The state of Wyoming, also known as "The Energy State," has an abundance of natural resources. With its long, open spaces, Wyoming is primed and ready for wind power to move in. The state has more wind farms than most states and holds the potential to be the #1 wind-energy producing state in the nation. Whether your business is in wind, data, manufacturing, retail or hospitality, business insurance should be an important part of your operation. If you need insurance for your business, you may want to seek out various commercial insurance quotes to ensure you’ll be getting reasonable and adequate coverage.
Wyoming Business Facts
- There are more than 56,000 small businesses in Wyoming.
- More than 37,000 businesses in Wyoming have no employees.
- Over 90% of individuals in the state aged 25 and over have completed high school.
- Livestock is one of the top industries in Wyoming – there are more cattle than there are people.
- Mining, data and coal are other top industries in the state.
What Business Insurance Options Are Available in Wyoming?
Business insurance, also known as commercial insurance, offers a business owner protection from some of the most common risks and exposures a business faces. Commercial insurance coverage in WY might typically include the following:
- General liability insurance: This coverage is the most typical type of business insurance. It helps cover the business in case of a liability claim. It can also help pay for legal defense, medical expenses and judgments.
- Professional liability insurance: If your business provides a service, this liability insurance is important. It can protect you from malpractice and negligence claims.
- Product liability insurance: If your business sells products, this insurance can help protect you from lawsuits that stem from the use of your product.
- Property insurance: If your business rents or owns property, this insurance is crucial. Property insurance can help cover your business property from risks such as wind, rain, fire, theft and arson.
- Continuation of income insurance: Unfortunately, disasters and accidents happen. And when a business has to stop production, the bills don't stop. This insurance can help financially until your business is operational again. This coverage typically lasts for up to 12 months during the business disruption period.
- Cyber Insurance: Cyber crime is a large problem for today's businesses. Cyber insurance can help you recover after a breach of your website or other online operations.
How Reasonable Are Business Insurance Quotes in Wyoming?
When it comes to getting business insurance, insurance companies need to know some basic information about your business in order to give you accurate and reasonable quotes. When getting quotes, make sure you are familiar with the following:
- Type of business
- Location of business
- Age of business
- Value of business
- Number of employees
- Scope of work
- History of injuries
- Driving records of employees who will be driving company vehicles
- Business assets
- Business equipment
- Any past insurance claims
- Desired coverage
- Desired deductibles
Insurers will use all of these factors, plus more, to determine your business insurance quotes.
Are There Discounts Available on Business Insurance in WY?
Just as with other insurance plans, there are discounts available on business insurance in Wyoming. The following is a list of some of the most common discounts:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Safety program discount
- Good credit discount
- Paid-in-full discount
Insurance companies offer different discounts to their customers, so be sure to ask about any available discounts. Additionally, you may qualify for discounts that you were ineligible for previously, so it's a wise idea to check your current policy to make sure you're getting all discounts available to you.
Getting Business Insurance in Wyoming Is Easier Than Ever
When it comes to business insurance, it's critical to have an experienced professional by your side. Trusted Choice® agents sell more commercial insurance than any insurance company, so you will have the industry's leader in business insurance working for you and your business. A Trusted Choice agent is always available to help discuss coverage, suggest policy modifications and even help you file a claim.
For more information and help getting covered, contact your local Trusted Choice agent.