Business Insurance in Laramie, WY

Experts break down Laramie, WY business insurance costs, coverage, companies, and more.

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Laramie, WY, is a growing community with thriving outdoors, arts, and business communities. It is also a steadily growing regional technology hub. Over 2,800 businesses call Laramie their home base.

Business owners in Laramie need insurance that protects their assets when something goes wrong. An independent insurance agent can help you compare business insurance quotes in Laramie, WY, to choose the best coverage for you.

How Much Does Business Insurance Cost in Laramie, WY?

Many factors, including the following, influence business insurance costs in Laramie, WY:

  • 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

Property losses are a significant driver of insurance claims and rising business insurance costs. If you live in an area with a high property crime rate or experience frequent severe weather, you’ll likely pay more for your business insurance.

Since 1953, there have been 36 federally declared disasters in Wyoming. The leading causes of property losses in the state are:

  • Fires
  • Flooding and water damage
  • Severe storms and lightning
  • Tornadoes
  • Burglary and other property crimes

A local independent insurance agent can help you understand the risks you face and get quotes for affordable business insurance in Laramie.

Is Business Insurance Required in Laramie, WY?

Wyoming law does not require most types of business insurance. But if your business owns even a single vehicle, you have to buy commercial auto insurance that complies with Wyoming’s car insurance laws. Your commercial auto insurance must have liability coverage up to the following minimum limits:

  • Bodily injury liability: $25,000 per person/$50,000 per accident
  • Property damage liability: $20,000 per accident

Bodily injury liability insurance covers you if you are at fault in an accident and someone other than yourself is injured. Property damage liability insurance covers damage to another person's vehicle or property in an accident that is your fault.

In addition, workers' compensation insurance is required for any business in Wyoming with one or more employees. Workers' compensation insurance helps injured workers pay for the cost of medical care and lost wages if they are injured on the job.

State law does not require other types of business insurance in Laramie, but most business owners will need commercial property insurance and general liability insurance to protect their assets adequately.

What Does Business Insurance Cover in Laramie, WY?

Business insurance in Laramie, WY will typically include the following types of coverage:

  • Commercial General Liability (CGL) insurance: 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 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 your doors for some time to make repairs, 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 program will be different from your neighbors.' It's important to work with an agent who understands your unique business risks and who can recommend policies that provide the proper coverage.


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What Does Small Business Liability Insurance Cover in Laramie, WY?

Lawsuits against businesses are common. Whether a customer trips and falls in a store or a food manufacturer is responsible for sickening hundreds with tainted products, negligence claims can quickly destroy a business.

A commercial general liability (CGL) policy is a type of small business liability insurance that offers broad protection from lawsuits. It covers the injured party's medical expenses and any property damage that you are responsible for. And it covers court costs, attorney fees, and even settlements or judgments that you must pay to injured parties.

CGL policies typically include premises liability insurance, which covers incidents on your business property. CGL policies also include product liability coverage, which pays for third-party damage, illnesses, or injuries caused by defective products that you produce, sell, or promote.

Not every kind of liability risk is covered by a CGL policy. There are additional small business liability policies available for many of these scenarios.

Talk to your independent insurance agent about why you might need environmental liability insurance, cyber liability insurance, professional liability insurance, or any other kind of customized small business liability protection.

Are There Any Small Business Health Insurance Plans in Laramie, WY?

Employee benefits can help you complete your small business insurance program. Group health insurance and other employee benefits don't cover your physical assets or protect against lawsuits. But they do play a role in ensuring that you have a healthy and happy workforce.

And if you offer a health plan to your employees, you’ll be eligible for certain tax benefits.

There are many different small business health insurance plans in Laramie, WY. A local independent agent can help you find an affordable small business health insurance plan that meets your needs.

Who Are the Best Small Business Insurance Companies in Laramie, WY?

Finding the best small business insurance companies in Wyoming, can be simple. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.

How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Laramie, WY?

Instead of getting an online quote, find an independent insurance agent now, and get a 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 business insurance quotes in Laramie so that you can make the best choice.  

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.

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