Popular QuestionsPopular Questions about Business Insurance in Montana

Why should I purchase Montana business insurance?

Business insurance is designed to safeguard your company against financial losses brought about by potential hazards such as severe weather, property crimes, and liability lawsuits. This insurance can prove quite beneficial as is evidenced by the fact that in 2016 alone, businesses in Montana collected approximately $2 billion in insurance claims.

A local independent agent can help you build a business insurance plan that is customized to meet the specific needs of your Montana business.

How have other business owners used their commercial insurance?

Experts predict that as many as 40% of all small businesses are likely to have a property or general liability lawsuit filed against them within the next 10 years. Judgements in liability lawsuits frequently exceed $1 million, so it is imperative that your business has sufficient liability insurance coverage.

Take for example a customer slip and fall injury. Lawsuits related to these cases are among the most common, and the average claim filed by businesses in these instances is $20,000.

Here are some other things American companies have been using their business insurance to cover and the average cost per claim.

  • Theft and burglary: $8,000 
  • Water damage and freezing pipes:  $17,000
  • Wind and hail damage: $26,000
  • Fire damage:  $35,000
How does Montana business insurance help my company?

Businesses insurance is designed to pay for losses including repair costs, replacement costs, and other expenses associated with covered events so that your company doesn’t have to.

If your inventory is damaged by severe weather, if a customer files a liability lawsuit, or one of your employees is severely injured on the job, having the right business insurance coverage in place can ensure that the damages will not affect your company’s bottom line.

Here’s are some of the many things you can expect a well-built business insurance policy package to do:

Pay for damage to your business property

  • We call this commercial property insurance.
  • Commercial property insurance is a standard part of any business insurance policy. It can cover the cost to repair or replace your business property if it is lost or damaged by a covered event.
  • Example: A wildfire tears through your city and burns a large portion of your company warehouse. Tens of thousands of dollars worth of inventory is destroyed in the blaze.

Pay for someone else’s medical bills or property damage

  • We call this commercial general liability insurance.
  • Commercial general liability insurance (sometimes called CGL) is a standard part of any business insurance policy. It is designed to cover against many of the most common risks faced by businesses. It includes product liability insurance, premises liability insurance, and advertising mishap liability insurance.
  • Example: A customer is injured when the escalator in your retail store malfunctions and stops unexpectedly.

Pay for accidents involving company vehicles

We call this commercial vehicle insurance.

  • Commercial vehicle insurance is required if your business owns vehicles. Your policy must meet or exceed the state mandated minimum coverage levels.
  • Example: Your human resources manager accidentally rear-ends another vehicle at a red light while driving to job fair in a company van.

Pay for employee injuries and work-related illnesses

  • We call this workers' compensation insurance.
  • Workers’ compensation insurance is required for nearly all employers in Montana. It is designed to cover the various expenses related to workplace injuries and occupational illnesses.
  • ExampleAn employee at your manufacturing plant suffers a serious respiratory disease after several years of breathing in toxic fumes at work.

Sometimes the coverage types listed above are not enough to adequately protect a business against all potential risks and exposures. Fortunately, there are many more commercial insurance products and options available to business owners so that you can acquire all the policies you need to fully safeguard your business.

To make sure your business is properly insured, you can match with a local independent insurance agent who is experienced in covering businesses like yours.

Does Montana require businesses to have insurance?

Having a business insurance policy is not required by law. However, certain types of coverage that you are likely to include in your business insurance policy package by be required in some instances. For example:

  • Businesses that own vehicles are required by law to carry commercial auto insurance that meets or exceeds the state’s minimum coverage requirements.
  • With only a few exceptions, all employers in Montana are required by state law to have workers’ compensation insurance.
  • Construction, renovation, and other contracting businesses will nearly always be required by their potential clients to show proof of contractors insurance before they are hired to do a job.
  • Company owners who want to take out a business loan or line of credit sometimes need to show their financial institution proof of certain types of business insurance before they can qualify for a loan.

To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.

How do I find the best price for Montana business insurance?

Business insurance rates are calculated according to a number of factors such as the type of business you own, it’s annual revenues, the value of your business assets, the number of workers you employ, your company’s liability coverage needs, and the amount of coverage you want to buy.

Insurance coverage needs can vary significantly by industry, so it is best to work with an experienced independent agent when you are building a comprehensive business insurance policy package for your company. These agents can make sure that you are getting the right coverage for each of your company’s potential exposures while helping you avoid paying for policies your business does not need.

Also, because independent agents can work with multiple insurance providers, they can search for the best price for each type of coverage you need. Sometimes this means building a business insurance portfolio that includes policies from several different insurance companies. Don’t worry. You will still only have one point of contact with your local independent insurance agent.

Are there any independent agents in Montana?

Yes! There are currently 93 independent insurance agencies located throughout Montana. These agents are ready to help you find the best and most affordable coverage for your business.

These insurance agents are not captive to a particular insurance company, so they can work with several different providers to help you build a comprehensive and competitively priced business insurance portfolio. Work with an independent agent near you to ensure that your business is fully covered against all of its potential risks.

InformationFind the Best Insurance in Your City

How does your city measure up?

  • Number of business in the US: 27,626,360
  • Number of businesses in Montana:  120,246
  • Burglary rate per 1,000 residents in the US: 3.76
  • Burglary rate per 1,000 residents in MT:  3.07
  • Auto theft rate per 1,000 vehicles in the US: 2.29
  • Auto theft rate per 1,000 vehicles in MT:  2.63
CityPopulationNumber of Established Firms Burglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Anaconda9,1406394.273.13
Belgrade9,5031,1041.261.49
Billings109,57711,3766.217.20
Bozeman49,8317,4731.041.19
Butte-Silver Bow34,207< 2507.146.26
Evergreen7,6165431.451.21
Great Falls58,4345,5414.803.38
Havre9,7917533.162.65
Helena33,1244,2555.774.26
Kalispell24,5653,6182.661.52
Laurel6,7355231.761.18
Livingston7,8011,4881.971.58
Miles City8,2648731.771.41
Missoula75,5169,1165.102.67
Whitefish8,2951,9232.050.51

Billings, MT, Business Insurance

Covering your business assets

Property: Severe weather events are not the only hazards that put your business property at risk. Property crimes like shoplifting, embezzlement, and cyber hacking can lead to expensive losses if you do not have sufficient business insurance. In Billings, where there are approximately 3,800 thefts reported in a typical year, coverage against crime is particularly important. Talk to a local independent insurance agent to learn what you can do to safeguard your company and lower your costs for coverage.

Commercial auto: Whether you are insuring a delivery van or a fleet of construction trucks, commercial vehicle insurance can cover your company’s increased liability risks as well as expenses related to property damage. If you engage in interstate commerce, a local agent can ensure that your coverage meets both state and federal minimum requirements.

Workers’ compensation

With few exceptions, workers’ compensation insurance is required of all employers in the state. This insurance can cover medical treatments, disability pay, and other costs associated with workplace injuries. Every workplace has specific risks and hazards faced by its workers, which is why workers' compensation rates can vary significantly from one business to the next.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Billings, MT, would pay for workers’ comp coverage:

  • Health care industry: $2,178 a year
  • Accommodation and food services industry: $1,945 a year
  • Construction industry: $10,035 a year

As you can see, the average rate for covering construction companies is significantly higher than it is for the other top industries in this city. That is because construction workers are far more likely to suffer severe injuries than employees of medical facilities, hotels, and restaurants.

Regardless of what type of business you own, a local independent agent can help you find a reasonably priced workers’ compensation policy that is well suited to your company.

Missoula, MT, Business Insurance

Covering your business assets

Property: Severe storms in the Missoula area can lead to significant damages to business property. Having sufficient commercial property insurance is therefore imperative. A local agent can also help you supplement your coverage with business interruption insurance so you can have a continuation of income if a particularly bad storm forces your business to close for an extended time while repairs are made.

Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need to cover these cars, vans, truck, or buses with commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering, details about the employees who will be driving them, and information about where and how often they will be driven.

Workers’ compensation

Workers’ compensation insurance can cover medical bills and lost wages for workers who suffer occupational illnesses or who are injured on the job.  Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their job classifications. The more hazardous the job, the more it will cost to cover the employee.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Missoula, MT, would pay for workers’ comp coverage:

  • Educational services industry: $1,060 a year
  • Accommodation and food services industry: $1,945 a year
  • Health care industry: $2,178 a year

A nurse in the trauma unit at Providence St. Patrick Hospital is more likely to be injured on the job than a professor at the University of Montana, and industry coverage rates reflect this. Of course, the rates listed above are averages representing numerous jobs under large industry umbrellas.

To find out how much it will cost to cover the employees who work for your particular business, contact a local independent agent for help obtaining and comparing rates.

Great Falls, MT, Business Insurance

Covering your business assets

Property: Theft, vandalism, and severe weather events can lead to costly property losses for your business. So can damages caused by accidental fires. A fire may break out at your workplace due to a machine malfunction, an employee error, or even a wildfire in the area. Fortunately, if you have sufficient commercial property insurance, your company will be able to repair damages, replace lost materials, and continue to function without experiencing a large financial loss.

Commercial auto: Your business is required to have commercial auto insurance if it has a company-owned vehicle or fleet of vehicles. Rates are based on a number of factors like the amount of coverage you are purchasing and the types of vehicles you own. For example, it costs more to insure a 12-passenger van than a cargo van since your liability risks are greater when you are using the vehicles to transport people. Learn more by talking to a local independent agent.

Workers’ compensation

Workers’ compensation insurance covers the cost of medical treatment, disability pay, and other expenses related to injuries employees may suffer while doing their jobs. It is required for nearly all employers in Montana. Workers' compensation rates are assigned according to your company’s overall payroll and the risk of worker injury based on the types of jobs your employees do.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Great Falls, MT, would pay for workers’ comp insurance:

  • Health care industry: $2,178 a year
  • Educational services industry: $1,060 a year
  • Accommodation and food services industry: $1,945 a year

Keep in mind that these average rates represent large industry umbrellas so rates can very significantly from one business to the next, even if both businesses operate in the same industry. For example, a professor at the University of Providence is less likely to be injured on the job than a preschool teacher working with a room full of toddlers.

Talk to an independent agent in Great Falls for help finding the best and most affordable coverage for your business.

Bozeman, MT, Commercial Insurance

Covering your business assets

Property: A sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like heavy winds and hailstorms. Adding a commercial flood insurance policy to your coverage portfolio can protect your business against the hazard of overflow events at well. Make sure your business is properly insured by consulting an independent insurance agent near you.

Commercial auto: Accidents involving injuries and/or property damage can happen anywhere, especially on I-90. If your business owns a vehicle or fleet of vehicles, you will need to cover them with commercial auto insurance. Rates for coverage can vary according to the number and types of vehicles you are covering, details about the employees who will be driving them, and the risk of collisions where they will be driven.

Workers’ compensation

Workers’ compensation insurance covers medical expenses and paid time off for employees who are injured on the job. If your Bozeman business has employees, you are required by law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

For every $100,000 annual payroll, here is an estimation of what businesses in the three leading industries in Bozeman, MT, would pay for workers’ comp insurance:

  • Educational services industry: $1,060 a year
  • Accommodation and food services industry: $1,945 a year
  • Construction industry: $10,035 a year

Base rates are set by the state in accordance with the various hazards faced by workers in each specific type of job. This means that employees in hazardous professions like construction workers will cost more to cover than those with fewer risks, like instructors at Montana State University. Maintaining a safe workplace and keeping accidents at a minimum can help to lower your workers’ compensation premiums. 

Contact a local independent insurance agent for help finding a suitable policy at a competitive price.

Butte-Silver Bow, MT, Business Insurance

Covering your business assets

Property: As a business owner, you have likely invested a lot into your company’s assets including such things as computers, furniture, inventory, machinery, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged by a covered event. Find a policy and rate that works for your Butte-Silver Bow business by teaming up with a local independent agent.

Commercial auto: Many businesses in Butte-Silver Bow have company-owned vehicles. If yours is among them, you will need to cover these cars, vans, buses, or trucks with a commercial auto insurance policy that meets or exceeds the state’s minimum coverage requirements. Vehicles that are used for interstate commerce will need to have coverage that meets federal requirements as well. A local independent agent can help you find a suitable policy at a competitive price.

Workers’ compensation

Workers’ compensation insurance covers medical bills and lost wages for workers who contract occupational illnesses or are injured on the job. It is required for nearly all Montana businesses that have at least one employee. Rates are assigned according to the types of jobs your workers do and how much they are paid.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Butte-Silver Bow, MT, would pay for workers’ comp coverage:

  • Health care industry: $2,178 a year
  • Accommodation and food services industry: $1,945 a year
  • Educational services industry: $1,060 a year

Healthcare workers, particularly first responders and emergency room staff, suffer more frequent serious injuries than employees in the educational field, so the cost for coverage in this industry is higher. Of course, even within each industry, rates can vary. For example, within the health care industry, a nurse who works with the severely disabled is more likely to be injured on the job than a receptionist at a podiatrist’s office so the cost to insure different employees within the same industry can differ significantly.

You can talk to an independent insurance agent in Butte-Silver Bow to find out how much a policy will cost for your business.