Business Insurance in Wyoming FAQ - Quick Answers
You can't know your exact business insurance costs in Wyoming without tailored quotes, but you can understand the criteria used by carriers when rating your policies:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Safety practices in place
- Past claims reported
- Number of years in operation
Business insurance in Wyoming isn't mandated in most cases, except in two instances:
- Workers' compensation insurance: When you have just 1 employee or more
- Commercial auto insurance: When you have company-owned vehicles
In Wyoming, you'll have a slew of policies to choose from, and each one will be unique to your operation. But here are some foundational policies that could apply to your business:
- General liability insurance: Pays for a bodily injury or property damage liability lawsuit brought against your operation
- Workers' compensation insurance: Pays for the injuries of an employee hurt on the job. Mandatory when you have 1 or more employees.
- Property insurance: Covers damage to your business property due to a covered claim
- Business income insurance: Pays for regular business expenses when a covered loss closes your operation for some time
- Business auto insurance: Pays for a loss resulting from an auto accident with a company-owned vehicle. Must abide by state car insurance laws.
- Professional liability insurance: Pays for a lawsuit against your business due to negligent or harmful advice
- Commercial umbrella insurance: Provides an additional limit of liability coverage over your underlying business policies
General liability coverage is essential to most businesses in Wyoming and it protects in the following ways:
- General liability insurance: Pays for a bodily injury or property damage liability lawsuit brought against your operation
Business health insurance plans for your staff aren't required in Wyoming if you have fewer than 50 employees. However, if you're looking for competitive quotes, then a local licensed adviser can help with coverage and rates.
In Wyoming, some of the best business insurance carriers are Nationwide, Travelers, and Hiscox. These insurance companies are highly rated due to their superior customer service and coverage offerings for small businesses.
Do You Know What Your Business Insurance Covers in Wyoming?
Find the Best Business Insurance in Your City
National Business Insurance Stats
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
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Casper | 6,059 | 4.94 | 2.09 |
| Cheyenne | 6,804 | 3.27 | 2.71 |
| Cody | 1,938 | 1.01 | 0.3 |
| Douglas | 755 | 1.27 | 1.11 |
| Evanston | 1,067 | 1.89 | 0.77 |
| Gillette | 3,257 | 1.94 | 1.09 |
| Jackson | 4,150 | 0.84 | 1.12 |
| Lander | 750 | 2 | 1.6 |
| Riverton | 1,181 | 4.73 | 3.82 |
| Sheridan | 1,973 | 4.19 | 0.89 |
- 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 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. There are several different liability products 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.
- 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.
- 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. There are several different commercial liability products 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.
- Laramie, WY
- Business Insurance Common Coverage Options
- 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.
- Gillette, WY
- Business Insurance Common Coverage Options
- 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 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 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.
- Rock Springs, WY
- Business Insurance Common Coverage Options
- 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 as well as 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 professional capacities if they make an error in judgment or other acts of negligence that lead to financial, reputational, personal, or other harm to clients.