Waterloo Business Insurance

Your Complete Guide to Waterloo, IA, Business Insurance

(And why you need to speak with an independent agent)

Waterloo Iowa business insurance

Waterloo is one of Iowa's notable historic cities and home to the John Deere Factory Plant. Known for diversity and the Cedar River, Waterloo is a mid-sized town in the great midwest.

It has a local population of 67,587 residents and is home to many businesses. When your shopping for commercial insurance, an independent insurance agent can help. Connect with a local agent on TrustedChoice.com. 

Employee Benefits for Your Waterloo, IA, Business

Your company needs to stay competitive when looking for new employees. An employee benefits package could help attract and retain staff members. Take a look at the average employee health insurance costs:

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

Employee benefits can help your business add value to new and current employees. When you offer to help pay for healthcare or other expenses, it shows your team you care. Let's look at some employee benefits that can be included:

A Waterloo independent insurance agent can help you develop a creative employee benefits package for your business.

Workers' Compensation in Waterloo, IA

In Iowa, worker's compensation insurance is a mandatory coverage as soon as you have one employee. To protect your company from a potential lawsuit, discuss coverage options with your agent. 

Workers' compensation coverage:

Workers' compensation insurance will pay for medical expenses and lost wages when an employee gets injured or ill on the job. Check out the state minimum liability 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 business is on the line, you want to walk away with the best coverage. Get connected with your Waterloo agent to find the right workers' compensation policy for you. 

Waterloo, IA, Business Interruption Insurance

Your business interruption insurance will help pay for regular daily expenses when you have to close operations temporarily. Business interruption coverage will pay for items such as:

  • Mortgage 
  • Rent
  • Employee payroll
  • Utilities

In Waterloo, IA, the top five natural disasters that could impact your company are: 

Your business interruption insurance is there when you need to halt operations due to one of these claims. Another policy that your company will need to be protected is flood insurance. Flood insurance is a separate policy and can be quoted through your independent agent. 

Flood Insurance in Waterloo, IA:

To protect your property, you'll want to have enough flood insurance when the worst happens. You can get coverage with FEMA approved carriers through your agent. 

Each property is assigned a flood zone that can be found on your elevation certificate. Once your agent has your zone, they can quote insurance and present you with the best option.

How to Protect Your Waterloo Business From Cyberattacks

The majority of businesses work online for part or all of their daily operations. Unfortunately, most still don't have adequate cyber protection. Let's look at the numbers:

  • Number of US data breaches in 2019: 1,473
  • 2019 identity thefts reported in Iowa: 1,910

Whenever you or your employees use email, go on the internet, or use any other digital platform, you're at risk. A cyber liability policy will protect your business from a lawsuit arising out of damages from a cyberattack. Once your client's sensitive information is stolen, you're liable. Check out these practical steps to be proactive:

  • Send out practice phishing emails to train your staff
  • Hold regular cyber-attack prevention meetings
  • Make sure you have malware
  • Consult with a cyber expert

Discuss cyber liability with your Waterloo agent and better protect your business from a digital threat.

Your Waterloo, IA, Commercial Property 

Commercial property insurance will protect your structure and belongings by replacement or repair when damage occurs. Every location is vulnerable to damage from severe weather, fire, or burglary. Your commercial property is an asset you don't want to come out of pocket to protect.

The five most common property claims in Iowa:

  1. Flooding and water damage
  2. Severe storms and lightning
  3. Tornadoes
  4. Severe ice storms and freezing
  5. Burglary and other property crimes 

These claims frequently happen in Iowa, with the federally declared natural disaster count at 62 since 1953. Adequate property coverage is essential to be well protected. Speak with your Waterloo agent with property insurance questions.

General Liability Insurance in Waterloo, IA

General liability insurance or GL is the foundation of every business policy. Usually, your GL is the first policy written and the first coverage used. GL policy limits start at the following:

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

GL insurance protection:

A GL policy will pay for claims arising from bodily injury, slander, or advertising injury. 

Another coverage that is incorporated is products and completed operations insurance. As a part of your GL policy, it will protect your company once the product or service has been completed. 

Connect with your local agent to go over these liability coverages for your business.

An Independent Agent in Waterloo, IA

When you're a business owner, running a company is hard work. The last thing you want to worry about is insurance coverage.

An independent insurance agent works with several carriers, finding you the best options to fit your budget. Get connected with a local independent agent on TrustedChoice.com and start saving.

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City of Waterloo