Cedar Rapids Business Insurance

(And how to find a knowledgeable independent agent)

Written by Candace Jenkins
Written by Candace Jenkins

Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.

Cedar Rapids Iowa business insurance

With a population of 132,228, Cedar Rapids, IA, is a large city with seasonal charm. Known as the town with five seasons, this community takes time to enjoy life. 

Cedar Rapids' most common industries are healthcare, education, and hospitality. To own a business in this diverse city, you'll want proper protection. Find an independent insurance agent on TrustedChoice.com to get coverage.

Why Your Cedar Rapids Business Should Have Liability Insurance

General liability insurance or GL is coverage your business needs. If you want to be sure claims are covered adequately, GL insurance provides a variety of options. Things your GL policy will cover:

  • Bodily injury claim
  • Advertising injury claim
  • Slander claim
  • Property damage liability claim

Your GL policy will protect against a lawsuit arising out of any one of these occurrences. If your business is virtual, you'll still want coverage for the intangible claims. 

Cyber Liability Insurance for Your Cedar Rapids Business:

With as little as an email address, you and your client's sensitive information could be at risk. When a cyberattack occurs, your cyber liability policy will apply. Let's look at the facts on cyber:

  • Number of US identity records exposed in 2019: 164.68 million
  • Number of US data breaches in 2019: 1,473
  • Identity thefts reported in IA in 2019: 1,910

Unfortunately, the majority of small business owners don't have cyber liability insurance. When the risks are high that your business could be hacked, you don't want to take the chance. Cyber liability will protect your business against the unknown predator behind the screen. It will pay for lawsuits that can cost hundreds of thousands of dollars in legal fees. Connect with your Cedar Rapids agent on liability coverages and get the protection your business needs.

When Your Cedar Rapids, IA, Business Owns a Property

Real estate can be a valuable asset for your business to own. Your commercial property policy will protect against various hazards. The most frequent risk factors in Cedar Rapids, IA are:

Commercial property insurance will pay for any property damage done by these occurrences, excluding flood damage. A separate flood insurance policy is needed to have coverage. 

Why you need a separate flood policy:

Your commercial property will need coverage from Cedar Rapids' number one natural disaster, floods. According to FEMA, just one inch of water can cause damage starting at $25,000. 

An independent agent can access your elevation certificate and run quotes using your flood zone. Contact your local agent to get started.


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Business Interruption Insurance and Your Cedar Rapids Business

Cedar Rapids is a big town with ever-changing seasons. Some of the midwest's most common catastrophes could shut your business down for a time. To safeguard yourself from any financial loss, you'll want business interruption insurance.

Business interruption insurance: This will pay for regular business expenses like mortgage, rent, utilities, and payroll when your business temporarily closes.

Most business owners will have this coverage included on their GL policy with a preselected limit or time frame it applies. Most policies will start at up to one year of coverage, and 24 months is usually recommended. Chat with your Cedar Rapids agent on how much business interruption your company needs.

Does Your Cedar Rapids Business Need Workers' Compensation Insurance?

Workers' compensation insurance will protect your business from lengthy lawsuits by your employees. If an employee gets injured or ill as a result of doing work, your company is liable. With workers' compensation coverage, you won't have to pay out of pocket to pay for employee medical expenses or lost wages. Let's look at the statistics:

  • Over 70% of workers unrecovered from a work-related injury within 12 weeks will go on disability insurance.

That could be a considerable expense to your company and one that could be permanent. In Iowa, you are required to carry workers' compensation coverage if you employ one staff member. The standard coverage limits start at:

  • $100,000 per occurrence for bodily injury
  • $100,000 per occurrence for bodily injury by disease
  • $500,000 policy limit for bodily injury by disease

The state minimum requirements can be too low, so discuss other options with your independent agent.

Employee Benefits and Your Cedar Rapids, IA, Company

Over 77% of private business owners contribute to their employees' healthcare costs. If you're not offering employee benefits, you could be missing the boat. 

  • Average annual health premiums for family employee coverage in 2019: $20,576
  • Average annual health premiums for single employee coverage in 2019: $7,188 

If you're looking to add value to current and new staff members, employee benefits can help. Employee benefits will provide cost sharing for the following items:

Your company can get as creative as it likes on perks and the contribution amount. Contact your independent agent to finalize an employee benefits offering that makes sense.

Work with a Cedar Rapids, IA, Independent Agent

The best rates and coverage for your Cedar Rapids business is through an independent insurance agent. They can shop your rates with dozens of carriers, so you don't have to. 

When it comes to protecting your American dream, you'll want a trusted adviser in your corner. Find a local independent agent on TrustedChoice.com and start saving today.

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City of Cedar Rapids