covers medical bills for work injuries and illnesses. It also provides disability benefits for injured employees.
Commercial auto insurance
All business-owned vehicles in Idaho must be covered by commercial auto insurance. This policy helps cover costs if your work vehicle gets into an accident.
Idaho's minimum requirements for auto liability coverage are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $15,000 property damage liability
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
How much does small business insurance cost in ID?
Commercial insurance can be affordable for small business owners. Average costs in Idaho are:
General liability: $43 per month
Workers' comp: $25 per month
Professional liability/E&O: $49 per month
Factors that influence business insurance costs include:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
How to get insurance for your Idaho business
View video transcript.
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Tell us about yourself. Questions? We've got your back. The info you share is secure. We'll double-check it and a pro with experience in your field will be in touch.
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When you are ready to get insurance for your Idaho business, you can complete Insureon's easy online application to get quotes from top-rated insurance companies.
FAQs about Idaho business insurance
Review answers to frequently asked questions about Idaho insurance.
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill Idaho's business insurance requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Idaho's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Does my industry affect state insurance requirements?
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers are required by state law to carry errors and omissions insurance (E&O), while other professionals who offer advice or services sometimes need this policy to get licensed.
State law also requires that attorneys carry malpractice liability insurance with policy limits of $100,000 per claim.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on Idaho business insurance?
As with any purchase, shopping around is one of the best ways to find a bargain. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount. For example, you can often combine directors and officers insurance (D&O) with employment practices liability insurance (EPLI) or other types of management liability insurance.
Choosing lower limits or a higher deductible will also lower your premium. Learn more about how to find cheap business insurance.