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Recommended insurance policies for small businesses in Idaho
These insurance products defend Idaho small business owners against common lawsuits and other top risks.
General liability insurance
A general liability policy covers third-party risks for small businesses in Idaho, including customer property damage and injuries. Commercial leases often require this coverage.
- Customer injuries at your company
- Damaged customer property
- Defamation and advertising injuries
Errors and omissions insurance
This policy protects professionals against legal fees from mistakes, missed deadlines, and oversights. You may see it referred to as E&O insurance or professional liability insurance.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Professional liability insurance
This type of insurance protects Idaho businesses against lawsuits related to the quality of their professional services or advice. It's also referred to as errors and omissions insurance.
- Mistakes and oversights
- Breach of contract
- Missed deadlines
Business owner’s policy
A BOP bundles commercial general liability insurance and commercial property insurance at a discount. Small businesses with low risks are typically eligible.
- Accidents that harm customers
- Stolen or damaged business property
- Business interruption insurance
Workers’ comp insurance
Idaho law requires workers' comp for businesses with employees. Sole proprietors may decide to buy this coverage, as personal health insurance won't cover work injuries.
- Medical expenses from workplace injuries
- Disability benefits
- Lawsuits from injured employees
Cyber insurance
This policy protects Idaho small businesses against financial losses from data breaches and cyberattacks. It's sometimes called cybersecurity insurance or cyber liability insurance.
- Data breach investigations
- Client notification expenses
- Fraud monitoring costs
Commercial auto insurance
This policy is required for vehicles owned by Idaho businesses. It helps cover the cost of an accident involving your commercial vehicle, including lawsuits from other drivers.
- Accidents involving business vehicles
- Vehicle theft
- Vandalism and other vehicle damage
Fidelity bonds
A fidelity bond reimburses your clients in the event of employee theft. Your clients may ask you to secure a bond before they will work with your business.
- Embezzlement
- Forged signatures
- Theft of cash or property
Commercial umbrella insurance
An umbrella policy boosts coverage when the limit is reached on your general liability, commercial auto, or employer's liability insurance. It can help small businesses comply with requests for higher limits.
- Personal injury lawsuits
- Auto accident lawsuits
- Workplace injury lawsuits
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in Idaho?
State laws can affect which policies you need for your small business. These are the requirements for Idaho businesses.
Workers' compensation insurance
The state of Idaho requires businesses that have one or more employees, full-time or part-time, to carry workers’ compensation coverage.
Sole proprietors sometimes choose to carry this coverage, as personal health insurance won't cover injuries that are related to your job.
Workers' comp covers medical bills for workplace injuries and provides disability benefits for injured Idaho workers. Most insurance carriers include employer's liability insurance with this coverage, which pays for legal fees related to employee injuries.
Commercial auto insurance
Vehicles owned by limited liability companies (LLCs), startups, and other businesses in Idaho must be covered by commercial auto insurance.
Idaho law requires auto liability coverage in the amount of:
- Bodily injury liability per person: $25,000
- Bodily injury liability per accident: $50,000
- Property damage liability per accident: $15,000
Personal, rented, and leased vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost in Idaho?
Commercial insurance can be affordable for small business owners with low risks. Based on policy data from TechInsurance customers in Idaho, the average premiums are:
General liability: $49 per month
Workers' compensation: $36 per month
Professional liability / E&O: $69 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Boise or Nampa
- Policy limits and other coverage options
- Claims history
Why Idaho business owners choose TechInsurance
Gain financial protection
The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.
Find insurance policies for your small business in Idaho
Whether you need coverage to sign a contract, rent an office, or get a license, TechInsurance can help you find the right business insurance policies. Our insurance agents are licensed in Idaho and can help you find affordable policies from top-rated insurance companies.
Get started today by filling out our easy application. You can chat with an agent about your business insurance needs and get answers to any questions. When you're ready, pay for a policy online and get a certificate of insurance (COI) immediately to show clients that your business is protected.
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