Popular Questions About Indiana Business Insurance

Last year small businesses in Indiana made $180.1 billion. Without insurance, business claims have to be paid out of your pocket. 

This means that if a bad storm, accidental fire or crime-related break-in happens, repairs and costs will be paid for out of your business’s revenue.

40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:

  • Theft Or Burglary: Average Cost Per Claim - $8,000
  • Water Damage & Freezing Pipes: Average Cost Per Claim - $17,000
  • Wind & Hail Damage: Average Cost Per Claim - $26,000
  • Fire Damage: Average Cost Per Claim - $35,000
  • Customer Slip & Fall: Average Cost Per Claim - $20,000

Indiana business insurance will pay for covered claims so your business doesn’t have to. It's a financial backup plan for unexpected damage, legal costs and liability claims.

Here’s what a standard business insurance policy should do:

Pay For Damage To Your Building

  • Example: A tree falls on your office building.

Pay For Damage To Your Business Property

  • Example: A fire destroys all your computers.

Pay For Damage To Someone Else’s Property

  • Example: A contractor does a poor job of installing a cabinet, resulting in its falling and breaking homeowner's kitchenware.

Pay For Someone Else’s Medical Bills

  • Example: A customer slips and falls on your recently mopped floor and breaks an arm.

Pay For Accidents in Company Vehicles

  • Example: Your salesperson rear-ends someone while driving to an appointment.

Pay For Employee Injuries & Compensation

  • Example: An employee falls off a ladder at work and can’t work for two weeks.

While a commercial insurance policy is not required of business owners, certain aspects of it may be. 

For example, in this state, businesses are required to carry workers' compensation insurance. And businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with a local Trusted Choice® agent.

It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.

  • A sole proprietor who owns a garment hemming business: $260 per year
  • A commercial landscaper with five employees who operate heavy machinery: $22,700 per year

Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want. 

Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.

It’s usually wise to work with an independent agent in Indiana since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.

  • There are 619 independent agents in Indiana who are ready to help.
  • Last year our agents helped 2,556 people.
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How does business insurance work?

Find the Best Insurance in Your City

National Business Insurance Stats

Number of businesses in the US: 27,626,360

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

CityNo. businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars
Anderson3,1679.013.32
Bloomington6,0405.861.5
Carmel10,7502.210.99
Columbus2,8504.423.62
Elkhart4,0389.244.55
Evansville9,0829.034.53
Fishers7,9070.540.49
Fort Wayne20,5026.861.41
Goshen1,9517.422.04
Greenwood4,4883.171.99
Hammond4,4896.754.05
Indianapolis69,36612.846.03
Kokomo4,0438.81.02
Lafayette5,0198.963.53
Lawrence3,5525.384.05
Merrillville3,2815.122.55
Michigan City2,3176.732.51
Mishawaka3,5675.092.61
Muncie4,0736.962.51
New Albany3,2368.674.88
Noblesville5,0792.530.94
Portage2,2702.691.52
Richmond2,40016.463.76
Schererville2,2501.891.14
South Bend7,68612.113.29
Terre Haute4,22111.445.7
Valparaiso2,6581.71.17
West Lafayette2,0831.410.61
Westfield3,3455.921.59
  • Indianapolis, IN
  • Business Insurance Common Coverage Options
  • Property: The property crime rate in Indianapolis is higher than the national average — most likely because it's a metropolitan city. This can mean higher property insurance needs and maybe more expensive options because it is a less safe area.
  • Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Indianapolis, IN workers comp cost looks like.
  • Manufacturing Industry, $1,660/year 
  • Retail Trade Industry, $970/year 
  • Base premium rates are set to reflect the various hazards of a particular job, which means that more hazardous professions will carry a higher premium than jobs where accidents are less likely to happen. That's why workers' comp coverage for a manufacturing plant is much higher than coverage for someone in the retail trade industry.


  • Fort Wayne, IN
  • Business Insurance Common Coverage Options
  • Property: Did you know that the crime rate in Fort Wayne can affect your coverage rates? All of your insurance policies should be completely personalized, taking a number of unique factors into account, such as the location of your business and what kind of property risks you have.
  • Commercial Auto: Your commercial auto insurance rates will be based on the number and types of vehicles you are covering, the risk of collisions and the average number of vehicular thefts in your city. It's an all-inclusive calculation that gives you the right amount of coverage so you and your employees can stay safe while on the road.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Fort Wayne, IN workers comp cost looks like.
  • Manufacturing Industry, $1,660/year
  • Retail Trade Industry, $970/year 
  • Each of these industries comes with its own risks and hazards, and employees in manufacturing are much more likely to be injured than employees behind a clothing store counter. That's why these workers' comp rates are different from one another.


  • Evansville, IN
  • Business Insurance Common Coverage Options
  • Property: Severe weather and accidental fires can easily damage your property, but have you considered property crimes like theft and arson? All of these situations can lead to large business losses if you do not have the right insurance. Take note of the crime rate in this area and get the proper amount of protection.
  • Commercial Auto: Accidents happen — and you need the right kind of insurance to protect yourself against the unexpected. If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance, but remember that your rate will be based on a number of personal factors.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Evansville, IN workers comp cost looks like.
  • Manufacturing Industry, $1,660/year
  • Retail Trade Industry, $970/year
  • When you're looking at these average rates and considering how much a typical workers' comp policy costs, keep in mind that it depends on what industry you're in. An employee at a manufacturing plant is much more likely to experience an injury than someone in a retail store. The best way to understand how these rates are calculated is by talking to your local independent insurance agent.


  • South Bend, IN
  • Business Insurance Common Coverage Options
  • Property: Your physical office space is the bread and butter of your South Bend business. That's why it deserves all the protection it can get, especially from property crimes like theft and arson. Any kind of physical damage, whether from crime or weather, can lead to large business losses if you do not have the right insurance.
  • Commercial Auto: Commercial auto insurance is a necessary part of your business's protection plan. But remember that your rates will be completely personalized and based on a number of unique factors like the number and types of vehicles you are covering.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in South Bend, IN workers comp cost looks like.
  • Manufacturing Industry, $1,660/year
  • Educational Services Industry, $200/year
  • Workers’ compensation coverage protects your employees if an injury or illness happens as a result of work-related activity. But clearly, an employee at a manufacturing plant has different risks from someone in a university. Notice the differences, and talk through policy options with a local independent insurance agent to understand why these rates are varied.


  • Carmel, IN
  • Business Insurance Common Coverage Options
  • Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Carmel can affect your coverage rates, so consider this average rate when you're looking at insurance options.
  • Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Carmel, IN workers comp cost looks like.
  • Manufacturing Industry, $1,660/year 
  • Professional, Scientific and Technical Services Industry, $200/year 
  • These may be the two most common types of businesses in the area, but they each have their own associated risks and hazards. If you're looking for workers' compensation coverage, consider the differences your employees face and how you can best protect against them.


  • Fishers, IN
  • Business Insurance Common Coverage Options
  • Property: Severe weather, property crimes like theft and arson, and unexpected flooding can lead to serious business losses if you do not have the right insurance. Something as small as the crime rate in Fishers can affect your coverage rates, so it's best to be completely prepared and know what you're up against.
  • Commercial Auto: Need commercial auto insurance? If so, you might want to talk to an independent insurance agent. A number of factors will go into determining how much you pay, including the number and types of vehicles you are covering, so it can get overwhelming, and it's always good to have a trusted partner on your side.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Fishers, IN workers comp cost looks like.
  • Manufacturing Industry, $1,660/year
  • Professional, Scientific and Technical Services Industry, $200/year
  • An employee at a doctor's office will face different work-related risks from someone working in a manufacturing plant. And these average premium rates reflect just that — the various hazards of a particular job — which means that more hazardous professions will carry a higher premium than jobs where accidents are less likely to happen. 


  • Bloomington, IN
  • Business Insurance Common Coverage Options
  • Property: Your physical office space is the center of your business. That's why it deserves all the protection it can get, especially from property crimes like theft and arson. Any kind of physical damage, whether from crime or weather, can lead to large business losses if you do not have the right insurance.
  • Commercial Auto: The number and types of vehicles you are covering and the average number of vehicular thefts in your city will impact how much you pay for your commercial auto insurance. But it's a necessary cost that will protect you from the accidents that are bound to happen when you or your employees are on the road.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Bloomington, IN workers comp cost looks like.
  • Educational Services Industry, $200/year
  • Accommodation and Food Services Industry, $1,050/year
  • Bloomington is certainly a college town, so it makes sense that educational services is the most common industry. But a school has much different employee-related risks from a restaurant. It's important to keep these differences in mind when looking at workers' comp coverages with your local independent insurance agent.


  • Hammond, IN
  • Business Insurance Common Coverage Options
  • Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Hammond can affect your coverage rates, so keep that in mind when you're comparing commercial insurance policies.
  • Commercial Auto: Does your business own a vehicle or two? If so, you will need commercial auto insurance — it's actually required by the state. But take note: Your rates will be based on a number of factors such as the number and types of vehicles you are covering and the risk of theft in your area.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Hammond, IN workers comp cost looks like.
  • Manufacturing Industry, $1,600/year
  • Transportation and Warehousing Industry, $3,360/year
  • When you're looking at these average rates and considering how much a typical workers' comp policy costs, keep in mind that it depends on what industry you're in. An employee driving a truck is probably much more likely to experience an injury than someone in a manufacturing plant. The best way to understand how these rates are calculated is by talking to your local independent insurance agent.


  • Lafayette, IN
  • Business Insurance Common Coverage Options
  • Property: A number of accidents and unexpected situations can damage your business's physical property. But property crimes like theft and arson can lead to especially large business losses if you do not have the right insurance. The crime rate in Lafayette can affect your coverage rates, so it may be above or below what you're used to.
  • Commercial Auto: Do you have a company car? Or do your employees drive on a regular basis? If so, you absolutely need commercial auto insurance. You can talk to a local independent insurance agent to learn more, but your rates will be based on a number of unique factors.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Lafayetter, IN workers comp cost looks like.
  • Manufacturing Industry, $1,600/year 
  • Retail Trade Industry, $970/year 
  • Each of these industries comes with its own risks and hazards, and employees in a manufacturing plant are much more likely to be injured than someone behind a clothing store's counter. That's why these workers' comp rates are different from one another.


  • Muncie, IN
  • Business Insurance Common Coverage Options
  • Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. Remember that the crime rate in Muncie can affect your coverage rates when you're looking at insurance options.
  • Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.
  • Workers’ Compensation
  • Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Indiana employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two leading industries in Muncie, IN workers comp cost looks like.
  • Retail Trade Industry, $970/year 
  • Accommodation and Food Services Industry, $1,050/year 
  • Base premium rates are set to reflect the various hazards of a particular job, which means that more hazardous professions will carry a higher premium than jobs where accidents are less likely to happen. That's why workers' comp coverage for a retail store is different than for someone in the restaurant industry.