Find the Best Business Insurance Options in Indiana
However large or small your business is, it needs the right kind of business insurance. Folks may be drawn to start a business in Indiana for many different reasons, including the draw of tourism to the state by many other features, such as the Indianapolis Motor Speedway. But businesses in Indiana are not immune to common and unexpected threats, ranging from severe storm damage to fire and theft.
Indiana is home to nearly 512,350 small businesses. The 1.2 million small business employees currently working in Indiana must be protected against injury or illness caused by their jobs. An independent insurance agent in Indiana can help your company get guarded by all the protection it deserves. For starters, though, here's a deep dive into Indiana business insurance.
Best Business Insurance Companies in Indiana
There are many business insurance companies in Indiana, but some offer better coverage than others. That's why we're hoping to save you time when shopping for coverage by providing this list of only the best business insurance companies in Indiana. Check out these top-recommended companies in Indiana to get started.
- Nationwide: Nationwide sells business insurance along with many other types of insurance products. The carrier also has excellent ratings from both AM Best and the BBB and offers 24/7 claims reporting.
- Progressive: Progressive sells many insurance products, including business insurance. The carrier has excellent financial strength ratings, offers many discounts, and provides 24/7/365 customer service.
- Travelers: Travelers sells business insurance and many other kinds of insurance. The carrier also offers top-rated customer service, has lots of positive reviews, and offers many different discounts.
- Liberty Mutual: Liberty Mutual sells a lot of insurance products, including many types of business insurance. The carrier is also known for being a Fortune 500 company, having excellent ratings through AM Best and the Better Business Bureau (BBB), and offering 24/7 claims reporting.
An Indiana independent insurance agent can help you find the coverage you need for your business from one of these top-rated insurance companies.
Indiana Business Insurance Requirements
In Indiana, state law requires all businesses with one or more employees to provide workers' compensation insurance. Though that's the only coverage required by state law, your business could still most likely benefit from having other forms of protection, like commercial vehicle insurance, to protect any company cars against numerous risks. Having commercial property insurance is also critical to get reimbursement for stolen, lost, damaged, or destroyed company property. You might also want to consider adding business income insurance to get reimbursed for employee payroll and regular business income during covered temporary closures.
Indiana state law dictates that your business must have workers' comp if it has employees. The only state-mandated coverage in Indiana is:
Optional business insurance coverages in Indiana:
- Cyber liability insurance
- Business income insurance
- Professional liability insurance
- Commercial auto insurance
- Commercial general liability insurance
- Commercial property insurance
An Indiana independent insurance agent can help you create the right kind of business insurance policy for you.
What Business Insurance Covers in Indiana
Business insurance policies are highly customizable in Indiana. That means that what your policy covers will depend on the coverages you select. You'll most likely want to choose to add at least liability coverage, workers' comp, cyber liability, commercial vehicle coverage, and business income coverage. An Indiana independent insurance agent can advise you about which coverages your unique company would most benefit from having in its business insurance policy.
Liability Coverage Options for Small Businesses in Indiana
All businesses in Indiana should ideally have liability protection against lawsuits. At least commercial general liability coverage should be added no matter what, but your business may also require other forms of liability protection, depending on its niche. Here are some popular liability coverages to consider for your business:
- Professional liability insurance: This can cover lawsuit costs like attorney and court fees if your business gets sued by a third party for claims of some type of injury or loss due to improper advice or services performed.
- Cyber liability insurance: This can cover costs related to incidents of data breaches and other cyber threats that can lead to the distribution of sensitive data and other issues.
- Commercial general liability insurance: This can cover lawsuit costs like attorney and court fees if your business gets sued by a third party for claims of bodily injury or personal property damage.
An Indiana independent insurance agent will help your business get equipped with all the liability protection it needs.
Property Coverage Options for Small Businesses in Indiana
Any business in Indiana needs protection for its property, as well. This can include physical buildings and inventory.
- Commercial property insurance: This can cover incidents of damage, theft, or destruction of your business's property from things like break-ins, fire, vandalism, etc.
Your Indiana independent insurance agent will ensure your business has all the commercial property coverage it needs.
Other Insurance Options for Small Business Owners in Indiana
Still, your Indiana business might require more coverage to operate smoothly for years to come. Here are a couple of other types of business insurance that are not to be overlooked:
- Business income insurance: This can replace lost income or employee payroll during temporary covered closures, such as after a fire.
- Commercial auto insurance: This can cover certain incidents involving company vehicles like delivery vans, including lawsuits, theft, etc.
An Indiana independent insurance agent can help your business get protection with every type of coverage it needs.
Average Cost of Business Insurance in Indiana
Business insurance costs in Indiana vary depending on your business's industry, size, and other factors. The kind of business you operate influences its risk level, and riskier businesses will pay more for business insurance than others. But the policy options and limits you select also impact the cost of your business insurance, as does your company's exact location. If your business is located in a town that's more prone to severe weather or has higher crime rates, you can expect to pay more for coverage. Smaller, safer businesses in Indiana will pay less for business insurance.