Sioux City Business Insurance

Your Complete Guide to Sioux City, IA, Business Insurance

(How an independent agent can help)

Sioux City Iowa business insurance

Sioux City, Iowa, is home to national historic landmarks and the Missouri River's head. With a population of 82,514 residents, this town is lively. 

The primary industries in Sioux City, IA, are food, healthcare, and educational services. If you own a small business in this city, you'll need proper protection. You can connect with an independent insurance agent on TrustedChoice.com to get started.

Why Your Sioux City, IA, Business Needs Liability Insurance

A liability claim is one of your business's largest exposures. A commercial general liability policy, or CGL, can help. A significant liability claim can wipe out your company's financial reserves quickly without an adequate CGL policy. Take a look at what CGL insurance will cover:

  • Bodily injury
  • Slander
  • Advertising injury
  • Property damage

Coverage for these exposures would fall under your CGL insurance. These claims could be a result of you or your employee's actions or negligence. CGL policy limits start at the following:

  • $1,000,000 per occurrence
  • $2,000,000 aggregate

Another coverage you can add to your CGL policy is products and completed operations. This will pay for a claim arising out of a product or service you completed for a client. Connect with your Sioux City, IA, agent to speak on your CGL policy.

Cyber Liability Insurance in Sioux City, IA

Cyber liability insurance is a big deal. When your operations use computers, your risk of being hacked is high. Sensitive data and customer records are a hot commodity for any online predator. Let's look at the facts:

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

Your business cannot afford to go without cyber liability insurance. The policy coverages will pay for a lawsuit arising out of a cyberattack. If your company gets sued by a client due to their stolen data, your business is liable. Speak with your independent agent to get the coverage your company needs.

Protect Your Sioux City, IA, Commercial Property

In Sioux City, IA, you have to worry about several property claims that could damage your commercial building. One of your largest assets could cost a lot of out of pocket expense without property insurance.

The top five most reported property claims in IA:

  • Flooding and water damage
  • Severe storms and lightning
  • Tornadoes
  • Severe ice storms and freezing
  • Burglary and other property crimes

A commercial property policy will pay for the loss arising out of weather, theft, or fire to your structure and belongings. Some property policies will provide replacement cost, and others only actual cash value. Be sure to discuss these coverage types with your agent to make sure you have enough insurance. 

Why you need flood insurance in Sioux City, IA:

Flood insurance is a separate policy that is not included in your CGL or property insurance. This policy can be purchased through your agent and quoted through FEMA approved carriers. You will also be able to pull your flood zone with your independent agent to determine your flood insurance pricing.

Business Interruption Insurance in Sioux City, IA

If an event causes your business to halt operations temporarily, you'll want business interruption coverage to help pick up the cost. Your regular expenses are still due even when you shut down for a time. If you have the proper protection in place, then you can save your company from going under forever. 

Business interruption insurance:  This pays for regular business expenses when a claim occurs. Coverage can be applied to things like rent or mortgage payments, payrolls, and more. 

When natural disasters, fire, or other liability claims happen, business interruption insurance could save your company. Discuss coverage options with your independent agent.

Employee Benefits for Your Sioux City, IA, Company

The majority of business owners contribute a portion to their employees' healthcare costs. When a new hire has the option to go with your company or another offering better benefits, they'll likely choose the best option. To stay competitive in today's hiring market, your company needs to stand out. Take a look at the costs of health insurance:

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

Employee benefits coverage can help pay for healthcare, life insurance, and disability insurance for your staff. This can save them a lot of expenses that may be difficult for them to keep up. Contact your agent for a creative employee benefits package that will add value to the workplace.

Workers' Compensation Coverage in Sioux City, IA 

Your business would have a hard time running without employees. When one of them gets injured or ill, it can put your company at risk and behind schedule.

Workers' compensation insurance:

Workers' compensation insurance will pay for medical expenses and lost wages for employees who get injured or ill on the job. In Iowa, you are required to carry workers' compensation insurance if you have one employee or more. Take a look at the state-mandated limits:

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

When your employee is injured on the job, your company is liable. To make sure you're not stuck in a lengthy lawsuit, speak with your agent on workers' compensation coverage. 

How to Find an Independent Agent in Sioux City, IA

Business insurance can come with a lot of options. It's best to speak to a trusted adviser who knows the exposures in Sioux City, IA. 

An independent insurance agent can help find the best coverage and pricing for your operation. Connect with a local independent agent on TrustedChoice.com today.

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