Popular QuestionsPopular Questions About South Dakota Business Insurance

Why should I have South Dakota business insurance?

In 2018 small businesses in South Dakota made $36 billion. Guess what? Without insurance, business claims have to be paid out of your pocket. That means they have to be paid out of your business’s revenue — and that means your bottom line would suffer as a result.

How have other business owners used their business insurance?

40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:

  • Theft Or Burglary: Average Cost Per Claim - $8,000
  • Water Damage & Freezing Pipes: Average Cost Per Claim - $17,000
  • Wind & Hail Damage: Average Cost Per Claim - $26,000
  • Fire Damage: Average Cost Per Claim - $35,000
  • Customer Slip & Fall: Average Cost Per Claim - $20,000
How does South Dakota business insurance help me?

With the right South Dakota business insurance, claims and lawsuits will be paid for by your insurer, not your business. From workers' compensation to E&O problems, here’s what a standard business insurance policy should do:

Pay For Damage To Your Building

  • We call this “Commercial Property Insurance.”
  • Example: A tree falls on your office building.

Pay For Damage To Your Business Property

  • We call this “Business Personal Property Insurance.”
  • Example: A fire destroys all your computers.

Pay For Damage To Someone Else’s Property

  • We call this “General Liability Insurance.”
  • Example: A contractor does a poor job of installing a cabinet, resulting in its falling and breaking homeowner's kitchenware.

Pay For Someone Else’s Medical Bills

  • We also call this “General Liability Insurance.” 
  • Example: A customer slips and falls on your recently mopped floor and breaks an arm.

Pay For Accidents in Company Vehicles

  • We call this “Commercial Auto Insurance.”
  • Example: Your salesperson rear-ends someone while driving to an appointment.

Pay For Employee Injuries & Compensation

  • We also call this “Workers' Compensation.”
  • Example: An employee falls off a ladder at work and can’t work for two weeks.

Sometimes, these coverages are not enough to properly protect a business against risk. Your business most likely faces many unique risks and may need additional coverages.

To make sure you're properly insured, we can match you with the right independent insurance agent who specializes in your field.

What insurance does South Dakota require for businesses?

While a commercial insurance policy is not required of business owners, certain aspects of it may be. South Dakota businesses that employ one or more people must carry workers' compensation insurance — whether the employees work full or part time. 

Additionally, businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.

How much does South Dakota business insurance cost?

It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.

  • A sole proprietor who owns a garment hemming business: $260 per year
  • A commercial landscaper with five employees who operate heavy machinery: $22,700 per year
How do I find the best business insurance in South Dakota?

Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want. 

Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.

It’s usually wise to work with an independent agent in South Dakota since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.

  • There are 350 independent agents in South Dakota who are ready to help.
  • In 2017 our agents helped 175 people.
What are the top business insurance companies in South Dakota?

An independent insurance agent compares policies from multiple companies to find the best coverage for your needs.

liberty mutual insurance
cwg w.r. berkley company
cna insurance
markel

InformationFind the Best Insurance in Your City


How does your city measure up?

  • Number of businesses in the U.S.: 27,626,360
  • Number of businesses in South Dakota: 81,314
  • Burglary rate per 1,000 residents in the U.S.: 4.69
  • Burglary rate per 1,000 residents in SD: 3.47
  • Auto theft rate per 1,000 vehicles in the U.S.: 2.37
  • Auto theft rate per 1,000 vehicles in SD: 1.74


CityPopulationNumber of Established FirmsBurglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Sioux Falls174,36015,0834.961.88
Rapid City74,0487,4956.442.82
Aberdeen28,4152,6014.111.06
Brookings23,8951,8641.840.21
Watertown22,1722,4853.290.99
Mitchell15,7292,1185.591.92
Yankton14,5661,7163.910.47
Pierre14,0081,4746.042.41
Huron13,1171,2872.900.75
Vermillion10,8445392.321.02
Spearfish11,5311,6663.761.07
Brandon9,9231,0660.400.10
Box Elder9,3485162.501.11
Sturgis6,8328731.791.30
Madison7,4251,0922.020.57
Belle Fourche5,6558613.330.14
Harrisburg5,7342701.980.99
Tea5,0322213.160.59
Hot Springs3,564< 2503.140.40
Dell Rapids3,705< 2500.301.10
Mobridge3,570< 2500.582.31
Milbank3,203< 2501.570.46
Lead3,010< 2500.020.11
Canton3,386< 2503.250.59


Sioux Falls, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: Did you know that the property crime rate in Sioux Falls is higher than the national average? Property insurance in less safe areas can sometimes be more expensive, so keep it in mind when you're looking at insurance options. 

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Sioux Falls, SD workers comp cost looks like.

  • Manufacturing Industry, $2,020/year
  • Construction Industry, $5,230/year 

Not all of these industries are created equal — for instance, an employee at a construction site has much more risk of getting injured than someone behind a store counter. Workers' comp insurance should address your unique risks and provide enough protection for you and your employees in the event of an accident.

Rapid City, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Rapid City can also affect your coverage rates.

Commercial Auto: Your commercial auto insurance rates will be based on a number of factors like the number and types of vehicles you are covering. Plus, the average risk of collisions and of vehicular theft in your city will impact rates.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Rapid City, SD workers comp cost looks like.

  • Retail Trade Industry, $1,110/year 
  • Construction Industry, $5,230/year

Workers' compensation insurance should address your unique business, which is why these rates are different from one another: A retail trade company needs less insurance protection for its employees that a construction company. If a liability claim comes your way after an employee suffers a job-related injury or illness, you need the right protection to stay financially stable.

Aberdeen, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: Take this rate with a grain of salt. It's just an average rate, but it can affect how much you pay. Your insurance should also consider weather risks, property crimes and unexpected fires. All of these events can lead to large business losses if you do not have the right insurance.

Commercial Auto: Does your business own a vehicle or two? If so, you need commercial auto insurance. It's important to keep your cars and employees safe from theft, accidents and any other unexpected car-related incidents.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Aberdeen, SD workers comp cost looks like.

  • Manufacturing Industry, $2,020/year
  • Retail Trade Industry, $1,110/year 

These businesses have different workers' compensation insurance needs. When you talk to a local independent insurance agent, you'll receive coverage that addresses your risks and takes workplace risks into account.

Brookings, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: What do severe weather, a property crime and flooding have in common? All can cause serious business losses if you don't have the right insurance coverage. Keep that in mind when you're talking to an independent insurance agent about policy options.

Commercial Auto: Your company cars need protection from accidents and crime. Just take a look at the average rate to the left. Talk to a local independent insurance agent to receive comprehensive insurance so you can have peace of mind and financial protection if something unexpected happens.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Brookings, SD workers comp cost looks like.

  • Manufacturing Industry, $2,020/year
  • Educational Services Industry, $160/year 

Manufacturing-based businesses have much different workers' compensation insurance needs from a business in educational services. A local independent insurance agent can explain your various risks and ways that you can mitigate them to earn lower prices on your workers compensation insurance. It's important to have the proper coverage so you're fully insured in case a medical bill or a lawsuit comes your way.

Watertown, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Watertown can even affect your coverage rates. A lot of factors come into play, so make sure you have your ducks in a row by consulting with an independent agent.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. But take note: Rates will be calculated based on a variety of factors like the makes and models of the vehicles you are covering and the risk of vehicular theft in your neighborhood.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Watertown, SD workers comp cost looks like.

  • Manufacturing Industry, $2,020/year
  • Retail Trade Industry, $1,110/year

Your Watertown business is unique — and your employees face specific workplace scenarios against which they need protection. If someone on your staff is injured while on the job or suffers from an illness related to work, you could be held liable. Consider all of these scenarios when you're looking for commercial coverage with workers' compensation insurance.

Mitchell, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: Your property can be damaged in a number of ways. A bad storm can damage the roof, a thief can steal personal property, and a busted pipe can cause flooding. To ensure you have 360 degrees of protection, partner up with independent insurance agent to find the commercial coverage you need at a price you can afford.

Commercial Auto: Commercial auto insurance doesn't have to be complicated. A local independent insurance agent can help you compare rates that are based on factors like the types of vehicles you are covering and the risk of collisions in the area. That way, it's unique and customized to your needs.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Mitchell, SD workers comp cost looks like.

  • Manufacturing Industry, $2,020/year 
  • Construction Industry, $5,230/year 

Why are these numbers different from one another? Each workplace presents its own inherent risks to the employees who work there, and your business needs the right kind of protection for its specific and unique hazards. A manufacturing company has much more risk than one in food services. Keep this in mind when shopping for insurance.

Yankton, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. When you look at insurance, consider the crime rate in Yankton — this rate can affect your coverage rates and help you decide how much protection you need.

Commercial Auto: Your commercial auto insurance should be customized, comprehensive and affordable. A number of factors will be taken into account to find coverage that addresses all your risks and takes geographic features into consideration.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Yankton, SD workers comp cost looks like.

  • Manufacturing Industry, $2,020/year
  • Retail Trade Industry, $1,110/year

Each industry has its own specific workplace hazards and risks to keep in mind when looking at insurance options. Just consider the risks at a construction site versus the risks in a classroom. It's why these rates are different from one another and why you need to walk through the process with a local independent insurance agent to ensure you're receiving comprehensive, affordable and customized insurance.

Pierre, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: Do you know how commercial property insurance should be calculated? The area's crime rate, weather risks and building details are taken into account to find the right policies and limits that work for you. A local independent insurance agent can help you find the right coverage for all of your business property, so you can just rest assured knowing your business is fully protected.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Pierre, SD workers comp cost looks like.

  • Public Administration Industry, $160/year 
  • Construction Industry, $5,230/year 

Each industry is different; for instance, an employee at a construction site has much more risk of getting injured than someone behind a store counter. Workers' comp insurance should address your unique risks and provide enough protection for you and your employees in the event of an accident.

Huron, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: Your business could suffer large financial losses if you do not have the right insurance. Consider the crime rate in Huron, and find out what the right amount of protection is for the real risks you face.

Commercial Auto: Commercial auto insurance rates vary depending on the number and types of vehicles you are covering, the risk of collisions and the average amount of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Huron, SD workers comp cost looks like.

  • Manufacturing Industry, $2,020/year 
  • Retail Trade Industry, $1,110/year

Workers' compensation insurance should address your unique business, which is why these rates are different from one another. A manufacturing company needs more insurance protection for its employees than a retail store. If a liability claim comes your way after an employee suffers a job-related injury or illness, you need the right protection to stay financially stable.

Vermillion, SD Business Insurance Cost Factors

Covering Your Business Assets

Property: Take this rate with a grain of salt. It's just an average, but it can significantly affect how much you pay for coverage. Your insurance should also consider weather risks, property crimes and unexpected fires. All of these scenarios can lead to large business losses if you do not have the right insurance.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most South Dakota employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Vermillion, SD workers comp cost looks like.

  • Educational Services Industry, $160/year
  • Retail Trade Industry, $1,110/year 

These businesses have different workers' compensation insurance needs. When you talk to a local independent insurance agent, you'll receive coverage that addresses your business’s unique hazards and takes workplace risks into account.