Business Insurance in Indiana FAQ - Quick Answers

In Indiana, your business insurance will come with individualized premiums. You can only get exact costs when obtaining quotes. However, below are risk factors carriers use to rate your coverage:

  • Type of industry
  • Number of employees
  • Gross annual sales
  • Location of business
  • Number of company vehicles
  • Safety practices in place
  • Past claims reported
  • Number of years in operation

There are numerous policies your business will need to be fully protected. In Indiana, you are required to carry workers' compensation insurance when you have 1 employee or more. If you have company-owned vehicles, then you'll need commercial vehicle insurance at least at the state minimum limits. When it comes to your other primary policies, you're not mandated to obtain them, but you'll want them to avoid financial devastation.

Your business insurance in Indiana can cover a multitude of exposures your business may have. However, every policy is individualized to meet your operation's needs specifically. Take a look at the most common primary policies obtained by small business owners: 

In Indiana, there are multiple liability insurance policies your small business could purchase. Here are some of the ones that apply the most:

Your Indiana small business isn't required by law to offer health insurance until you reach 50 employees or more. However, you may want to provide health coverage as an additional benefit to your staff. You can receive quotes from a qualified independent insurance agent near you.

When it comes to purchasing small business insurance, the best is relative. In Indiana, Nationwide, Travelers, Progressive, and Stillwater insurance companies come highly rated. This is because of their custom coverage options and superior customer service.

Do You Know What Your Business Insurance Covers in Indiana?

Find the Best Business Insurance in Your City

National Business Insurance Stats

Number of businesses in the US: 30,819,176

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

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

CityNo. of businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars
Anderson3,1676.833.55
Bloomington6,0405.421.54
Carmel10,7500.590.7
Columbus2,8502.711.15
Elkhart4,0386.845.28
Evansville9,0824.993.42
Fishers7,9070.510.51
Muncie4,0735.956.43
New Albany3,2367.094.64
Noblesville5,0790.450.57
Portage2,2701.490.95
Richmond2,40016.463.76
Schererville2,2501.891.14
South Bend7,6868.515.5
Westfield3,3450.30.28
  • 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 may be 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 several factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Indianapolis, IN look 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 several 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 vehicle 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Fort Wayne, IN look like.
  • Manufacturing Industry, $1,660/year
  • Retail Trade Industry, $970/year 
  • Each of these industries comes with its 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 several 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Evansville, IN look 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.


  • 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 several 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the two workers' comp costs for two leading industries in South Bend, IN look 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 at a university. 


  • 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 many factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Carmel, IN look 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 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: Several 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Fishers, IN look 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 vehicle 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Bloomington, IN look like.
  • Educational Services Industry, $200/year
  • Accommodation and Food Services Industry, $1,050/year
  • Bloomington is a college town, so it makes sense that education is the most common industry. But a school has many different employee-related risks than a restaurant.


  • 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, and it's 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Hammond, IN look 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 much more likely to experience an injury than someone in a manufacturing plant. 


  • 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 regularly? If so, you need commercial auto insurance. 
  • 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what workers' comp costs for the two leading industries in Lafayette, IN look like.
  • Manufacturing Industry, $1,600/year 
  • Retail Trade Industry, $970/year 
  • Each of these industries comes with its 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 vehicle 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 workers' compensation rates vary so significantly depending on your industry.
  • Based on a $100,000 annual payroll, here is what the workers' comp costs for two leading industries in Muncie, IN look 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.