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Which policies are recommended for North Dakota businesses?
Small businesses in North Dakota most often buy these types of insurance.
General liability insurance
This type of business liability insurance is important for all North Dakota businesses. A general liability policy covers common third-party risks, and it's required by most commercial leases.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Slander, libel, and other advertising injuries
Workers’ compensation insurance
North Dakota requires workers’ comp for businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees from employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in North Dakota. It covers injuries and property damage in an accident, along with vehicle theft and some types of damage.
BEST FOR
- Accidents involving commercial vehicles
- Theft of a business-owned 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 a North Dakota business.
BEST FOR
- Slip-and-fall injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
A professional liability insurance policy provides financial protection against lawsuits related to work performance. It's also called errors and omissions insurance (E&O).
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 North Dakota. 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 covers financial losses from data breaches and cyberattacks. It's recommended for North Dakota businesses that handle credit card numbers and other sensitive data.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Data breach investigations
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 North Dakota?
State laws can affect which business insurance coverage you need. These policies are required everywhere in North Dakota, from Bismarck to Fargo.
Workers' compensation insurance
North Dakota state law requires all employers to purchase workers' compensation insurance for their employees prior to hiring. That includes part-time, full-time, seasonal, and occasional workers.
North Dakota is one of four states that operates a monopolistic state fund for workers' compensation. That means employers cannot buy workers' comp from private insurers, only from the state fund administered by the North Dakota Workforce Safety & Insurance (WSI).
Workers' comp covers the cost of medical bills and provides disability benefits for North Dakota workers who are injured on the job or who develop an occupational disease.
Policies purchased through the state fund do not include employer's liability insurance coverage, which provides financial protection against employee injury lawsuits. However, you can still purchase it through a private insurance provider as stop gap coverage.
Commercial auto insurance
All business-owned vehicles in North Dakota must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.
North Dakota’s minimum requirements for auto liability insurance are:
- Bodily injury liability: $25,000 per person / $50,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured motorist coverage: $25,000 per person / $50,000 per accident
- Personal injury protection: $30,000 per person
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 commercial general liability insurance or a business owner's policy.
How much does small business insurance cost in ND?
Commercial insurance can be affordable for small business owners. Average costs in North Dakota are:
General liability: $56 per month
Workers' comp: $45 per month
Professional liability/E&O: $42 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 North Dakota business
View video transcript.
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When you are ready to get coverage for your North Dakota business, you can complete Insureon's easy online application to get quotes from top-rated insurance companies.
FAQs about North Dakota business insurance
Review answers to common questions about North Dakota insurance.
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill North Dakota's 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.
North Dakota'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, while other professionals who offer advice or services sometimes need this policy to get licensed.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on North Dakota small business insurance?
As with any purchase, shopping around is one of the best ways to find affordable options. With Insureon, you can compare quotes from top-rated insurance carriers by filling out a free online application.
Other ways to save include bundling insurance products for a discount, and choosing less expensive coverage options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.