Find the Best Business Insurance Options in Montana
It may be your dream to start a business in Montana, or perhaps you already run one. The state is a great location to own a business for many reasons, but your company must be protected by business insurance. If your business lacks coverage, it's vulnerable to huge financial losses after just one disaster. But having business insurance can help you get reimbursement after fire damage, vandalism, data breaches, and more.
Montana is home to nearly 120,250 small businesses, and its more than 245,400 small business employees also need coverage. Fortunately, an independent insurance agent in Montana can help you get equipped with all the protection your business requires. But for starters, here's a deep dive into Montana business insurance.
Best Business Insurance Companies in Montana
Many carriers in Montana offer business insurance. But your company will benefit the most from a quality policy from a trustworthy carrier. So we've compiled this list of only the best options for business insurance companies in Montana just for you.
- Progressive: Progressive sells business insurance and personal coverage. The carrier has excellent financial strength, offers many discounts, and provides 24/7/365 customer service.
- pomi: pomi offers business insurance and personal products as well. The carrier has excellent ratings from AM Best and the Better Business Bureau (BBB) and offers online claims reporting.
- The Hanover: The Hanover offers a large catalog of business insurance and personal insurance. The carrier has outstanding ratings from both AM Best and the BBB and offers 24/7 claims reporting.
- Stillwater: Stillwater also has a large catalog of business and personal coverages. The carrier is highly rated by AM Best and the BBB and offers 24/7 claims reporting.
A Montana independent insurance agent can help you find the coverage you need from one of the best business insurance companies in the state.
Montana Business Insurance Requirements
All businesses, with a few exceptions, must carry workers' compensation in Montana. But your business insurance policy likely won't be complete without several other types of coverage, too. For example, if your business has physical buildings or inventory, you'll need to get commercial property coverage to protect it. You'll also need commercial auto insurance to protect any company vehicles. Having business income insurance is also critical to maintaining employee payroll and continued revenue during covered closures.
The Only State-Mandated Type of Business Insurance in Montana Is:
Some Optional Types of Business Insurance Coverage to Consider in Montana Are:
- Commercial property insurance
- Professional liability insurance
- Business income insurance
- Commercial general liability insurance
- Cyber liability insurance
- Commercial auto insurance
A Montana independent insurance agent will help you build the right business insurance policy for your company.
What Business Insurance Covers in Montana
The coverage you put into your Montana business insurance policy will determine what protection you have for your company. So, the more coverage options you choose, the more coverage you'll ultimately have. It's highly recommended to at least purchase commercial general liability coverage, workers' comp., commercial auto coverage, business income coverage, and cyber liability coverage. But your Montana independent insurance agent can help ensure your business gets covered from every possible angle by your business insurance policy.
Liability Coverage Options for Small Businesses in Montana
Lawsuits can happen at any time and to any business. Your Montana business needs the protection provided by liability coverage. Depending on the nature of your operations, you may need more than one form of liability coverage, like:
- Professional liability insurance: Reimburses your business for lawsuits resulting from claims of improper or inaccurate advice or services given or rendered to the public.
- Commercial general liability insurance: Reimburses your business for lawsuits resulting from claims of personal property damage or bodily injury to the public.
- Cyber liability insurance: Reimburses your business for lawsuits resulting from a data breach or other cyber threat that may sell or expose sensitive data like customer credit card information.
Your Montana independent insurance agent will help you get all the liability coverage your business needs.
Property Coverage Options for Small Businesses in Montana
Having any type of physical property means your business needs a special form of extra protection. Just a few disasters that can damage company property include vandalism, fire damage, explosions, and more. You might need to add this critical coverage to your business insurance policy:
- Commercial property insurance: Reimburses your business for the cost of repairs or replacement of company property like physical buildings and inventory after a covered disaster.
Your Montana independent insurance agent can recommend the right amount of commercial property coverage.
Other Insurance Options for Small Business Owners in Montana
Your business insurance policy may not yet be complete. Depending on the type of business you run, there are other types of coverage you may still need to consider. Check into these coverages to add to your business insurance policy:
- Commercial auto insurance: Reimburses your business for incidents involving company vehicles, like accidents, fire, theft, vandalism, etc.
- Business interruption insurance: Reimburses your business for expected revenue and employee payroll during covered temporary closures, such as due to fire damage.
A Montana independent insurance agent will help you complete your business insurance policy the right way.
Average Cost of Business Insurance in Montana
Business insurance costs in Montana aren't standard, so offering an average figure isn't really possible. However, the more coverage your business needs, the larger it is, and the more employees it has, the more its business insurance is likely to cost. Your business's exact location can also drive up coverage costs if it's especially prone to natural disasters or crime. Finally, if your business is in a dangerous industry like construction, you can also expect to pay more for your business insurance policy.