Find the Best Business Insurance Options in Wyoming

There are over 72,000 small businesses in Wyoming, representing 98.9% of the businesses in the state. Small businesses employ over 64% of the workforce in Wyoming, making small business an important driver of the state’s economy. 

Business owners of all sizes in Wyoming face numerous risks, including property damage caused by crime, severe weather, fires, and natural disasters. And a liability claim or a lawsuit can lead to financial devastation that is difficult to overcome for any business. 

A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster. And it can help you stay in business and pay for your defense if you are faced with a lawsuit.

An independent insurance agent can help you compare business insurance quotes in Wyoming.

Best Business Insurance Companies in Wyoming

The best business insurance companies in Wyoming are highly rated for their mix of valuable coverage offerings and competitive pricing. 

  • Travelers: Travelers offers highly rated business insurance in Wyoming. The company provides a variety of business insurance options, including inland marine, workers' compensation, and general liability. 
  • Progressive: Progressive is based in Ohio but offers business insurance across all 50 states, including Wyoming. Wyoming business owners can look to Progressive for most of their business insurance needs.
  • EMC Insurance CompaniesEMC is in the top 60 business insurance companies United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
  • Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multiline range of coverages designed to meet the needs of any business, regardless of size or industry. 
  • Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in Wyoming. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Wyoming. 

An independent insurance agent in your area can help you learn more about these and other Wyoming business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your Wyoming business insurance needs.

Wyoming Business Insurance Requirements

Business insurance is a package of insurance policies that cover your property and liability risks. Business insurance is not required in Wyoming, but if your business owns any vehicles, you likely have to buy commercial vehicle insurance that complies with the state’s car insurance laws.

In addition, all employers in Wyoming are required to carry workers’ compensation insurance, with a few exceptions for certain types of employees and industries. Workers’ compensation insurance in Wyoming can only be purchased through the state-administered fund; private insurance and self-insurance are prohibited. Coverage is required immediately upon hiring a new employee.

An independent insurance agent in your area can help you learn more about Wyoming’s business insurance requirements. 

What Business Insurance Covers in Wyoming

When you purchase business insurance in Wyoming, you’ll be purchasing several individual policies or a package of policies designed for your industry. Business insurance in Wyoming will typically include the following types of policies and coverage: 

  • Commercial general liability insurance (CGL): Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
  • Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils. 
  • Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
  • Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims. 
  • Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury. 

Your business insurance in Wyoming may include additional coverage types or policies that cover your unique risks. 

Liability Coverage Options for Small Businesses in Wyoming

Most small businesses would have a hard time recovering if they were faced with a lawsuit. Liability insurance can cover you when you’re accused of causing harm to an individual or another business. There are numerous liability coverage options for small businesses in Wyoming. 

commercial general liability (CGL) policy offers broad protection from lawsuits. It covers your legal costs, medical expenses and other damages for the injured party, and other expenses related to a liability claim against your business.

CGL policies do not protect you from every type of lawsuit. You likely need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your protection. 

Talk to an independent insurance agent about why you might need environmental liability insuranceprofessional liability insurancecyber liability insurance, or other types of liability coverage for your Wyoming business.

Property Coverage Options for Small Businesses in Wyoming

Commercial property losses can originate in a variety of ways and cause tremendous financial harm to your business. You need these basic business property coverage options to help you repair or rebuild your physical losses, and even to compensate you for lost income while you recover after a covered property loss. 

Commercial property insurance protects you when your commercial property is damaged by someone else or by some type of unforeseen event like a fire or severe weather. You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.). It helps you pay for repairs or to replace damaged or destroyed commercial property after a covered loss. 

Business interruption insurance is a separate coverage that is typically included as part of a commercial property policy. It is designed to protect your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. This means that if you’re forced to close your doors for some time in order to make repairs or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. 

A local independent insurance agent can help you get quotes for business property insurance in Wyoming.

Other Insurance Options for Small Business Owners in Wyoming

Most businesses in Wyoming likely need more than just basic property and liability insurance. Other insurance options for small business owners in Wyoming include:

  • Business owners policy (BOP): A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance. 
  • Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
  • Commercial vehicle insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage. 
  • Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
  • Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices. 
  • Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
  • Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
  • Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies. 

This is not an exhaustive list of your business insurance options in Wyoming. An independent insurance agent can make sure that all of your Wyoming business insurance needs are met. 

Average Cost of Business Insurance in Wyoming

Every business is unique and there are many variables that contribute to the cost of business insurance, making it difficult to compute an average cost of business insurance in Wyoming. Several factors, including the following, influence the cost of Wyoming business insurance:

  • The size and physical location of your business
  • Your number of employees
  • Your gross sales and payroll
  • The nature of your business (What do you do?)
  • The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
  • Your prior claims history
  • The types and amounts of coverage that you need

An independent insurance agent can help you understand all of the risks you face and get quotes for affordable business insurance in Wyoming.

How Does Your Wyoming City Measure Up?

Number of businesses in the US: 30,819,176

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

CityNo. of businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars

How Does Your Wyoming City Measure Up?

Property: In addition to damage caused by severe weather events, property crimes like theft and burglary can lead to expensive losses if you do not have sufficient business property insurance. 

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

Coverage against liability risks: Liability lawsuits can be extremely expensive if you do not have the right insurance coverage in place. Several different commercial liability products are available for you to include in your business insurance policy package. 

Cyber liability insurance: This covers your company’s financial obligations if hackers break into your computer system and steal sensitive customer information such as credit card numbers or personal data. It can pay for restitution and credit monitoring services for affected customers.

Environmental liability insurance: This protects companies that use or produce hazardous materials if an accident at their place of business leads to pollution of the land, air, or water. It can pay for cleanup costs and damage. This coverage is especially important for companies in the oil and gas industry.

Property: Having sufficient commercial property insurance can shield your company from losses related to hazards such as accidental fires, property crimes, and severe weather events like high wind and hail. Adding a commercial flood insurance policy to your coverage portfolio can further protect your business. 

Commercial auto: 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 these employees will be driving.

Coverage against liability risks: Lawsuits can be extremely expensive unless your business has the right kinds of commercial liability insurance in place. Several different liability products are available for you to choose from when covering your company’s various liability exposures.

Contractors professional liability insurance: This is designed to cover businesses that do contracting work. It can cover financial losses and damage related to mistakes made by the contractor, the contractor’s employees, or third-party workers, like architects and engineers who have been hired by the contractor. 

Employment practices liability insurance: This can cover legal defense fees and damages if your business is accused of engaging in illegal employment practices such as breach of contract, harassment, discrimination, or wrongful termination.

Property: Theft, vandalism, and severe weather events can lead to costly business property losses. So can damage caused by structure fires. A fire may break out at your workplace due to a mechanical malfunction, an employee error, or even a wildfire. Fortunately, when you have commercial property insurance backing you up, your company will be able to repair the damage and continue to function without experiencing a significant financial loss.

Commercial auto: You are required by law to have commercial auto insurance if your business owns a vehicle or a fleet of vehicles. Rates are based on several factors, particularly the types of vehicles you are covering. Liability risks are much higher for passenger vehicles, trucks that transport hazardous materials, and large trucks like 18-wheelers and construction vehicles, so you can expect these types of vehicles to cost much more to insure than company cars and cargo vans.

Coverage against liability risks: In addition to the general liability insurance included in almost all business insurance policies, you may need to invest in other types of coverage.

Pollution liability insurance: This is designed to cover your company’s financial obligations if an accident at your place of business results in contamination of the land, air, or water by toxic substances your company uses or produces. It is designed to cover cleanup costs and damage.

Cyber liability insurance: This is also sometimes referred to as cybercrime insurance. It is designed to cover your business’s financial obligations if criminals break into your company’s computer system and steal sensitive customer information like personal or financial data.

Property: Your business has a lot of capital invested in its assets, including property like machinery, computers, furniture, inventory, tools, and supplies. Commercial property insurance can help cover the cost of repairing or replacing this property if it is lost, damaged, or destroyed by a covered event. 

Commercial auto: Many businesses in Laramie 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 used for interstate commerce will need to have coverage that meets federal requirements as well. 

Coverage against liability risks: Between court costs, legal defense fees, employee time taken off work to testify, and damages, you are looking at a lot of financial losses if your business finds itself on the wrong end of a liability lawsuit. This is true even if the courts ultimately rule in your company’s favor. Commercial liability insurance helps address this issue.

Errors & omissions insurance: Also commonly referred to as professional liability insurance, this is designed to cover against lawsuits related to mistakes or errors in judgment made by professionals in your employ if these mishaps led to financial, personal, or other harm to your clients.

Property: Whether due to high wind, lightning strikes, toppled trees, or hail, severe storms in the Rock Springs area have the potential to damage your expensive business property. Having sufficient commercial property insurance is therefore imperative. 

Commercial auto: Whether you are insuring a delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover your company’s increased liability risks and expenses related to property damage if one of your drivers is in an accident. 

Coverage against liability risks: Liability lawsuits can be extremely expensive if your company does not have the right insurance coverage in place. There are several different commercial liability products available that you can include in your business insurance policy package. 

Product liability insurance: If your business produces, sells, or promotes a product that has a defect, such as contaminated food or electronics with faulty wiring, and these defects cause physical harm, illness, or property damage to others, this insurance can cover your financial obligations.

Professional liability insurance: Also commonly referred to as errors & omissions insurance (or E&O), this is designed to cover people who work for you in a professional capacity if they make an error in judgment or other acts of negligence that lead to financial, reputational, personal, or other harm to clients.

Wyoming Business Insurance FAQ

While you can't predict the exact costs of business insurance in Wyoming, it’s important to understand what variables play a role in your insurance rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in Wyoming: 

  • Type of industry
  • Number of employees
  • Gross annual sales
  • Location of business
  • Number of company vehicles
  • Past claims reported
  • Number of years in operation

In Wyoming, it’s essential for almost every business to carry a comprehensive business insurance package. Business insurance is not required by law in Wyoming, but nearly every employer in the state must carry workers’ compensation insurance, with few exceptions.

In addition, if your business owns any vehicles, you’re required to comply with Wyoming’s car insurance laws by purchasing appropriate commercial vehicle insurance

Most businesses in Wyoming need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance as required by the state. 

Depending on your unique business and the risks you face, you’ll likely need some additional coverage, such as professional liability insurancecommercial umbrella insurance, or cyber liability insurance.

Business general liability insurance is a primary building block of your Wyoming business insurance program. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business. 

Though not mandatory by Wyoming state law, this policy is necessary to avoid the major financial repercussions of even a single negligence claim or lawsuit. 

Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits. 

Many business health insurance plans and options are available in Wyoming for you to choose from. An independent insurance agent can help you find business health insurance plans near you.

TravelersProgressiveEMCLiberty Mutual, and Nationwide are some of the best business insurance companies in Wyoming. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.

Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.

Find an independent insurance agent in Wyoming now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.  

Do You Know What Your Business Insurance Covers in Wyoming?