Popular Questions about Business Insurance in Wyoming

Business insurance is designed to protect your company against financial losses related to potential hazards like severe weather events, property crimes, and liability lawsuits. This insurance can prove quite beneficial as is evidenced by the fact that in 2019 alone, businesses in Wyoming collected approximately $919 million 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 Wyoming business.

Liability lawsuits are among the most common and expensive risks a business can fact. In fact, statisticians have predicted that as many as 40% of small businesses are likely to have a liability lawsuit filed against them within the next 10 years. Consider this: the average amount paid out in customer slip and fall injury claims is $20,000.

Here are some of the other things US 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

Talk to a local independent insurance agent to review your company’s specific risks and to ensure that each is properly covered by the right insurance products.

Business insurance is designed to cover financial losses, damage, and other expenses associated with covered events so that your company isn’t hit by large financial setbacks.

If your inventory is damaged, if a customer files a liability lawsuit against your company, or if one of your employees is severely injured on the job, as long as you have the right business insurance coverage in place, you won't have to worry about how this will affect your company’s bottom line.

Here are some of the things you can expect a well-built business insurance policy package to do for your company:

  • Pay for damage to your business property
    • Example: An accidental fire damages your company’s warehouse. Tens of thousands of dollars worth of inventory is lost due to fire, smoke, and firefighting efforts.
  • Pay for someone else’s property damage or medical bills
    • ExampleYour business fails to properly alert customers to a wet floor after an employee mops up a spill, and a customer is badly injured in a fall.
  • Pay for accidents involving company vehicles
    • Example: Your human resources recruiter is distracted by his GPS while driving to job fair in a company van and causes a multi-car pileup.
  • Pay for employee injuries and occupational illnesses
    • ExampleAn employee at your gas station is injured during an overnight robbery.  
  • Provide a continuation of income during forced closures
    • ExampleA tornado significantly damages the building in which your business is housed. Because of widespread damage, it takes several weeks before your business can be brought back up to code and reopened.

A business insurance policy in and of itself is not required by law. However, certain types of coverage that you have included in your policy package may be required. For example:

  • Businesses that have company-owned vehicles are required by law to carry commercial auto insurance that meets or exceeds the state mandated coverage minimums.
  • With very few exceptions, all employers in Wyoming are required by state law to cover their employees with workers’ compensation insurance.
  • Construction and renovation businesses frequently need to show their prospective clients proof of contractors insurance before they can be hired to do a job.
  • Company owners who want to take out a business loan or line of credit typically need to show their financial institution proof of certain types of business insurance before they can qualify for funding.

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

Business insurance rates are calculated according to a number of factors such as:

  • The type of business you own and the industry in which you operate
  • Your company’s size, years in business, and annual revenues
  • The value of your business assets and they types of coverage you are purchasing
  • The number of employees you have and the types of jobs they do
  • Your liability coverage needs and the amount of coverage you want
  • The crime rate and weather risks where your business is located

Business coverage needs can vary significantly from one company to the next, so it is best to talk with an experienced insurance agent when you are working on building a suitable and comprehensive policy package.

An independent agent can help you make sure that you are getting the right coverage for each of your company’s potential exposures, and that you are getting it at a competitive price. Because independent agents are free to work with multiple insurers, so they can easily compare customized quotes from competing companies.

Yes! There are currently 27 independent insurance agencies in Wyoming. These agents are ready to help you find the best and most affordable coverage for your business.

Did you know that independent insurance agents can work with several different insurance providers to find you build a comprehensive, yet affordable, business insurance policy portfolio? Sometimes the way to get the best price is by purchasing policies from several different insurance companies. Don’t worry. You will still only have one point of contact with your local independent insurance agent.

Work with an agent near you to ensure that your business is fully covered against each of its potential risks.

How does business insurance work?

Find the Best Insurance in Your City

National Business Insurance Stats

Number of businesses in the US: 27,626,360

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

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

CityNo. businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars
Casper6,0595.622.37
Cheyenne6,8044.363.37
Cody1,9381.510.60
Douglas7550.780.78
Evanston1,0670.930.68
Gillette3,2572.710.75
Green River7281.830.17
Jackson4,1500.841.12
Lander7501.591.46
Laramie2,8131.350.58
Rawlins6472.161.93
Riverton1,1812.622.26
Rock Springs2,2952.260.17
Sheridan1,9732.180.73
Torrington9061.790.60
  • Cheyenne, WY
  • Business Insurance Common Coverage Options
  • 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 heavy winds and hail. Adding a commercial flood insurance policy to your coverage portfolio can further protect your business. You can make sure your business is properly insured by consulting an independent insurance agent near you.
  • Commercial auto: Accidents can happen anywhere, especially on Interstate 80. 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 employee who will be driving them, and the risk of collisions where these employees will be driving.
  • Cover against liability risks: Lawsuits can be extremely expensive unless your business has the right kinds of commercial liability insurance in place. There are several different liability products available for you to choose from when covering your company’s various liability exposures. Two you may want to consider are:
  • Contractors professional liability insurance: This is designed to cover business 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.


  • Casper, WY
  • Business Insurance Common Coverage Options
  • 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. The relatively high crime rate in Casper, where approximately 1,200 thefts are reported a year, can affect your coverage rates. 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: If your business owns a vehicle or a fleet of vehicles, you will need to cover the 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 and details about where and how often they will be driven.
  • Cover against liability risks: Liability lawsuits can be extremely expensive if you do not have the right insurance coverage in place. There are several different commercial liability products available for you to include in your business insurance policy package. Two you may want to consider are:
  • 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 the 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.


  • Laramie, WY
  • Business Insurance Common Coverage Options
  • Property: Your business likely 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. Find a policy and rate that works for your Laramie business by teaming up with a local independent agent.
  • 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. A local independent agent can help you find a suitable policy at a competitive price.
  • Cover 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. That is why commercial liability products are so important. Some of the many coverage options available to you that you may want to consider include:
  • Employment practices liability insurance: This is designed to cover your business if a current, former, or prospective employee files a lawsuit pertaining to perceived illegal employment practices such as discrimination, harassment, or wrongful termination.
  • Errors & omissions insurance: Also commonly referred to as professional liability insurance, this is designed to cover against lawsuits related to mistakes or errors in judgement made by professionals in your employ if these mishaps led to financial, personal, or other harm to your clients.


  • Gillette, WY
  • Business Insurance Common Coverage Options
  • Property: Theft, vandalism, and severe weather events can each 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 because of 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 large 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 a number of 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.
  • Cover against liability risks: It is important that you have the right kinds of commercial liability insurance covering your business.  In addition to the general liability insurance included in mostly all business insurance policies, you may need to invest in other types of coverage. Two you may want to look into are:
  • Pollution liability insurance: This is designed to cover your company’s financial obligations if an accident at your place of business results in the 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.


  • Rock Springs, WY
  • Business Insurance Common Coverage Options
  • Property: Whether due to heavy winds, 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. If your business property is often transported to and from job sites, a local independent insurance agent may recommend that you include inland marine insurance in your commercial property coverage.
  • 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 as well as expenses related to property damage in one of your drivers is in an accident. If your company engages in interstate commerce, your local agent can ensure that your coverage meets all state and federal minimum requirements.
  • Cover 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. Two you may want to consider are:
  • 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 professional capacities in the event that they make an error in judgment or other acts of negligence that lead to financial, reputation, personal, or other harm to clients.